Southeast

EIGHT-PROPERTY WALGREENS PORTFOLIO IN LOUISIANA RECEIVES $27.16 MILLION LOA

by admin November 29, 2010

LAFAYETTE, DENHAM, RUSTON, ABITA, DUTCHTOWN, GONZALES, BROUSSARD AND MERAUX, LA. — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $27.16 million loan for a portfolio of Walgreens drugstores in Louisiana. The eight-property portfolio totals 116,070 square feet and includes stores in Lafayette, Denham, Ruston, Abita, Dutchtown, Gonzales, Broussard and Meraux. HFF's Kevin MacKenzie, on behalf of Stirling Properties, place the 4.92 percent fixed-rate securitized loan with Goldman Sachs Commercial Mortgage Capital. Loan proceeds will be used to retire the existing construction loans on the properties, which were constructed between 2007 and 2010.

November 29, 2010

CONSTRUCTION UNDER WAY FOR CHURCH RENOVATION IN FLORIDA

by admin November 29, 2010

CAPE CORAL, FLA. — Fort Myers, Fla.-based Stevens Construction has commenced the renovations at Cape Coral First United Methodist Church. Located at 4118 Coronado Parkway in Cape Coral, the project includes renovation and a 6,920-square-foot expansion. Upon completion in spring 2011, the two-story, 13,377-square-foot building will feature an enhanced children's and youth ministry facility, including a preschool, a multipurpose room, classrooms, a kitchen and associated services. Christopher Lee Architects Inc. is providing architectural services for the project.

November 29, 2010

Hospitality Southeast

64-ROOM COMFORT INN TRADES HANDS IN MISSISSIPPI

by admin November 29, 2010

GRENADA, MISS. — Mississippi-based Hospitality Lodging has acquired the Comfort Inn in Grenada for an undisclosed price. The property will be repositioned as to the EconoLodge brand in early 2011. The two-story, 64-room hotel offers complimentary USA Today, wireless high-speed Internet access, microwaves and refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor swimming pool and a fitness center. Anthony Falor of Hodges Ward Elliott's Select Service Division represented the undisclosed seller in the transaction.

November 29, 2010

Office Southeast

URDANG, MOORE&ASSOCIATES RECEIVE $100 MILLION LOAN FOR MARYLAND PROPERTY

by admin November 29, 2010

BETHESDA, MD. — URDANG, and Moore&Associates have received a $100 million in financing to refinance a $87.2 million securitized loan for an office complex in Bethesda. The 10-year, fixed-rate loan was provided by John Hancock Insurance Co. A joint venture between Moore&Associates and a separate account managed by Urdang Capital Management Inc. acquired the three-building, 531,600-square-foot office complex in August 2005. The joint venture has made capital improvements to the property, including renovations to the building lobbies, restrooms and elevator lobbies. Additionally, the property's exterior was improved by renovating the the landscaping and the fountains.

November 29, 2010

Multifamily Southeast

GRANDBRIDGE CLOSES TWO LOANS TOTALING $64.68 MILLION IN VIRGINIA AND MIAMI

by admin November 29, 2010

ARLINGTON, VA.; AND MIAMI — Grandbridge Real Estate Capital has closed on two loans totaling $64.68 millon for two multifamily properties in Virginia and Miami. The company arranged a $61.18 million first mortgage loan, which is secured by Park at Arlington Ridge I. Located in Arlington, the multifamily property offers 435 garden-style units. Paul Aanonsen and Jack Bauer of Grandbridge's Washington, D.C., office originated loan the loan, which was provided by Freddie Mac under its Capital Markets Execution product. Additionally, Grandbridge closed a $3.5 million first mortgage loan, which was secured by Dadeland Vista Apartments in Miami. The multifamily property offers 48 units. Lance Lehman of Grandbridge's Fort Lauderdale, Fla., office originated the 10-year loan, which was provided by Fannie Mae under its DUS loan program with an interest rate in the mid-4 percent range and a 30-yeat amortization schedule.

