TAMPA, FLA. — Marcus & Millichap has arranged the $1.27 million sale of the 63-unit Palm Breeze Apartments, a multifamily property located at 8014 Tommy Court in Tampa. Amenities include a laundry facility, stackable washer and dryer connections and ample parking. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented both parties in the transaction.
Southeast
CLERMONT, FLA. — Beech Street Capital has arranged a $21.25 million Fannie Mae conventional loan for acquisition of the 276-unit Vista at Lost Lake, a Class A apartment complex located in Clermont. Jacob Katz of Meridian Capital Group originated the seven-year, fixed-rate loan with two years of interest-only payments and a 30-year amortization schedule.
TALLAHASSEE, FLA. — Capital Advisors has secured $17.67 million in construction financing for the 402-bed Catalyst Student Apartments, a student housing community located at Madison and Gay streets in Tallahassee, three blocks from the Florida State University campus. Philip Rachels of Capital Advisors arranged the three-year, interest-only loan on behalf of the borrower, an affiliate of Chance Partners, through Community and Southern Bank.
OLIVE BRANCH, MISS. — Grandbridge Real Estate Capital has secured $11 million in first mortgage financing for the 234,660-square-foot Anda Pharmaceuticals Distribution Center, a single-tenant warehouse located in Olive Branch. Tom Turner of Grandbridge's Kansas City, Mo., office arranged the 10-year loan with a 16-year amortization schedule through Thrivent Financial for Lutherans.
BOSTON — Boston-based STAG Industrial has acquired a six-property industrial portfolio for $30.6 million. The buildings, which total more than 772,000 square feet, are located in Connecticut, Florida, North Carolina, South Carolina, New York and Texas. The properties include three warehouse and distribution facilities and three light manufacturing buildings and are fully leased to three tenants. The acquisition is the first transaction resulting from STAG's recent agreement with Columbus Nova Real Estate Acquisition Group to source sale-leaseback transactions for the company.
KNOXVILLE, TENN. — Knoxville-based Ruby Tuesday has sold 10 of its restaurants to three buyers for a total of $22 million. A Southern California-based private investor purchased six properties in Georgia, South Carolina, North Carolina and Virginia for $12.8 million. Two Virginia properties sold to private individuals for $1.99 million and $2.09 million, and California-based Mare Living Trust acquired properties in Delware and North Carolina for $2.1 million and $2.7 million, respectively. Matt Mousavi of Faris Lee Investments represented the seller in all transactions, as well as Mare Living Trust.
FAIRFAX CITY, VA. — NAI KLNB has arranged the $4.1 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to a variety of professional service companies including law practices and accounting firms. Josh Simon and Marc Tasker of NAI KLNB represented the buyer, 4010 University LLC. Also, Bill Prutting of CBRE represented the seller, Extra Billy Smith Partnership.
WEST PALM BEACH, FLA. — The two-building Flagler Center has completed a $2 million renovation. The properties include a 90,000-square-foot office tower located at 501 N. Flagler Drive and a 155,000-square-foot tower located at 505 N. Flagler Drive in West Palm Beach. The interior renovation included an overhaul of the lobbies with new lighting, Italian marble floors, custom artwork and contemporary furniture. The exteriors received lush new landscaping, an updated outdoor patio area and granite bistro tables. A second $1 million renovation is planned to update the chiller plants to improve energy efficiency.
RIVERVIEW, FLA. — Alliant Capital has arranged $14.5 million in refinancing for the 204-unit Park at Kensington Apartments, a garden-style complex located in Riverview. The 10-year, fixed-rate loan has a 30-year amortization schedule.
ST. AUGUSTINE, FLA. — The Roseview Group has advised a bank client in the $4.5 million sale of two unanchored retail shopping centers totaling 33,025 square feet. Located at the entrance to Palencia, a high-end residential and golf course community in St. Augustine, the retail centers are 78 percent leased to tenants including Dunkin’ Donuts, Starbucks, Donovan’s Pub and MediMD. Roseview directed the leasing and management of the center through the Sembler Co. and engaged a local broker on behalf of the lender. Cliff Taylor of CBRE represented the seller in the transaction.