SAVANNAH, GA. — Wal-Mart has renewed its 800,000-square-foot lease at 150 Portside Ct. in Savannah. Wal-Mart has occupied the building in Crossroads Business Center since 2001. Brian Sutton of Indianapolis-based Duke Realty and Jeff Jepson of Savannah-based North Point Industrial Realty represented Duke Realty, the landlord, in the transaction.
Southeast
MOUNT PLEASANT, S.C. —CNL Macquarie Global Growth Trust and Woodfield Investors have entered into a joint venture to build a 258-unit, Class A multifamily residential development on 32 acres in Mount Pleasant. The partnership purchased the raw land for $3.4 million. Woodfield will manage the construction and development, while CNL Macquarie Global Growth Trust will provide capital, strategic guidance and oversight. Construction will begin in the third quarter this year.
CHARLOTTE, N.C. — Boston-based UC Funding has closed on a $4.7 million acquisition loan on Maple Run Apartments in Charlotte. The loan will be used to purchase the property and to fund a renovation reserve, interest reserve and an escrow for taxes and insurance. The loan was made to an entity controlled by John Lichtman of Boca Raton, Fla.-based Levinson & Lichtman and Bob Nass of Landmasters.
MYRTLE BEACH, S.C. — The 272-unit Flintlake Apartments, located at 650 West Flintlake Ct. in Myrtle Beach, has been purchased by AVR-525 Associates for $19.5 million. Coastal Apartment Advisors represented the seller, a TIC consisting of Myrtle Beach Tiffany L.P., Myrtle Beach Village South L.P. and Myrtle Beach Wellington L.P.
MACON, GA.; JACKSONVILLE, FLA.; AND KNOXVILLE, TENN. — Southeast Apartment Partners has brokered three multifamily sales. The 188-unit Rivoli Run in Macon sold for $9.85 million to a growing regional investment group. Robert Stickel of the Atlanta office represented the seller. In Jacksonville, the 358-unit Wellington Place Apartments was purchased by Tampa-based Landmark Residential with financing provided by Freddie Mac. Brian Moulder of the Jacksonville office represented the seller, a special assets servicer. In Knoxville, the 198-unit Plantation Manor sold for $9.15 million to Charleston, S.C.-based Chartwell Holdings. Marc Robinson, Joshua Goldfarb and Tyler Averitt of the Atlanta office represented the seller, a special servicer.
MIAMI SHORES, FLA. — Moss & Associates has been selected to design and build a new $14 million, 72,000-square-foot residence hall on the Barry University's Miami Shores campus. Construction on the three-floor, suite-style residence hall will begin in June with completion slated for August 2012. The dormitory will also include a cafe/convenience store, courtyard and multi-purpose meeting room. Moss & Associates has named Cannon Design as the design partner for the project.
SAVANNAH, GA. — Duke Realty Corp. has purchased Westport Buildling B, a 329,396-square-foot, Class A distribution building, in Westport Business Park, located at 2509 Dean Forest Rd. in Savannah, from Dallas-based Stratford Land. Steve Grable of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer has completed three leases at Franklin Commons, located at 5640 Cox Rd. in Glen Allen. SunTrust Bank has leased 90,000 square feet, Independent Container Line leased 22,000 square feet and an undisclosed Fortune 100 company has leased 44,000 square feet. N. Dean Meyer, Austin Newman and Mac Wilson of Cushman & Wakefield | Thalhimer's Richmond, Va., office represented the landlord in the lease negotiations.
NASHVILLE, TENN.; HATTIESBURG, MISS.; AND KISSIMMEE, FLA. — PMZ Realty Capital's Hotel Finance Group has secured $74 million in first mortgage and mezzanine financing for Sun Development & Management Corp. for a five-hotel portfolio containing 635-units. The hotels were: Hilton Garden Inn in Ridgefield Park, N.J.; Embassy Suites in Palmdale, Calif.; Homewood Suites in Nashville; Candlewood Suites in Hattiesburg and Hampton Inn in Kissimmee. Financing was provide through the investment banking division of a large New York-based commercial bank.
DORAL, FLA. — Miami-based Amadeus North America has selected Stiles Construction for its $5 million, 105,000-square-foot build-out for its new headquarters, located at 3470 Northwest 82nd Ave. in Doral. Stiles will build-out the majority of the corporate space, which will be geared toward functionality and hurricane storm protection.