FORT MYERS, FLA. — CR South has purchased the Shops at Verandah in Fort Myers. Located at the intersection of Palm Beach Blvd. and State Route 31, the 72,795-square-foot retail property is occupied by Publix, Beef 'O Brady's, Pinch a Penny, Allstate and H&R Block. Freestanding tenants at the center include Regions Bank, Exxon Mobil and Wachovia/Wells Fargo. Constructed in 2006, the property was 92 percent leased at the time of acquisition. The Shops at Verandah Ltd. sold the property for an undisclosed price. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the buyer in the transaction.
BALTIMORE — Crossroads Eastern Avenue LLC has acquired a two-parcel property totaling 4.48 acres at 6801 Eastern Ave. in Baltimore. The asset includes a 99,841-square-foot rentable warehouse building, located in Baltimore, and an adjacent parking area, which is located in Baltimore County, Md. 6801 Eastern Avenue LLC sold the property for $3.25 million. Owen Rouse Jr., Liz Tarren-Jones and Joe Bradley of Manekin LLC represented the seller in the transaction.
RIVIERA BEACH, FLA. — Continental Real Estate Cos. (CREC) has brokered the sale of Seabreeze Harbor Apartment Homes in Riviera Beach. Situated on more than 40 acres at 2304 N. Congree Ave., the 520-unit complex sold for $14.98 million. The property includes 37 low-rise buildings comprising 412,112 square feet of space. The property was 50 percent occupied at the time of acquisition. The undisclosed buyer plans to renovate, rebrand and reposition the asset. Peter Mekras of CREC represented the undisclosed seller. Charles Foschini of CB RIchard Ellis Capital Markets sourced the buyer's financing for the acquisition. Additionally, Gerald Biondo and Brandon Biondo of Murai, Wald and Biondo provided legal counsel for the seller.
KEY WEST, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Florida Keys Community College (FKCC) Student Housing Facility in Key West. The 43,000-square-foot, 100-bed facility is being built under SIKON's $4.8 million contract with Student Suites South Florida LLC. Designed by St. Petersburg, Fla.-based Hayes Cumming Architects, the project, which is FKCC's first student housing facility, is scheduled for completion in August.
PALM BAY, FLA. — Edens & Avant has completed the disposition of Palm Bay West in Palm Bay. Located at the intersection of Malabar and Minton roads, the property offers 263,356 square feet of retail space. Current tenants include Winn Dixie, Beall's Department Store, Ace Hardware, Dollar Tree and a 10-screen theatre. Constructed in 1989, the property was 91 percent occupied at the time of closing. The buyer was a New York-based limited liability company. Terms of the sale were not released. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.
CARY, N.C. — Walker & Dunlop has provided a $20.5 million loan for the refinance of Colonial Village Apartments in Cary. Built in 1995, the 319-unit property offers an outdoor swimming pool, a heated indoor swimming pool, a fitness center, tennis courts, sand volleyball courts, a playground, dog walking areas, barbecue grills and an on-site leasing center. The property was 92.4 percent leased at the time of closing. The 7-year term loan has 2 years interest only and a 30-year amortization schedule. The loan was underwritten to a 76 percent loan-to-value with a 1.25x debt-service coverage ratio. Bat Barbara of Medalist Capital originated the loan. Ted Patch and Brendan Coleman led the Walker & Dunlop team in the transaction.
MIRAMAR, FLA. — General Services Administration (GSA) has acquired a 20-acre land parcel along the Interest 75 corridor in Miramar for $13.5 million. GSA plans to construct a 475,000-square-foot federal office complex on the property. The 20-acre site was part of a 40-acre land parcel owned by Rockefeller Group Development Corp.
GREENVILLE, S.C. — Locally owned HTI Properties has purchased a multi-tenant office building in downtown Greenville. Located at 105 N. Spring St., the 30,000-square-foot property will be renovated and partially occupied by HTI Properties. Jimmy Wright and David Feild of NAI Earle Furman represented the buyer; the seller was not undisclosed. Feild and Tyson Smoak, also of NAI Earle Furman, were retained to lease the remaining space. Terms of the transaction were not disclosed.
NEW ORLEANS, LA. — Walker & Dunlop has arranged a $49.5 million acquisition loan secured by the Pan-American Life Building in New Orleans. Wells Fargo provided the 10-year loan, which has a 30-year amortization schedule. The 673,578-square-foot office building is 90 percent occupied by tenants, including Pan-American Life Insurance Group, Lemle & Kelleher LLP, Tidewater Marine LLC, Christovich and Kearney LLC and McGlinchey Stafford. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop originated the loan for the borrower, Stirling Properties.
KNOXVILLE, TENN. — New Jersey-based C.J. Lombardo Company has purchased Washington Ridge in Knoxville. The owners plan to renamed the 19-acre, 248-unit property Spring Meadow. Steve Goldman and John Dempster of NAI Knoxville represented the buyer. The seller was not disclosed.