Southeast

BILZIN SUMBERG CLOSES $76 MILLION LOAN FOR 11 11 LINCOLN ROAD IN MIAMI

by admin February 1, 2011

MIAMI — Bilzin Sumberg Baena Price & Axelrod LLP has closed a $76 million refinance loan for the 11 11 Lincoln Road project in Miami. Situated at the corner of Alton and Lincoln roads, the mixed-use project offers 40,000 square feet of retail and restaurant space, as well as residential, office and parking space. Designed by Herzog & de Meuron, 11 11 Lincoln's retail space is fully leased to Rosa Mexicano, Taschen Books, Y-3, Mac Cosmetics, Nespresso, Shake Shack and Juicy Couture. HSBC Bank USA and PNC Bank acted as co-arrangers of the loan, with HSBC serving as administrative agent for the loan. Adam Lustig led the Bilzin Sumberg team, which represented Robert Wennet, a principal of MBeach1, in the closing of the loan.

February 1, 2011

FLORIDA OFFICE BUILDING SELLS FOR $2.1 MILLION

by admin February 1, 2011

ORLANDO, FLA. — The Lake Eola Charter School has purchased a 24,038-square-foot office building located in Orlando's central business district. Located at 135 N. Magnolia Ave., the loft-style building offers 18,500 square feet of air-conditioned space. 135 N. Magnolia LLC sold the property for $2.1 million or $114 per square foot. Susan Morris and Kane Morris-Webster of Colliers International represented the seller in the transaction.

February 1, 2011

Retail Southeast

BENNING CONSTRUCTION SELECTED FOR THREE PUBLIX CONTRACTS IN SOUTHEAST

by admin February 1, 2011

ATLANTA — Atlanta-based general contractor Benning Construction Co. has been selected to construct three Publix stores in the Southeast. The project include stores in Columbus, Ga., Pell City, Ala., and Summerville, S.C. Additionally, Benning won the contract to build an 18,000-square-foot, state-of-the-art Planet Fitness facility at Interstate 20 and Wesley Chapel Road in DeKalb County, Ga. The fitness facility is scheduled for delivery in March.

February 1, 2011

Retail Southeast

JOINT VENTURE ACQUIRES RETAIL CENTER IN SOUTH CAROLINA

by admin January 31, 2011

NORTH CHARLESTON, S.C. — RCG Ventures LLC, in a joint venture with DRA Advisors LLC, has acquired Northwoods Marketplace in North Charleston. Situated across from Northwood Mall, the 192,729-square-foot center is occupied by Barnes & Noble, Michaels, Old Navy, Best Buy, Bog Lots and Guitar Center. The undisclosed seller was represented by Faison & Associates. The acquisition price was not released.

January 31, 2011

Multifamily Southeast

$21.2 MILLION MULTIFAMILY LOAN ARRANGED IN ALABAMA

by admin January 31, 2011

MADISON, ALA. — Walker & Dunlop has arranged a $21.2 million acquisition loan for Arch Street Apartments, an apartment complex located in Madison. Built in 2009, the 267-unit property features an outdoor pool, a barbeque area, a fitness center, a children's playroom, a pet walk area, a lounge/business center, detached/attached garages and storage units. The property was 93 percent leased at closing. The 10-year loan has 2 years interest only utilizing Fannie Mae's DUS product line. Additionally, the loan was underwritten with a 79.3 percent loan-to-value with a 1.25x debt-service coverage ratio. Barry Judelson of Uniquities originated the loan.

January 31, 2011

Retail Southeast

BANK OF AMERICA BRANCH SELLS FOR $1.45 MILLION IN FLORIDA

by admin January 31, 2011

FORT LAUDERDALE, FLA. — GJL Riviera LLC has acquired a Bank of America branch location at 2406 S.E. 17th St. Causeway in Fort Lauderdale. The freestanding, 4,385-square-foot property sold for $1.45 million. Dave Donnellan and Todd Weintraub of CB Richard Ellis represented the undisclosed seller in the transaction.

January 31, 2011

Hospitality Southeast

198-ROOM HOTEL TRADES HANDS IN SOUTH CAROLINA

by admin January 29, 2011

FORT MILL, S.C. — Shreeji Carowinds LLC has purchased the Plaza Hotel at Carowinds in Fort Mill. Located along Interstate 77, the 198-room property will undergo renovations and will be branded with a national franchise. David Mumford, Justin Pinkard and Steve Kirby with Mumford Company represented the seller, an institutional client, in the transaction. Terms of the release were not disclosed.

January 29, 2011

Healthcare Southeast

RIVEROAK INVESTMENT ACQUIRES MOB OFFICE PORTFOLIO IN SOUTHEAST

by admin January 28, 2011

MOCKSVILLE, WINSTON-SALEM AND CHARLOTTE, N.C.; AND LOGANVILLE, GA. — RiverOak Investment Corp. has closed on a $20.7 million loan, which covers the company's acquisition of six medical office properties in North Carolina and Georgia. The CMBS loan has a 5-year term, a 30-year amortization schedule and a 6.07 percent interest rate. An affiliate of RiverOak Investment Corp. acquired the portfolio of properties, which are occupied by Novant Health Inc., in the Charlotte – Winston-Salem corridor for more than $28 million. The properties include 171 Enterprise Way in Mocksville; 480 W. Hanes Mill Road, 4020 Kilpatrick Street and 140 Club Oaks Court in Winston-Salem; and 17220 Northcross Drive in Charlotte. The properties are 100 percent occupied and total approximately 250,000 square feet. Additionally, the affiliate also acquired Loganville Medical Center, a 15,242-square-foot medical office building located at 3869 Highway 81 South in Loganville, for $5.3 million.

January 28, 2011

Retail Southeast

117,081-SQUARE-FOOT RETAIL CENTER SELLS IN GEORGIA

by admin January 28, 2011

MORROW, GA. — Asherian Properties has acquired Southlake II, a 117,081-square-foot retail center in Morrow. Located at 1294 Mt. Zion Blvd., the property is occupied by K&G Fashion Superstone, Farmers Home Furniture, Citi Trends and D&K Suit City. Stafford Properties sold the retail center for $4.7 million. Watson Bryant of Carter & Associates represented the buyer; CB Richard Ellis' Atlanta Private Client Group, led by Craig Taylor, represented the seller in the transaction.

January 28, 2011

Retail Southeast

AGREE REALTY TAKES RETAIL CENTER FOR $3.3 MILLION IN N.C.

by admin January 28, 2011

WILMINGTON, N.C. — Agree Realty Corp. has acquired a retail property, which is leased to AT&T, in Wilmington. Located at the corner of New Centre Drive and South College Road, the property sold for approximately $3.3 million. Additional terms of the transaction were not released.

January 28, 2011

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