LAKE COUNTY, FLA. — Two properties totaling 1,236 acres of land in Lake County sold for $4.2 million. One is 653 acres on the south side of Schofield Road and the other is 583 acres on the west side of Five Mile Road. The seller, Branch Banking & Trust Company, was represented by Daryl Carter, Preston Hage and Patrick Chisholm of Orlando, Fla.-based Maury L. Carter & Associates. South Lake Crossings II, the buyer, was represented by Jim Dowd of Celebration, Fla.-based Dowd Properties.
Southeast
NEWPORT NEWS, VA. — Virginia Company Bank purchased 13,500 square feet of space at The Point at City Center in Newport News with the intention of moving its company headquarters and Newport News banking office. The deal includes the corner land parcel and first floor of commercial space on Merchant's Walk. Virginia Company Bank plans to move its corporate offices by late summer and its banking office by March 2012. The deal was brokered by Mike Mausteller and Alex Stern of Norfolk, Va.-based Harvey Lindsay Commercial Real Estate.
NASHVILLE, TENN. – PCCP provided a nearly $22 million loan to Atlanta-based multifamily developer and operator Pollack Partners to finance the acquisition of Velocity in the Gulch, a 220-unit Class A luxury rental community that is part of a 263-unit fractured condo project. Pollack Partners purchased the bank-owned property for $25.3 million, plus reserves and closing costs. The 43 sold residential units were not included in the acquisition, nor was the 20,900 square feet of retail space, which is owned by Nashville, Tenn.-based retail group MarketStreet. Amenities include outdoor lounge with cabanas, fitness center and controlled access parking garage. Holliday Fenoglio Fowler, L.P. Atlanta office handled the asset sale and brokered the financing.
CLINTON, TENN. — Southern Tube Form, an exhaust tubing manufacturer, leased the 102,000-square-foot Bodyguard Building in Clinton. This will be the second facility for Southern Tube Form. Bob Thorton of Baker Realty Company in Knoxville represented both C.A.T. Realty, the owner, and Southern Tube in the transaction. Terms of the lease were undisclosed.
DAYTONA BEACH, FLA. — A 10,981-square-foot CVS in Daytona Beach, located at 101 South Ridgewood Dr., sold for $3.05 million. Craig Lewis Thomas of Marcus & Millichap's Jacksonville office marketed the property on behalf of the seller, a limited liability company, and secured and represented the buyer, an undisclosed individual/personal trust.
TAMPA, FLA. — Green Oaks Apartments, a 100-unit lender-owner complex located at 6815 Interbay Blvd. in Tampa, sold for $2.35 million or $23,500 a unit in an REO sale. The NAI Tampa Bay Troubled Asset Optimization team, lead by John Burpee, represented the buyer, a local investor. Lutz-based Doyle & MacGrath Real Estate represented the seller, Kansas City, Mo.-based Dickinson Financial Corp.
RICHMOND, VA. — Marcus & Millichap Capital Corp. arranged a $9.3 million refinancing with a CMBS lender for a 153,000-square-foot, two-property office portfolio in Richmond. The loan is for 10 years, amortized over 30 years with a fixed interest rate of 6.3 percent. Jerry Kray of Marcus & Millichap's New York office arranged the financing.
CHARLOTTE, N.C. — Tower Place Festival, an 114,876-square-foot community center located at 8700 Pineville Matthews Rd. in Charlotte, sold for $12.7 million. It is 80 percent leased and anchored by a Bally Total Fitness with several other national tenants including Bruegger's Bagels, Empire Beauty Academy and Once Upon A Child. Robert Podewils of the Charlotte-based Divaris Real Estate, represented the seller. The buyer was a New York-based group of private investors.
CORAL SPRINGS, FLA. — Ivy Heron Bay purchased the note for 89,114-square-foot Heron Bay Corporate Center I & II, a two-building Class A office campus totaling , located at 11555-11575 Heron Bay Blvd. in Coral Springs, for $10.85 million from Investor's Warranty of America. Scott O'Donnell, Dominic Montazemi, Marty Busekrus, Miguel Alcivar and Chris Lee of CB Richard Ellis in Boca Raton brokered the sale on behalf of the buyer and the seller.
SOUTHAVEN, MISS. — Myers Tire Supply signed a 55,575-square-foot lease with IDI at Class A business park Airways Distribution Center, Building F, located in Southaven. Myers Tire Supply is in the process of consolidating several regional distribution branches to this location, where they plan to begin operating in May. The price of the lease was undisclosed. Myers Tire Supply was represented by Bobby Daush, Jim Mercer and Patrick Burke of CB Richard Ellis in Memphis, Tenn., and Kevin Malinowski of the CB Richard Ellis Global Corporate Services in Cleveland, Ohio. IDI was represented by Tim Moore.