MIAMI — Avnet has signed a 103,131-square-foot lease renewal at Beacon at 97th, an industrial property located at 2011 NW 97th Ave. in Miami. Carol Ellis-Cutler of Colliers International's Miami office represented the tenant in the lease transaction. Brian Smith of Cushman & Wakefield's Miami office represented KTR Capital Partners, the landlord.
CHAPEL HILL, N.C. — PCCP has provided a $16 million senior loan to recapitalize the 367,623-square-foot University Mall, located at the intersection of Route 15/501 and South Estes Drive in Chapel Hill, which is owned by Madison Marquette. Dillard's, Rose's, Harris Teeter and A Southern Season anchor the shopping center, which is 89 percent leased. Madison Marquette plans to invest an additional $7.5 million in capital to continue the property's repositioning and value enhancement strategy. Mark Remington and Jordan Lex of HFF's Washington, D.C., office arranged the financing.
ROCKVILLE, MD. — Meridian Capital Group has secured a $14 million Fannie Mae conventional loan for the 162-unit Woods Edge Apartments, located at 14002 Cove Ln. #201 in Rockville. Jacob Katz of Meridian's Bethesda, Md., office arranged the 10-year, fixed-rate loan with full-term interest only through Beech Street Capital on behalf of the borrower, a Rockville asset development company.
FORT STEWART, GA. — McCarthy Building Cos. has broken ground on the $23.1 million expansion and renovation of The Winn Army Community Hospital at Fort Stewart, located at 1061 Harmon Ave. in Fort Stewart. Construction will include a new 65,000-square-foot building and the renovation of approximately 1,000 square feet of the existing hospital. The project is targeted to achieve LEED Silver Certification. The U.S. Army Corps of Engineers, Savannah District, is overseeing the contract and construction, and Leo A. Daly is the architect for the project. The new hospital building will include physical and occupational therapies, orthopedics, podiatry, social services and behavioral health. Completion is slated for September 2013.
COCONUT CREEK, FLA. — Doral, Fla.-based Morlin Hospitality Group has acquired a 2.5-acre site, located close to the intersection of the Sawgrass Expressway and State Road 7 in Coconut Creek, from a Peru-based university. The company plans to build a $12 million, 107-room limited service “flag” hotel on the property, the first hotel to be built in Coconut Creek. The flag has yet to be determined, but the company is in talks with a variety of hotel brands. Groundbreaking is slated for July, with completion anticipated for September of 2013.
SNELLVILLE, GA. — A 4,030-square-foot McDonald's ground lease, located in Snellville, has been sold for $2.14 million. Jason Long of Alpharetta-based Shane Investment Property Group represented the seller, an Arizona-based REIT, in the transaction and procured the buyer, a New York-based family trust.
SMYRNA, GA. — Floor and Decor Outlets of America has signed a 30,810-square-foot lease at Lakewood II office building, located at 2233 Lake Park Dr. in Smyrna. Bill Weghorst and Chip Roach of PM Realty Group's Atlanta office, along with Chris Breeden of Parkway Realty Services' Atlanta office, represented the landlord, Parkway Properties Office Fund II, in the transaction. Don Perry of Norcross, Ga.-based Lavista Associates represented the tenant.
DUNWOODY, GA. —Walker & Dunlop has arranged a $15.2 million refinance loan, structured as a capped ARM, for the 519-unit Dunwoody Glen, located at 6750 Peachtree Industrial Blvd. in Atlanta. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's CME program on behalf of Cortland Partners.
During the last 12 months, the Raleigh/Durham apartment market has continued to maintain a lofty appeal in the eyes of local, regional and institutional investors. The fundamentals of the region, including its growth projections, the diversity of employment and the driving force that is created by three major research universities, has continued to offer good reasons for investors to inject capital into the Raleigh/Durham apartment market. After a slow start in 2010, many developers have set their eyes on taking advantage of the reduced development pipeline that was a casualty of the recession. The institutions as well as local and regional developers with strong balance sheets were those that were in the best position to take advantage of being the first to break ground. After just a few developments started in 2010, the number of new construction starts and new developments in the planning stages during 2011 has exponentially increased. However, number of new apartment units added to the market in 2011 will be the lowest in recent memory. Part of the reason for this increase in development activity is that the investment sales market has been so strong in the Raleigh/Durham marketplace, arguably as strong or stronger than any …
SMYRNA, GA. — Atlanta-based Branch Properties has broken ground on the $28 million West Village Phase II, which will include a 188-unit multifamily development located off of Interstate 285 in Smyrna. Atlanta-based Phillips Partnership is the architect for the second phase, Atlanta-based Planners and Engineers Collaborative is the civil engineer, Atlanta-based Site Solutions is the landscape and hardscape designer, and Jacksonville, Fla.-based Summit Contractors Group is building the project. Branch Properties provided internal equity for the project and additional financing was provided by Fifth Third Bank. Amenities will include a resort style pool with fountains, bocce ball court with an adjacent cabana, a poolside grotto with a built-in outdoor grilling station, a club room with an internet cafe, a full-service mailing station and game nooks that will overlook the pool. The first units are slated for completion in September 2012.