SARASOTA, FLA. — Grubb & Ellis Healthcare REIT II has acquired the 41,000-square-foot Maxfield Medical Office Building, located at 5831 Bee Ridge Rd. in Sarasota, from Maxfield Medical Building LLC. The REIT financed the purchase with a $5.12 million loan assumption and cash proceeds received from its offerings. Duane Henderson of Wagner Realty's Bradenton, Fla., office represented the seller, and Manfred Welfonder of MW Development & Investment Advisory represented the buyer.
LIGHTHOUSE POINT, FLA. — Steve Wood of Thomas D. Wood & Co.'s Coral Gables, Fla., office has arranged $8.1 million in financing for the 98,048-square-foot Shoppes at Beacon Light, located at 2450 N. Federal Hwy. in Lighthouse Point. The 10-year loan has a 25-year amortization schedule and was secured through Advantus Capital Management.
SUWANEE, GA. — Lee & Associates has arranged a 36,633-square-foot lease, valued at more than $1.1 million, at a 70,574-square-foot industrial property located at 500 Satellite Blvd. in Suwanee. Thomas Bryant and Richard Bryant of Lee & Associates' Atlanta office represented the landlord, GS&T Enterprises. The tenant is Hi-Tech Pharmaceuticals.
TUSCALOOSA, ALA. — The Edwards Cos. has started construction on a $41 million, 774-bed student housing apartment community adjacent to the University of Alabama in Tuscaloosa. The Edwards Cos. is providing development and design build services for the project and Education Realty Trust will manage the property upon completion. Amenities of the property include a movie theater, fitness center, study space, game lounge, computer lab, swimming pool and an outdoor patio with grills and a picnic area. The joint venture secured a conventional construction loan through Regions Bank to fund the project, which is scheduled for completion in 2012.
FORESTVILLE, MD. — Rockville, Md.-based The Donaldson Group (TDG) has started construction for a $16 million capital improvement program at the 599-unit Regency Pointe, located at 3253 Walters Ln. in Forestville. Renovations will include the restoration of 77 units destroyed by fire damage as well as the renovation of unit interiors, new kitchens, flooring, lighting, carpeting, doors, fixtures and upgraded bathrooms. A joint venture between TDG and New York-based Angelo, Gordon & Co. purchased the complex in May 2012 for $20 million and subsequently foreclosed on it. Wells Fargo Bank provided $27.66 million in renovation and acquisition financing. Maury Zanoff and Matthew Williams of CB Richard Ellis' Washington, D.C., office represented the joint venture in sourcing the debt.
ORLANDO, FLA. — EastGroup has started construction for the $5.35 million, 76,000-square-foot Southridge IX, a distribution building located in EastGroup's Southridge Commerce Park in Orlando. The building is scheduled for completion in the first quarter of 2012. To date, EastGroup has developed 970,000 square feet of space in Southridge Park, which is currently 100 percent leased.
MORRISVILLE, N.C. — Westwood Financial Corp. has purchased the 86,267-square-foot McCrimmon Corners, located at 4093 Davis Dr. in Morrisville, from Crosland for an undisclosed amount. The center is 99 percent leased to Harris Teeter, Tossed Salads, Taekwondo Academy, Nikos Taverna, Saffron Indian Food Restaurant, Two Guys Grille, Subway, AT&T, Great Clips, State Farm and Red Dragon. Rob Carter of Charlotte, N.C.-based Berkeley Capital Advisors represented the seller.
JACKSONVILLE, FLA. — Alison WIlliams of NorthMarq Capital's Tampa, Fla., office and Joel Coykendall of the firm's Jacksonville office have arranged $2.7 million in first mortgage financing for an 18,920-square-foot freestanding retail property located at 10207 Buckhead Branch Dr. in Jacksonville, which is entirely leased by CompUSA. Financing was based on a 10-year term with a 25-year amortization schedule and was arranged for the borrower, The Gate Group, through Protective LIfe Insurance Co.
WASHINGTON, D.C. — CB Richard Ellis has negotiated the sale of the eight-story 1301 and 1317 Connecticut Avenue, a boutique office building and three-story retail property in Washington, D.C. Bill Prutting, Jr., William Kaye, Randall Heilig and Seth Benhard of CBRE's Washington, D.C., office represented the seller, New York-based Norvin Partners. The buyer was San Francisco-based Shorenstein.
BELLEVIEW & TEMPLE TERRACE, FLA. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed on two retail loans in Florida. A 204,474-square-foot shopping center in Belleview received a 10-year, $9.5 million loan. In Temple Terrace a 109,004-square-foot retail property currently leased to KMart received a 7-year, $4.92 million loan. Russell Kimyagarov of Deerwood negotiated both loans.