MARIANNA, FLA. — An Arizona-based company has purchased Oak Station, a retail property in Marianna. Built in 1989, the 171,509-square-foot is located at 4700 Highway 90. Dorothy Jackman and Ron Schultz of Marcus & Millichap's Tampa, Florida, office represented the Florida-based seller. Terms of the transaction were not disclosed.
Southeast
WINSTON-SALEM, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $18 million loan under the Fannie Mae DUS product line for a multifamily property in Winston-Salem. Alaris Village offers 284 apartment units. The 10-year loan carries 30-year amortization schedule. John Edwards in Arbor's Boston office originated the loan.
The national economic downturn hasn’t impacted the greater New Orleans retail market nearly as much as the glacial pace of decision-making on behalf of retailers and investors who have pledged to enter, or re-enter, this still underserved market. As we close in on the 5-year anniversary of Hurricane Katrina, retail properties in Jefferson Parish and other more affluent parishes have rebounded, while large swaths of Orleans Parish, home to the city of New Orleans, remain retail starved. Many residents of New Orleans East, for example, must still travel 20 to 25 minutes to find affordable basic staples. Exacerbating this problem are relatively high barriers to entry in New Orleans, which is landlocked and has restrictive big-box ordinances. There’s still not a single Target store, Best Buy, Bed Bath & Beyond, PetSmart or Staples in the city and just one Walmart. Making things even more difficult, Orleans Parish continues to lose tax dollars to other parishes. However, New Orleans is slowly regaining its momentum, with roughly 350,000-plus people back in residence, compared to a pre-Katrina population of about 450,000. Most New Orleans neighborhoods that were not flooded have returned to nearly 100 percent of their July 2005 populations. Retail real estate …
MEMPHIS, TENN. — US Industrial REIT III, an affiliate of USAA Real Estate Company, has acquired two Class A bulk industrial facilities in southeast Memphis. The 1.37 million-square-foot portfolio includes the 829,464-square-foot 6100 East Holmes Road facility, which is occupied by Flextronics Logistics USA and MVP Group International, and the 540,000-square-foot 6000 Freeport Avenue building, which is occupied by Memphis-based Creative Co-Op Inc. Located within Chickasaw Distribution Center, the facilities feature ESFR sprinklers and retrofitted T-5 lighting. Terms of the transaction were not disclosed.
COLUMBIA, S.C. — A private investor has purchased a 48,0750-square-foot industrial building, which is located at 161 Windhill Dr. within the Ponderosa Industrial Park in Columbia. The property sold for $2.45 million. Current tenants include Safelite Auto Glass, Sherwin Williams and Parts Plus. Chuck Salley, Dave Mathews and JP Scurry of Colliers International brokered the transaction. The seller was not released.
DORAL, FLA. — The Miami office of Holliday Fenoglio Fowler (HFF) has arranged a $19.9 million loan for a newly constructed Class A office property in Doral. Located in downtown Doral, the property offers 150,000 square feet of office space and is adjacent to the Doral Resort. Currently, the property is 29 percent leased. The borrower is a joint venture between Codina Partners and institutional investors advised by J.P. Morgan Asset Management. The 2-year, floating rate loan was financed through Bank of America Merrill Lynch. Paul Stasaitis, Manny de Zárraga and Ignacio Portuondo of HFF represented the borrower in the transaction.
AMELIA ISLAND, FLA. — TRT Holdings/Omni Hotels has completed its acquisition of Amelia Island Plantation, following a late August bankruptcy auction bid against Starwood Capital and Noble Investment Group. The company acquired the north Florida beach resort for $67.1 million or $269,478 per room. Located 29 miles north of Jacksonville International Airport, the 1,350-acre property offers 249 guestrooms, 54 holes of championship golf, a tennis center, a spa and 50,000 square feet of meeting space. Amelia Island Plantation retained The Plasencia Group to maximize the value of the company’s assets for all stakeholders by conducting an auction pursuant to section 363 of Chapter 11 of the U.S. Bankruptcy Code.
FORT LAUDERDALE, FLA. — US Republic Core Fund and U.S. Premier Office Equities, which are both owned by USAA Real Estate Co., have purchased a two-building, multi-tenant office complex located within Fort Lauderdale’s Las Olas corridor. BF Las Olas sold the 469,353-square-foot property for an undisclosed price. The 18-story, 259,607-square-foot building and the 14-story, 209,746-square-foot building share street-level retail and parking space on Las Olas Boulevard. Current tenants of the complex include Huizenga Holdings, Wells Fargo, Bank of America, Morgan Stanley and the law firm of Akerman Senterfitt & Edison.
TAMPA, FLA. — The Philadelphia office of NorthMarq Capital has arranged a $4.22 million first mortgage for Fowler Plaza, an 87,000-square-foot retail strip center in Tampa. Dollar General occupies a portion of the unanchored center. David Henrich of NorthMarq arranged the 10-year loan, which carries a 25-year amortization schedule, for the borrower through NorthMarq’s correspondent relationship with Symetra Financial.
ARLINGTON, VA. — Skanska USA Commercial Development is developing and constructing its second commercial office project in Washington, D.C. Located at 1176 Wilson Blvd., the $63.5 million project in Arlington. The project will offer approximately 161,458 square feet of leasable space and 230 underground parking spaces. Construction is slated to begin in the fourth quarter of this year, with completion scheduled for second quarter of 2012. Additionally, the project is being designed to achieve a minimum of LEED Gold certification.