CAPE CORAL, FLA. — Schottenstein Property Group has purchased the 71,444-square-foot Pine Island Marketplace in Cape Coral from Land Holding for $7 million. Tenants include Office Max, Dress Barn and Famous Footwear. The center's anchors, Wal-Mart Neighborhood Market and Kohl's, were not included in the sale. John Mounce of Fort Myers, Fla.-based LandQwest negotiated the transaction.
Southeast
ATLANTA — The Southeast division of McCarthy Building Cos., Inc. will build Georgia State University's (GSU) new Humanities-Law Building in downtown Atlanta. It will mark McCarthy's second project with GSU. The $62.7 million, 200,000-square-foot, LEED-certified building is scheduled to begin construction in 2012. It will be housed on a 2.4-acre site located on the University's main campus and is the first phase of a multi-building complex. The facility will include classrooms, moot courtrooms, a public law library, legal clinics and office space. Atlanta-based Stevens & Wilkinson and Washington, D.C.-based SmithGroup are the architects for the project.
HAMPTON AND NORFOLK, VA. — CB Richard Ellis' Norfolk office has completed three leases totaling 562,072 square feet. Lumber Liquidators has signed two leases totaling 515,486 square feet at the 695,000-square-foot West Park, located in Hampton. Additionally, The Pasha Group has leased 35,949 square feet at West Park. For both transactions, Ashton Williamson, Worth Remick and Blake Dozier of CBRE represented the landlord. The Planning Council has leased 10,637 square feet at Norfolk Commerce Center IV, located near the intersection of Military Highway and Interstate 64 in Norfolk. Perry Frazer, Matt Wilbricht and Pat Mugler of CBRE represented the landlord and Deborah Sterns and Mike McCabe, Jr., of Norfolk-based Harvey Lindsay represented the tenant.
LAUREL, MD. — The first residents have moved into the 164-unit The Enclave at Emerson, located off Gorman Road in Laurel's master-planned Emerson community, although the property is still under development by Bavar Properties Group and Murn Development. The property is currently 50 percent leased. Also now open is the 5,000-square-foot clubhouse. Upon completion, amenities will include a billiards room, fitness center, business center and barbecue area. Tenants will also have access to the Emerson community amenities, which include a clubhouse with multiple pools, tennis courts and miles of pathways.
SILVER SPRING, MD. — Whitehall Business Archives has selected McShea & Co. to lease and manage more than 143,000 square feet of office space at TecHill One and TecHill Two, located at 12211 and 12215 Plum Orchard Dr. in Silver Spring. Tenants of TecHill One include Childrens Hospital and Mind Software. The 3M Corp. occupies TecHill Two.
TAMPA, FLA. — Robert Hernandez of NorthMarq Capital's Tampa office arranged $3.75 million in first-mortgage financing through its relationship with Thrivent Financial for Lutherans for the 90,214-square-foot Kennedy Square, located at 4950 W. Kennedy Blvd. in Tampa, on behalf of Kennedy Square Investors. Tenants include GSA, Wachovia, Barbizon Modeling and National Louis University. Financing was based on a 10-year term with a 10-year amortization schedule.
MIAMI — Jones Lang LaSalle and Jones Lang LaSalle Hotels, on behalf of Capmark Bank, has arranged the sale of the senior promissory note secured by the Omni Center and Hilton Miami Downtown, located at 1501, 1645 and 1701 Biscayne Blvd. in Miami. The note had a principal balance of $161 million and represented approximately 78 percent of the total senior mortgage balance of $206 million. The buyer, a joint venture between the Related Group of Florida, Tate Capital Real Estate Solutions and ROK Acquisitions, was represented by Jubeen Vaghfi and Denny St. Romain of Jones Lang LaSalle's Miami office and Gregory Rumpel of Miami-based Jones Lang LaSalle Hotels.
SMYRNA, GA. — CB Richard Ellis has arranged $41.38 million in financing for the 424,199-square-foot mixed-use property The Highlands of West Village in Smyrna. The property has nine buildings with 292 apartment units and 62,934 square feet of retail. Robert LaChapelle, Bill Tyler and Matt Forgione of Atlanta-based CBRE's Debt & Equity Finance Group represented the borrower, Branch Properties. Freddie Mac is the lender.
CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has secured a $23 million first mortgage loan for the 186-room Doubletree Hotel in Chattanooga. Carl Bedwell and Chris Howe of Grandbridge's Nashville, Tenn. Office originated the refinance for Vision Hospitality Group through one of the firm's investor relationships. The permanent loan features a 10-year term, 25-year amortization and a fixed interest rate.
FRANKLIN, TENN. — Marcus & Millichap has brokered the $23 million sale of a two-buildling office portfolio totaling 133,200 square feet, located at 1009 and 1021 Windcross Ct. in Franklin. Both buildings are currently 100 percent leased to United Healthcare. Joseph Massa of Marcus & Millichap's Nashville, Tenn., office represented the seller, a local real estate partnership managed by Preston Ingram. Drew Babcock and Scott Taylor of Marcus & Millichap's Columbia, S.C., office represented the buyer, Orlando-based Windcross Realty.