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Southeast

MultifamilySoutheast

$12.65 MILLION LOAN ARRANGED FOR STUDENT-HOUSING PROPERTY IN TENNESSEE

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KNOXVILLE, TENN. — Walker & Dunlop has provided a $12.65 million Fannie Mae ERL loan for the Retreat at Knoxville, a student-housing property located in Knoxville. The property offers of 65 detached private three-, four- and five-bedroom cottages, a fitness center, a tanning salon, a movie theater, a computer lab, billiard tables, a resort-style swimming pool and a beach volleyball court. The property was 100 percent leased at the time of the transaction. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Additionally, the loan was underwritten to a 75 percent loan-to-value with a 1.03x debt-service coverage ratio. Timothy Bradley of TSB Capital Advisors originated the loan. Will Baker of Walker & Dunlop led the Walker & Dunlop. The borrower is a joint venture between Landmark Properties and Harrison Street Real Estate Capital.

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CivicSoutheast

327,068-SQUARE-FOOT VACANT RETAIL PROPERTY SELLS IN KENTUCKY

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LEXINGTON, KY. — Nicholasville, Ky.-based Southland Christian Church has acquired Lexington Mall, a four-parcel vacant retail property located in Lexington. Situated on 31.22 acres, the 327,068-square-foot property sold for $8.13 million. Ken Silvestri of Silvestri-Craig Realtors brokered the transaction. The seller was Saul Centers Inc.

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MultifamilySoutheast

TWO MANUFACTURED HOME COMMUNITIES SELL FOR $23.65 MILLION IN FLORIDA

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DEERFIELD BEACH, FLA. — Willow Lake Estates Inc. has completed the disposition of Country Knolls and Highland Village, two manufactured housing communities consisting of 666 lots on approximately 90 acres in Deerfield Beach. Additionally, the properties offer 5,360 square feet of retail/office space. The assets sold for $23.65 million. The buyers were Highland Village MHC, Country Knoll MHC and Highland Village Commercial. Barbara Welch and Bob Pino of Coldwell Banker Commercial NRT brokered the transaction.

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RetailSoutheast

$52.5 MILLION LOAN EXTENSION SECURED FOR MALL OF THE AMERICAS IN MIAMI

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MIAMI — Palm Beach, Fla.-based Sterling Organization has secured a $52.5 million loan extension for Mall of the Americas, a 790,000-square-foot shopping center in Miami. The loan was arranged through the borrower's lender, Allstate. Located on West Flagler Street, the mall is occupied by Home Depot, Marshalls, Ross Dress for Less, AMC Theaters, CompUSA, Tiger Direct and Old Navy. Al Rex of Grandbridge Real Estate Capital facilitated the transaction.

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IndustrialSoutheast

77,000-SQUARE-FOOT INDUSTRIAL LEASE SIGNED IN MACON

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MACON, GA. — North Coast Logistics has leased 77,000 square feet of industrial space at I-16/Ocmuglee East Industrial Park in Macon. The 100,000-square-foot park is a joint venture between Rooker and Macon-Bibb County Industrial Development Authority. Situated on 10 acres, the facility offers 28-foot clear ceiling heights and an ESFR sprinkler system. Todd Barton and Greg Haynes of CB Richard Ellis represented the tenant; Bilijack Bell of Wilson, Hull & Neal represented the landlord, Rooker, in the transaction. Terms of the lease were not disclosed.

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OfficeSoutheast

ONE, TWO POTOMAC YARD ACQUIRED IN WASHINGTON, D.C. AREA

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ARLINGTON, VA. — US Government Building Fund, a fund sponsored by USAA Real Estate Co., has acquired One and Two Potomac Yard, a two-building office complex located in the Crystal City submarket of Arlington County, Va. Potomac Yard Holding Co., which is owned by JP Morgan Strategic Properties Fund, sold the 621,774-square-foot property for an undisclosed price. US Government Building Fund is focusing on assembling a geographically diverse portfolio of properties that provides attractive, risk-adjusted returns generated by the acquisition and operation of buildings leased to federal and state governments.

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IndustrialSoutheast

BD PLANS TO CONSTRUCT $38 MILLION DISTRIBUTION CENTER IN NORTH CAROLINA

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FOUR OAKS, N.C. — Becton, Dickinson and Company (BD), a global medical technology company, is planning to develop an East Coast distribution center in Four Oaks. Situated on 130 acres within Four Oaks Business Park, the 720,000-square-foot facility will be expandable to more than 1.1 million square feet. Construction of the $38 million project is scheduled for completion in mid-2011, with the facility slated to receive product by late 2011. The facility will serve BD customers from Maine to Florida.

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MultifamilySoutheast

TWO MULTIFAMILY PROPERTIES SELL IN FLORIDA

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OCEAN RIDGE AND TALLAHASSEE, FLA. — The Orlando, Fla., office of Hendricks & Partners has completed the sales of two multifamily properties in Florida. In the first transaction, Jeffrey Eder acquired a 2.85-acre multifamily development site in along the Intracoastal Waterway in Ocean Ridge. Capstone Realty sold the property for $1.2 million. Cole Whitaker of Hendricks & Partners brokered the transaction. In the second deal, 1560 High Road LLC purchased Star Suites on High, a 35-unit multifamily property located at 1560 High Road in Tallahassee, for $1.97 million. Hendricks & Partners' Hal Warren represented the seller, McLean, Va.-based J.E. Roberts Companies, in the transaction.

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HealthcareSoutheast

14,273-SQUARE-FOOT ASSISTED-LIVING FACILITY SELLS IN FLORIDA

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PINELLAS PARK, FLA. — Marcus & Millichap has completed the sale of Country Inn, a 14,273-square-foot limited mental health facility in Pinellas Park. An undisclosed Washington-based buyer acquired the property for $1 million. Situated on 3.08 acres at 7600 78th Avenue N., the property consists of 23 units offering a total of 42 beds. Kenneth Carriero represented the undisclosed seller and the buyer in the transaction.

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Southeast

$88.85 MILLION IN FINANCING PROVIDED FOR FOUR SOUTHEAST PROPERTIES

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MEMPHIS, TENN. — Memphis-based Financial Federal Savings Bank has provided $88.85 million in non-recourse permanent financing for four properties located throughout the Southeast. The four loans are cross-collaterized and carry a fixed-interest rate of 4.43 percent for 10 years with a 30-year amortization schedule. The loan package was underwritten to a 75 percent loan-to-value. Jon Van Hoozer and Steve Curnutte of Financial Federal procured the financing through the company's Freddie Mac platform.

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