Southeast

402-UNIT MULTIFAMILY PROPERTY SELLS FOR $10.5 MILLION IN FLORIDA

by admin January 27, 2011

POMPANO BEACH, FLA. — A south Florida apartment operator and investor has purchased Palm Islands Apartments, which is located at 401 N.W. 34th St. in Pompano Beach. The 402-unit, 286,115-square-foot property sold for $10.5 million. The property offers 88 studios, 181 one-bedroom/one-bath units, 79 two-bedroom/one-and-a-half-bath units and 54 two-bedroom/two-bath units. All residences have central heating and air conditioning, individual hot water heaters, ceiling fans, spacious closets and fully equipped kitchens. Community amenities include a swimming pool and lighted tennis courts. Still Hunter III and Evan Kristol of Marcus & Millichap represented the undisclosed seller; Douglas Mandel and Ryan Nee, also of Marcus & Millichap, represented the buyer in the transaction.

January 27, 2011

JOINT VENTURE ACQUIRES APARTMENT BUILDING IN WASHINGTON, D.C.

by admin January 27, 2011

WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Urban Investment Partners (UIP) and New York-based Infinity Real Estate has acquired a multifamily property in Washington, D.C. Located at 1340 Kenyon St. N.W., the 40-unit apartment building sold for $4.5 million. UIP has a $2 million renovation planned for the property, including new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage, and renovated elevators, lobbies, hallways and individual units. UIP General Contracting, a subsidiary of UIP, will complete the renovations. UIP Property Management will manage the property. Andrew McAllister of Mac Realty Advisors represented the seller, an affiliate of Northridge Capital, in the transaction.

January 27, 2011

Retail Southeast

CBRE CAPITAL MARKETS ARRANGES $5.5 MILLION RETAIL LOAN IN FLORIDA

by admin January 27, 2011

ST. PETERSBURG, FLA. — CB Richard Ellis' Capital Markets Debt & Equity Finance has procured a $5.5 million permanent mortgage for the refinancing of Gateway Crossing in St. Petersburg. Located at 10410-10490 Roosevelt Blvd., the grocer-anchored property offers 87,000 square feet of retail space. James Gunning and Donna Falzarano of CBRE secured the long-term loan through New England-based insurance company at a competitive interest rate for a 10-year, fixed-rate term. The borrower is New York-based FWI 8 LLC.

January 27, 2011

Multifamily Southeast

CONSTRUCTION COMPLETE FOR WEST YARD LOFTS IN S.C.

by admin January 26, 2011

NORTH CHARLESTON, S.C. — McShane Construction Company's Southeast Region has completed West Yard Lofts, a 75,982-square-foot affordable housing development at 2375 Noisette Blvd. in North Charleston. Situated on 1.59 acres, the property offers 60 one-, two- and three-bedroom units, a multi-purpose room with a kitchenette, a fitness center, a community laundry room, a technology and learning center and a leasing office. West Yard Lofts is part of the revitalization of the 340-acre former Charleston Naval Base, which closed in 1995. Martin Riley Associates Architects provided architectural services for the project.

January 26, 2011

Hospitality Southeast

JOINT VENTURE ACQUIRES CASTILLO REAL IN FLORIDA

by admin January 26, 2011

ST. AUGUSTINE, FLA. — A joint venture between DeBartolo Development and Impact Group has acquired Castillo Real, a upscale Ascend Collection hotel in St. Augustine. Situated on 2.2 acres at 530 A1A Beach Blvd., the 60-room hotel features La Cocina Restaurant, an outdoor pool and spa, and a fitness center with a steam room and a sauna. The joint venture purchased the property at a 51 percent discount to the outstanding loan balance. Terms of the transaction were not released.

January 26, 2011

Hospitality Southeast

BEST WESTERN PREMIER OPENS IN MIAMI

by admin January 26, 2011

MIAMI — Best Western International has opened Best Western Premier Miami International Airport Hotel and Suites in Miami. Located at 4100 Flager St., the property offers 114 guestrooms, a state-of-the-art fitness center, an on-site restaurant and bar, an outdoor swimming pool, a business center and a complimentary hot breakfast buffet. Additionally, the property offer more than 800 square feet of meeting and banquet space. The property is the first Best Western Premier hotel in Florida.

January 26, 2011

Office Southeast

ADLER GROUP ACQUIRES TENNESSEE OFFICE BUILDING

by admin January 25, 2011

BRENTWOOD, TENN. — Alder Real Estate Fund has acquired the Parklane Building, a four-story, office building located at 5200 Maryland Way in Brentwood. The 110,000-square-foot property is occupied by LabCorp, American Home Patient, Sprint, Time Warner and CSX Transportation. Panattoni Development Co. sold the property for an undisclosed price. Matthew Adler of Adler Group represented the buyer; Perry Gooch and Crews Johnson III of Cassidy Turley represented the seller in the transaction.

January 25, 2011

Hospitality Southeast

78-ROOM COMFORT INN SELLS IN MISSISSIPPI

by admin January 25, 2011

PEARL, MISS. — Mississippi-based Pearl Lodging has acquired Comfort Inn Pearl, which is located along Interstate 20 in Pearl. The two-story, 78-room hotel features guestrooms with wireless high-speed Internet access, premium cable, refrigerators, microwaves; a seasonal outdoor swimming pool and a fitness center. The property was acquired for an undisclosed price in an all-cash transaction. Anthony Falor of Hodges Ward Elliott brokered the transaction. The seller was not disclosed.

January 25, 2011

Retail Southeast

50,000-SQUARE-FOOT RETAIL PROPERTY SELLS FOR $8.5 MILLION IN N.C.

by admin January 25, 2011

CHARLOTTE, N.C. — The Royston Group has brokered the sale of a 50,000-square-foot, single-tenant retail property in Charlotte. Situated on 5 acres, the property was built in 1994 and renovated in 2002. Best Buy signed a 20-year absolute triple net lease on the property in 2003. Rob Sutton and Greg Cortese of The Royston Group represented the undisclosed seller and the undisclosed buyer in the $8.5 million transaction.

January 25, 2011

Office Southeast

CBRE CAPITAL MARKETS ARRANGES $8.1 MILLION OFFICE LOAN IN ALABAMA

by admin January 25, 2011

MONTGOMERY, ALA. — CB Richard Ellis has arranged $8.1 million in financing for Sterling Centre in Montgomery. Built in 1988 and situated on 4.9 acres in the East Montgomery submarket, the property offers 101,014 square feet of Class A office space. The building is 100 percent occupied by tenants, including USDA, Synovus and NY Life. Kevin Troy of CBRE Debt & Equity.

January 25, 2011

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