MIAMI — Marcus & Millichap has arranged the $8.5 million sale of the 12,271-square-foot Shoppes of Pinecrest, a strip center located on S. Dixie Highway in Miami. Tenants include Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx. Douglas Mandel, Kirk Olson and Drew Kristol of Marcus & Millichap represented Adler Dixie, the seller, in the transaction.
Southeast
CHARLESTON, S.C. — Holder Properties has started construction on the 75,000-square-foot Faber Pointe, a Class A office building located in The Executive Park at Faber Place in Charleston. Warner Summers designed the building and Integra Construction Co. is the general contractor. The building will be ready for tenants by year's end.
LITTLE ROCK, ARK. — Rowan Development has sold a 10,000-square-foot retail building, located at 12206 W. Markham St. in Little Rock, to Crain Investments for $2.4 million. Stuart Mackey of Coldwell Banker Commercial Hathaway Group represented the seller in the transaction. Jeffrey Hathaway, also of Coldwell Banker Commercial Hathaway Group, represented the buyer.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $23.25 million in first mortgage refinancing for the 366-unit Oxford Manor Apartments, an off-campus student housing development located near the University of Florida at 2777 S.W. Archer Road in Gainesville. Lamar Sarra of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
COLUMBIA, S.C. — Centerline Capital Group has secured a $12.5 million loan for the 240-unit Carrington Place and Wildewood, an apartment complex located at 751 Mallet Hill Road in Columbia. The 5-year loan has 2 years of interest only payments.
LEESBURG AND CENTREVILLE, VA. — Home Properties has acquired the 164-unit Hunter's Crossing, located in Leesburg, and the 504-unit Woodway at Trinity Centre, located in Centreville, for a total of $112.2 million. Hunter's Crossing was purchased for $16.2 million and is 98 percent leased. The company has renamed the property The Manor East and plans to invest $2.8 million in improvements, including enhanced curb appeal and upgraded kitchens and bathrooms. Woodway at Trinity Centre was acquired for $96 million and is 97.2 percent leased. The company has planned a $3.9 million renovation, including upgrading and renovating units and replacing kitchen cabinets and appliances.
FALLS CHURCH, VA. — INOVA Health System has selected Suffolk Construction to build the $16 million, 115,000-square-foot INOVA Fair Oaks Medical Office Building VI, located at 3190 Fairview Park Drive in Falls Church. The project is designed to LEED Silver certification standards. Sittler Development Associates is the development consultant, Architecture Inc. is the project architect, Dewberry & Davis is the civil engineer, Leach Wallace Associates is the MEP Engineer and Rathgeber/Goss Associates is the structural engineer. Groundbreaking is scheduled for June with completion slated for June 2013.
NEW ORLEANS — The 170-room Hyatt Place New Orleans/Convention Center, located at 881 Convention Center Blvd. in New Orleans, has reopened following an $8 million renovation. The hotel was formerly known as Hotel New Orleans. A joint venture between HRI Properties and Interwest Capital Corp. purchased the property in July 2011 and renovation work started in the third quarter of 2011. The hotel includes more than 3,300 square feet of meeting space, as well as a Kitchen Skillet complimentary breakfast area and the Intimate Bakery Cafe, which features specialty coffees, premium beers, wines and cocktails.
LAKELAND AND AUBURNDALE, FLA. — Salt Lake City-based Extra Space Storage, a public REIT, has acquired a three-property, 1,958-unit self-storage portfolio. The properties are located at 1012 U.S. Hwy. 92 W. in Auburndale, and 2190 Harden Blvd. and 6445 S. Florida Ave. in Lakeland. Michael Mele of Marcus & Millichap represented the seller, a Lakeland-based privately held firm, in the transaction.
CHARLOTTE, N.C. — Centerline Capital Group has arranged a $19.32 million loan for the 309-unit Highlands at Alexander Pointe, an apartment complex located at 310 Highroad Dr. in Charlotte. Centerline's Atlanta office secured the 5-year loan.