HOLLYWOOD AND FORT LAUDERDALE, FLA. — Thomas D. Wood and Co. has secured two industrial loans totaling $9 million in Florida. Marshall Smith of Thomas D. Wood and Co.'s Coral Gables, Fla., office arranged $4 million on behalf of Port 95-1 Ltd. through Kansas City Life Insurance Co. for a 76,800-square-foot industrial complex, located at 3611-365 SW 30th Ave. in Hollywood. The 10-year loan has a 25-year amortization schedule. Steven Wood, also with the firm's Coral Gables office, negotiated $5 million for the 134,342-square-foot Merrill Industrial Center, located at 3400-3406 SW 26th Ter. in Fort Lauderdale. The 10-year loan has a 25-year amortization schedule and was provided by Symetra Life Insurance Co.
FREDERICK, MD. — NorthMarq Capital has arranged $6.8 million in first mortgage refinancing for the 90-room Courtyard by Marriott, located at 5225 Westview Dr. in Frederick. Gary McGlynn and Brendan Scanlon of NorthMarq's Washington, D.C., office negotiated the loan through Wells Fargo, N.A.
EAST POINT, GA. — The 30,000-square-foot Camp Creek Medical Center III, located on Redwine Road in East Point, has sold for $8.9 million. The two-story medical building is the third of a four-building outpatient medical campus located in the new Camp Creek community of South Fulton County. The property is 97 percent leased to tenants including Tenet South Fulton, Orthepaedics of Atlanta and Georgia Cancer Specialists. Andrew Murphy and Spencer Coan of Atlanta-based Ackerman & Co. represented the seller, Camp Creek Medical Center III, LLC, in the transaction. The buyer was Arizona Real Estate Investment Trust.
TAMPA, FLA. — Marcus & Millichap has arranged the $4.48 million sale of the 187-unit Fredericksburg Apartments, located at 13142 N. 22nd St. in Tampa. Casey Babb of Marcus & Millichap's Tampa office represented the seller, the original developer, in the transaction. Michael Regan, Francesco Carriera and Nicholas Meoli, also of the firm's Tampa office, represented the buyer, a limited liability company.
CHARLOTTE, N.C., MAITLAND AND JACKSONVILLE, FLA. — Houston-based The Morgan Group has secured $146 million in financing on behalf of its affiliated investment partnerships for five multifamily projects. The properties include the 331-unit Spectrum South End Apartments in Charlotte, funded by New York Life; the 455-unit Lake Lily in Maitland and the 270-unit Arelia James Island Apartments in Jacksonville, both financed by FNMA and Metropolitan Life. Additionally, 2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston received financing.
WINTER SPRINGS, FLA. — Walker & Dunlop has secured an $11.34 million acquisition loan for the 208-unit Chatham Pines, located at 1020 Chatham Pines Cir. in Winter Springs. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 5-year loan with a 3-year amortization through Freddie Mac's CME program on behalf of the borrower, AREA Property Partners and ECI Group.
ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.
The watchwords for D.C. tenants in fourth quarter, and throughout 2011, were efficiency and flexibility. While many companies opted to renew leases and maintain existing footprints, others relocated and took the opportunity to streamline their operations. This “doing more with less” approach has proven particularly appealing in the face of political uncertainty and economic headwinds and firms are finding they’re able to save significantly on occupancy costs along the way. Writ large, these actions are contributing to an upward trend in availability and are likely to lower the aggregate demand for office space in D.C. for a long time to come. At the height of the economic downturn, companies were forced to reorganize their operations and create leaner organizations in an effort to reduce financial commitments. This heightened efficiency is now being implemented as a long-term cost-savings strategy and tenants are not eager to alter this new model. The real estate decisions made by law firms, in particular, have been demonstrative of this trend as recent leases have resulted in a net decrease in firms’ occupied space. This is especially telling since new leases typically account for both today’s space needs as well as room for expansion during the lease …
BRANDON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $24.5 million sale of the 300-unit Charleston Landings, located at 902 Delaney Cir. in Brandon. Amenities include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and a theater. Jamie May of IPA's Tampa office represented the seller, Denver-based Apartment Investment and Management Co., in the transaction and procured the buyer, Minneapolis-based Dorvidor Management Co.
FORT MYERS, FLA. — The Fort Myers Preparatory & Fitness Academy has signed a 65,190-square-foot lease at a former Robb & Stucky warehouse and showroom, located at 4740 S. Cleveland Ave. in Fort Myers. The charter school will move from its temporary location at 10676 Colonial Blvd. in Fort Myers, and convert the space into 33 classrooms, office space, a cafeteria and athletic facilities. Jim Garinger of Colliers International's Fort Myers office represented the landlord, Normark Investments, in the 10-year lease transaction. John Paulich, IV, of Jassy Real Estate Investments represented the tenant.