November 29, 2010

Hospitality Southeast

CONSTRUCTION COMPLETE FOR $48 MILLION SOHO BEACH HOUSE IN MIAMI

by admin November 24, 2010

MIAMI — Fort Lauderdale, Fla.-based Moss & Associates, serving as construction manager, has completed the construction of Soho Beach House, a members-only hotel located at 4385 Collins Ave. in Miami. The $48 million boutique hotel offers 50 rooms that average 1,300 square feet and Soho's signature rustic-designed Cowshed Spa. Additional amenities include a media screening room, two pools and direct beach access through landscaped gardens, as well as four bar spaces and restaurant Cecconi's Miami Beach. The project involved converting the Sovereign Hotel, a 1942 art deco property, into the Soho Beach House. Local architect Allan Shulman and London-based interior designer Martin Brudnizki designed the new property.

November 24, 2010

Healthcare Southeast

GRUBB & ELLIS HEALTHCARE REIT II ACQUIRES MOB IN NORTH CAROLINA

by admin November 24, 2010

SYLVA, N.C. — Grubb & Ellis Healthcare REIT II has acquired Sylva Medical Office Building, a three-story property located on the campus of Harris Regional Hospital in Sylva. Located at 98 Doctors Dr., the property offers 45,000 square feet of Class A single-tenant medical office space. Built in 2010, the property is long-term leased until 2025 to Harris Regional Hospital. The property was acquired from CDP-Sylva LLC, which was represented by Doug Connell of Grubb & Ellis' Atlanta office. Grubb & Ellis Healthcare REIT II financed the acquisition using $11.4 million in borrowings under its line of credit with Bank of America N.A. and cash proceedings received from its offering.

November 24, 2010

Retail Southeast

AUTOMOTIVE DEALERSHIP TRADES HANDS FOR $1.1 MILLION IN VIRGINIA

by admin November 24, 2010

RICHMOND, VA. — John Jay Schwartz of Have Site Will Travel has brokered the sale of a former automotive dealership in Richmond. Jong Lim has acquired the former Emrick Chevrolet & Standard Automotive dealership, which is located at 101 Chamberlayne Ave., for $1.1 million. The buyer plans to open a Ruby Red Beauty Supplies Superstore and warehouse at the site.

November 24, 2010

Multifamily Southeast

1,782-UNIT MULTIFAMILY PORTFOLIO SELLS FOR $32.1 MILLION IN ALABAMA

by admin November 23, 2010

HOMEWOOD AND BIRMINGHAM, ALA. — Birmingham-based Abbey Residential has acquired a 1,782-unit multifamily portfolio in the Birmingham area for $32.1 million. The portfolio includes three apartments communities — Highland Peak, a 585-unit property at 114 Aspen Circle in Homewood; the 644-unit Highland View located at 700 Aspen Dr. in Birmingham; and the 553-unit Highland Bluff located at 200 Robert Jemison Dr. in Birmingham. Cole Whitaker, Hal Warren, John Clayton, Aaron Hargrove and Tim McKay of Hendricks & Partners, along with David Oakley of The Oakley Group, represented the seller, REDUS Alabama Commercial (Wells Fargo Bank, N.A.) of Atlanta, Charlotte, N.C., and Los Angeles, in the transaction.

November 23, 2010

Office Southeast

143,000-SQUARE-FOOT OFFICE BUILDING SELLS IN ATLANTA METRO

by admin November 23, 2010

DULUTH, GA. — Jay O'Meara, Will Power and Justin Parsonnet of CB Richard Ellis' Atlanta Institutional Group has brokered the REO sale of 11450 Technology Circle in Johns Creek in Duluth. The 143,000-square-foot office building sold for $4.3 million to a private investment partnership. CBRE's team represented the seller, an undisclosed CMBS Special Servicer. Resource Real Estate will be handling the leasing and management for the new owner.

November 23, 2010

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