MIAMI — Brickell Hotel Group has topped off the 221-room Hampton Inn & Suites at 50 S.W. 12 St. in Miami's financial district. The 15-story, 169,300-square-foot hotel, which was designed by Miami-based Israel Bigelman, is scheduled for completion in September. John Moriarty Associates of Florida Inc. is constructing the property. Wells Fargo provided an $18 million construction loan for the property and a $5 million loan was obtained from Monday Morning Mortgage and Investment Co. The project is estimated to cost more than $36 million.
POMPANO BEACH, FLA. — Bethesda, Md.-based Urgo Hotels has acquired Ocean Point Hotel, a beachfront property in Pompano Beach, for an undisclosed price. Located at 1208 and 1200 N. Ocean Blvd., the nine-story hotel will be renovated to include 114 additional rooms, 3,000 square feet of indoor function/meeting space, 2,000 square feet of outdoor function space, a health club, an outdoor pool and a lobby. The property will reopen under a new flag in the fourth quarter.
TAMPA, FLA. — Feldman Equities has acquired a 134,065-square-foot multi-story office building in Tampa for $16 million. The San Diego, Calif., office of ARG Capital Partners arranged the joint venture equity for the acquisition. Bryan Clark of ARG secured the financing.
WINTER HAVEN, FLA. — Marcus & Millichap has brokered the sale of Sunrise Bay Apartments, a 90-unit multifamily property located at 101 Parker Lane N.E. in Tampa. The property, which was built in 1991, sold for $2.45 million. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & MIllichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction. Additional terms of the sale were not disclosed.
CARY, N.C. — NorthMarq Capital has arranged $12.6 million in first mortgage financing for Tryon Village in Cary. Located at 1151 Tryon Village Dr., the 103,775-square-foot retail center is occupied by Harris Teeter, Brueggers Bagels and Starbucks Coffee. Financing was based on a 25-year term with a 25-year amortization schedule. Todd Crouse of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq's relationship with Genworth Financial.
JACKSONVILLE, FLA. — An affiliate of Ironshore Capital has acquired Water's Edge in Jacksonville. Located at 123 First St. South, the seven-story condominium building has 12 residences, ranging in size from 2,000 to approximately 4,000 square feet, available. The units feature gourmet kitchens with Bosch Thermadore appliances, granite countertops, oversized porcelain tile flooring and designer cabinetry, 9- to 10-foot ceilings, hardwood floors and carpeting. Ironstone is having a grand opening for the property on January 22, 2011. Terms of the transaction were not released.
LEXINGTON, KY. — Kayne Anderson Real Estate Advisors (KAREA) has acquired 5 Twenty Four Angliana, a student housing community in Lexington. Serving the University of Kentucky, the 228-unit property features 740 beds. The property was 99 percent occupied at the time of acquisition. Terms of the transaction were not released. kevin Larimer, Cole Whitaker and Todd Stofflet of Hendricks & Partners represented the seller/developer, Lexington Development LLC, in the transaction.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the sale of Baywater Apartments in Tampa. Built in 1985 and located at 6910 W. Waters Ave., the 176-unit, 140,800-square-foot property sold for $8.75 million or $49,716 per unit. The property consist of 17 two-story buildings offers a mix of one- and two-bedroom floor plans. At the time of closing, the property was 93 percent occupied. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street represented the seller, Merecorp, in the transaction. The buyer was not disclosed.
ANNAPOLIS, MD. — NorthMarq Capital has arranged $23.99 million in financing for Annapolis Roads Apartments. Located at One Eaglewood Road, the property offers 282 multifamily units. Financing was based on an 8-year term and a 30-year amortization schedule. Michael James and Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq's affiliate AmeriSphere Multifamily Finance LLC.
CLARKSVILLE AND FAIRVIEW, TENN. — Brentwood, Tenn.-based PGM Properties has broken ground for the construction of two retail projects in Tennessee. In Clarksville, the company is building a 54,817-square-foot Publix grocery store at Madison Street Commons. The store is scheduled to open in February 2012. In Fairview, PGM is developing Bowie Commons at Highway 100 and Chester Road. The project will include a 45,600-square-foot Publix, 14,400 square feet of retail space, a 6,400-square-foot outparcel building and four outparcel fronting Highway 100. The second phase of Bowie Commons will include 12,000 square feet of retail space. The first phase, including the Publix, is slated to open in March.