BOCA RATON, FLA. — Schmier & Feurring Properties of Boca Raton has broken ground on a 32,000-square-foot office at 2220 Butts Road in Boca Raton. The building, which was designed to achieve LEED Platinum certification, will serve as the corporate headquarters for Schmier and the regional headquarters for Victory Wholesale Group. Green features include two underground cisterns to store rainwater, a solar hot water collector, thermal-insulated impact glass and efficient fixtures. Delivery is scheduled for fall 2010.
BALTIMORE — Walker & Dunlop has provided a $20.8 million loan for the acquisition of the 196-unit Waterloo Place Apartments. The Baltimore property, which was constructed in 1991, features a swimming pool, a fitness center and monitored garage parking. The complex is currently 95 percent leased. Freddie Mac's Capital Markets ExecutionSM program financed the 10-year loan, which carries a 30-year amortization and an 80 percent loan-to-value ratio. Charlie Mentzer of Walker & Dunlop's Atlanta office secured the loan, which was originated by John Street of Allied Mortgage & Realty Corp.
MARGATE, FLA. — Apartment Realty Advisors has brokered the sale of the 280-unit Lakes of Margate apartment complex between two private parties for an undisclosed price. The property, located at 5750 Lakeside Dr. in Margate, is 95 percent occupied. During the past 4 years, the complex has experienced upgrades including renovations to its two swimming pools, resurfacing of the tennis courts and an upgrade of the fitness center. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors represented the seller. Freddie Mac provided financing for the purchase.
AVENTURA, FLA. — Suffollk Construction has completed vertical work on the 14,864-square-foot Aventura Arts & Cultural Center. The 325-seat performing arts center is located along the waterfront in Aventura. The architecture firm PGA designed the property to LEED standards, which include efficient fixtures, recycled local materials and low VOC paints and coatings.
HAMPTON, VA. — Crate Services has subleased 150,500 square feet in a Hampton warehouse from Gateway. Located at 500 W. Park Lane, the property will serve as a distribution center for Crate's operations, which are based in Atlanta. Stephanie Sanker of S.L. Nusbaum Realty Co. represented Crate in the transaction. Clay Culbreth of Thalhimer represented the sublandlord.
RIDGELAND, MISS. — RJ Young has purchased a 16,000-square-foot flex warehouse from a private party for an undisclosed amount. The property is located at 194 Business Park Dr. in Ridgeland. Brandon Brown of Jackson, Miss.-based T.L. Brown Properties represented the buyer. Peters Real Estate represented the seller.
COLUMBIA, S.C. — IDI has completed a 465,000-square-foot rapid deployment center for a national retailer in Columbia. The property, located in the Lexington County Industrial Park, is now open for business. The tenant currently is undergoing an upgrade of up to 25 properties in its national supply chain. IDI will construct more than 1.1 million square feet of space nationwide for the retailer in early 2010.
KNOXVILLE, TENN. — Centro Properties Group has sold the 127,000-square-foot Suburban Plaza shopping center to Baker Storey McDonald Properties for an undisclosed amount. The center, located on Kingston Pike in Knoxville, is 88 percent leased and is anchored by Toys “R” Us and Barnes & Noble. Stephen Brink of First Southern Mortgage arranged acquisition financing, which was provided by Oak Ridge, Tenn.-based ORNL Federal Credit Union. Tony D'Ambrosio and Joe Montgomery of Colliers Spectrum Cauble represented Centro, and Baker Storey represented itself in the transaction.
HARFORD COUNTY, MD. — The defense firm Raytheon Co. has signed a 75,000-square-foot lease with St. John Properties for a new building in the Government and Technology Enterprise (GATE) project in Harford County's Aberdeen Proving Ground. The tenant will consolidate 300 workers from two locations into the new space next fall. Raytheon's building is being constructed to LEED Silver standards and will feature sustainable fixtures, low VOC paints and a thermoplastic polyolefin roof.
VIRGINIA BEACH, VA. — South University, a subsidiary of Educational Management Corp., has leased 32,606 square feet of office space from an undisclosed landlord. The space is located in Convergence Center IV on Bonney Road in Virginia Beach. South University, a private, 4-year institution, offers business, criminal justice, accounting and information technology programs. Thalhimer's John Duffy represented the tenant.