KISSIMMEE, FLA. — A partnership between Mayan Properties and Blue Rock Partners has acquired the 208-unit Woodside Apartments, located at 900 Woodside Circle in Kissimmee. The buyer plans to spend $2.5 million to renovate the property during the next year, including the common areas and all apartments. The property will be renamed The Park at Sorrento. Blue Rock Partners will oversee the renovation and manage day-to-day operations. Jason Shapiro of Miami-based Aztec Group arranged a five-year acquisition and bridge loan through a regional bank on behalf of the borrower.
Southeast
ORLANDO, FLA. — NorthMarq Capital has arranged $27.7 million in first mortgage refinancing for the 308-unit Wisper Palms, a conventional market-rate multifamily community located at 13308 Whisper Palms Way in Orlando. Jeff Robertson of NorthMarq's Miami office arranged the 10-year loan with a 30-year amortization schedule through a correspondent life insurance company.
AUSTELL, GA. — Graphic Dimensions has signed a 65,259-square-foot industrial lease at the 353,983-square-foot Hartman Business Center One, a distribution complex located at 675 Hartman Road in Austell. The manufacturer is relocating from 7775 The Bluffs to its new location. The complex is now fully leased. Steve Grable and Chris Tomasulo with Jones Lang LaSalle's Atlanta office represented KBS REIT, the landlord, in the transaction. Brad Pope of Atlanta-based Hailey Realty Co. represented the tenant.
MOORESVILLE, N.C. — Langtree Development Co. has closed on vertical financing for the Langtree at the Lake project, which will include the immediate construction of 300 apartments and 47,000 square feet of retail space. The total projected price of the development is more than $2 billion. According to the release from the company, this closing is the largest of its kind ever recorded in North Carolina. Langtree at the Lake is located at Interstate 77 and exit 31 on more than 380 acres. The site is adjacent to the Lowe's Home Improvement corporate campus, Ingersoll-Rand corporate campus and Lake Norman Regional Medical Center. The financing was provided through M&T Bank utilizing a housing and urban development guarantee program.
WASHINGTON, D.C. — Forest City Washington, the Mid-Atlantic hub of Forest City Enterprises, has started the adaptive reuse of the 30,000-square-foot Lumber Shed, a former industrial property located on Water Street in Washington, D.C. The property sits in The Yards, a 5.5 million-square-foot redevelopment of the former Navy Yard property in the Capitol Riverfront district of Washington, D.C. The two-level glass pavilion will feature five restaurants on the ground floor and office space on the upper level. Osteria Morini, an Italian restaurant concept of the Altamarea Group, has signed a 4,250-square-foot lease as the first restaurant tenant. Completion is slated for the third quarter of 2013.
PANAMA CITY BEACH, FLA. — Scenic Highway Partners, a subsidiary of Atlanta-based Freeman Partners, has acquired the remaining 42 condo units at the 145-unit Sterling Breeze Beach Resort, located at 16701 Front Beach Road in Panama City Beach, for $7.5 million. Amenities include a gulf-front infinity edge pool and spa, poolside wine bar and Internet cafe, state-of-the-art fitness center and covered parking. Bill Thomas of Edgewater Beach Realty represented the seller, Sterling Breeze Holdings, in the transaction.
LAKELAND, FLA. — The 233-lot Stoll Manor Mobile Home Park, a manufactured housing community located at 1123 Walt Williams Road in Lakeland, has sold for $2.15 million. Park amenities include a clubhouse, pool, playground and basketball court. Dan Mulkey of Marcus & Millichap's Tampa, Fla., office represented both parties in the transaction.
ASHEVILLE, N.C. — Alliant Capital has arranged $8.11 million in refinancing for the 160-unit Carson's Creek Apartments, a garden-style community located at 1680 Hendersonville Road in Asheville. Mary Dee Clancy of Alliant's Washington, D.C., office arranged the 7-year, adjustable rate loan with a 30-year amortization schedule.
ST. PETERSBURG, FLA. — eMason has leased 40,647 square feet of office space at the Roosevelt Technology Center, located at 11399 16th Court N. in St. Petersburg. Jim Parker of Colliers International's Tampa Bay, Fla., office represented the tenant in the lease transaction, and Mike Talmadge of Echelon Real Estate Services represented the landlord, Pointe 16th. eMason plans to move into the space in July.
WEST PALM BEACH, FLA. — Gaedeke Group has started construction on a $2.5 million renovation of the 288,233-square-foot Northbridge Centre, located at 515 N. Flagler Dr. in West Palm Beach. The renovations will include addition of stylish wall coverings and brushed nickel fixtures. Additionally, technological upgrades will occur in the conference rooms on the third floor, and the first floor will receive wireless connectivity, display equipment, drop down screens and new telephone systems. The common rooms also received a cosmetic upgrade. Completion is slated for September.