HUNTSVILLE, ALA. — CBL & Associates Properties has acquired the remaining 50 percent interest in Parkway Place in Huntsville from its joint venture partner, Colonial Properties Trust. The interest was purchased for $38.8 million, comprised of $17.9 million in cash and assumption of remaining $20.9 million in the loan, which was secured by Parkway Place. Situated on 34 acres, the 647,000-square-foot property is occupied by Belk, Dillard's, Carabba's Italian Grill, Chico's, The Buckle, Forever 21, Pottery Barn, Victoria's Secret and Charming Charlie.
NASHVILLE, TENN. — Associated Estates Realty Corp., along with minority-interest holder Bristol Development Group, is developing Vista Germantown, a multifamily property located in downtown Nashville. The property will offer 242 apartment units, structured parking, a fitness center and an outdoor pool. Merit Enterprises, a wholly owned subsidiary of Associated Estates, is serving as general contractor for the project, which is scheduled for completion in spring 2012. Additionally, the property will be managed by Associated Estates.
CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC has selected McShane Construction Company’s Southeast Region to construct Phillips Swift Creek, a 196-unit multifamily property at 2025 Swift Commons Lane in Cary. Situated on 13.18 acres, the 239,196-square-foot property will be comprised of seven three-story buildings and one split-level building. The complex will offer one-, two- and three-bedroom apartments featuring stainless steel appliances, granite countertops, a garden-style soaking tub and a patio or balcony. Additional amenities include laundry facilities, enclosed garage space, a car wash, an outdoor grilling area, a resort-style swimming pool and a clubhouse with a fitness center, a media room and a kitchenette/party area. Atlanta-based The Preston Partnership is providing architectural services for the project, which is slated for completion in July 2011.
BROWARD AND DADE COUNTIES, FLA. — Butters Construction & Development has been selected to construct two TD Bank branches in Florida. The new locations will be located at the corner of Pines Boulevard and North University Drive in Broward County and at the corner of Miami Gardens Drive and NE 15th Avenue in Dade County. The facilities are scheduled for completion by summer 2011. TD Bank is one of the 15 largest banks in the United States and is a wholly owned subsidiary of Toronto Dominion Bank of Canada.
BATON ROUGE, LA. — Lillibridge Ventas, a wholly owned subsidiary of Ventas Inc., is constructing a $40 million medical office building at the campus of the new $350 million Women's Hospital in Baton Rouge. The two-tower, 250,000-square-foot complex will house a comprehensive breast center, a maternal-fetal medicine center, infrastructure for an ambulatory surgery center, retail space and space for future outpatient services. Completion is scheduled for late 2012.
MIAMI — San Francisco-based The Reliant Group has acquired Palm Lake Apartments, a 300-unit multifamily property in Miami. The 211,500-square-foot property sold for $15 million, which represents $50,000 per unit or $71 per square foot. Located at the corner of NW 27th Ave. and NW 115th Ave., the property features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units. Still Hunter III and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer and the seller, an entity controlled by The Related Group, in the transaction.
HOLDEN BEACH, N.C. — The Boulder Group has completed the disposition of a Walgreens property in Holden Beach. The property is long-term leased to Walgreens, with 24 years remaining on the term. A Chicago-based private investor acquired the property for $4.4 million in a 1033 exchange. The seller was a North Carolina developer. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
BOCA RATON, FLA. — Thomas D. Wood and Company has secured financing for Bayrock Portfolio, a portfolio of six single-tenant restaurants and banks throughout five states. The 5-year $9.49 million loan has a variable interest rate and a loan-to-value of 60 percent. The portfolio includes major tenants such as Burger King, McDonald's, Capital One Bank and SunTrust Bank. Patrick Madore of Thomas D. Wood and Company secured the financing through the company's relationship with a local bank.
ORLANDO, FLA. — NorthMarq Capital has arranged $32.8 million in first mortgage financing for Gates at Harbortown Apartments. The 428-unit multifamily complex is located at 2333 Lake Debra Dr. in Orlando. Financing was based on a 10-year term with 3 years interest only then a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office arranged the financing for the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
PALM CITY, FLA. — Surgical Laser Solutions has acquired a 16,000-square-foot office property located on Bruner Terrace in Palm City. P&VB Associates sold the property for $1.45 million. Nikolaus Schroth and NAI Southcoast brokered the transaction.