ODESSA, FLA. — Marcus & Millichap has arranged the $1.6 million sale of the 296-unit Storage Haven, a 37,210-square-foot, self-storage facility located at 2135 Gunn Hwy. in Odessa. The property is 94 percent leased. Michael Mele and Adam Wides of Marcus & Millichap's Tampa office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
MIAMI — Sunflower Hospitality has broken ground on a $16 million, 122-room Cambria Suites, located on NW 7th St. in Miami. Sunflower Hospitality is developing the property and Delant Construction Co. is serving as the general contractor. Financing for the property was provided by Ocean Bank. Amenities will include 1,800 square feet of meeting room space, an outdoor pool and terrace, as well as a casual dining and gathering area, a state-of-the-art fitness center and a convenience store. Completion is slated for summer 2013.
BIRMINGHAM, ALA. — A 36,000-square-foot former RoomStore, located at 1686 Montgomery Hwy. in Birmingham, has sold for $1.8 million. Bill McDavid of Birmingham-based Southpace Properties represented the seller, Marks Properties, in the transaction. Bill Clements of Retail Specialists' Birmingham office represented Schaeffer Properties, the buyer.
COLUMBIA, S.C. — Walker & Dunlop has arranged $12.56 million in multifamily financing for the acquisition of the 260-unit Paces Brook, located at 113 Paces Brook Ave. in Columbia. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-year interest only and a 30-year amortization schedule through Freddie Mac's CME program on behalf of the borrower, a joint venture between LMS Real Estate Investment Management and Avison Young.
LOCUST, N.C. — Boston Capital Finance has secured $3.75 million in construction financing for the 35-unit Ardsley Commons, a seniors housing community located 25 miles east of Charlotte in Locust. The loan has a term of 24 months, interest only. Amenities will indlucde a 4,800-square-foot community room with a computer center, a fitness area and outdoor sitting areas including a picnic area with tables and grills.
South Florida, the densely packed grid squeezed between the Atlantic Ocean and the Everglades, is back on the priority list of retailers that, until recently, were content to hang out on the beach and wait for more inviting waters, so to speak. Over the past few months, the list of the most active newcomers has included Toys “R” Us, Babies “R” Us, Ross Dress for Less, Sports Authority and Dick’s Sporting Goods, just to name a few. And while the region is still a long way from the blistering pace of activity that was evident during the housing boom, there are other positive signs of life. A year and a half ago, similar to most major cities across the U.S., shopping center landlords in Miami and South Florida were fending off an overabundance of aggressive rent requests from retailers. All too often, in an effort to grasp some security for the future, many had to give in to retailers’ insistent demands for relief. In fact, many chains managed to lock into long-term leases at low- to mid-double-digit rent amounts in class “A” centers that used to command $25- or even $30-per-square-foot. During the past few months, however, the flood of …
MIRAMAR, FLA. — Riviera Point Holdings has broken ground on the $17 million, 70,000-square-foot Professional Center at Riviera Point, a two-building office complex located on University Drive in Miramar. The first building is funded by $7.5 million from investors from Venezuela, Argentina and Spain through the EB-5 program. Boca Raton, Fla.-based Corrales Architectural Group designed the property and Cushman & Wakefield has been retained as the leasing agent. The first building is slated for completion in February 2013.
DECATUR, GA. — The four-building Winn Medical Center, located across from DeKalb Medical in Decatur, has sold for $3.67 million. The buildings total 62,000 square feet. Paul Johnson, Chris Dundon, Dave Linder and Bob Johnson of Grubb & Ellis' Atlanta office represented AB Winn Medical, the seller, in the transaction. Atlanta-based Ackerman & Co., the buyer, was self-represented by Chadd Evans.
DAVENPORT, FLA. — Marcus & Millichap has arranged the $2.12 million sale of the 104-room Quality Inn — Davenport, located at 43824 Hwy. 27 in Davenport. Ahmed Kabani of Marcus & Millichap's Miami office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
SPARTANBURG, S.C. — A 50,000-square-foot industrial building, located at 4250 Orchard Park in Spartanburg, has sold for $1.72 million. The building is fully leased to Spartan Foods of America and serves as its corporate headquarters and primary production facility. Drayton Calmes and Frank Norvell of Charleston, S.C.-based Norvell Real Estate Group represented the seller in the transaction. San Francisco-based Redland Group, the buyer, was self-represented.