MIAMI — Palm Beach, Fla.-based Sterling Organization has secured a $52.5 million loan extension for Mall of the Americas, a 790,000-square-foot shopping center in Miami. The loan was arranged through the borrower's lender, Allstate. Located on West Flagler Street, the mall is occupied by Home Depot, Marshalls, Ross Dress for Less, AMC Theaters, CompUSA, Tiger Direct and Old Navy. Al Rex of Grandbridge Real Estate Capital facilitated the transaction.
Southeast
MACON, GA. — North Coast Logistics has leased 77,000 square feet of industrial space at I-16/Ocmuglee East Industrial Park in Macon. The 100,000-square-foot park is a joint venture between Rooker and Macon-Bibb County Industrial Development Authority. Situated on 10 acres, the facility offers 28-foot clear ceiling heights and an ESFR sprinkler system. Todd Barton and Greg Haynes of CB Richard Ellis represented the tenant; Bilijack Bell of Wilson, Hull & Neal represented the landlord, Rooker, in the transaction. Terms of the lease were not disclosed.
ARLINGTON, VA. — US Government Building Fund, a fund sponsored by USAA Real Estate Co., has acquired One and Two Potomac Yard, a two-building office complex located in the Crystal City submarket of Arlington County, Va. Potomac Yard Holding Co., which is owned by JP Morgan Strategic Properties Fund, sold the 621,774-square-foot property for an undisclosed price. US Government Building Fund is focusing on assembling a geographically diverse portfolio of properties that provides attractive, risk-adjusted returns generated by the acquisition and operation of buildings leased to federal and state governments.
FOUR OAKS, N.C. — Becton, Dickinson and Company (BD), a global medical technology company, is planning to develop an East Coast distribution center in Four Oaks. Situated on 130 acres within Four Oaks Business Park, the 720,000-square-foot facility will be expandable to more than 1.1 million square feet. Construction of the $38 million project is scheduled for completion in mid-2011, with the facility slated to receive product by late 2011. The facility will serve BD customers from Maine to Florida.
OCEAN RIDGE AND TALLAHASSEE, FLA. — The Orlando, Fla., office of Hendricks & Partners has completed the sales of two multifamily properties in Florida. In the first transaction, Jeffrey Eder acquired a 2.85-acre multifamily development site in along the Intracoastal Waterway in Ocean Ridge. Capstone Realty sold the property for $1.2 million. Cole Whitaker of Hendricks & Partners brokered the transaction. In the second deal, 1560 High Road LLC purchased Star Suites on High, a 35-unit multifamily property located at 1560 High Road in Tallahassee, for $1.97 million. Hendricks & Partners' Hal Warren represented the seller, McLean, Va.-based J.E. Roberts Companies, in the transaction.
PINELLAS PARK, FLA. — Marcus & Millichap has completed the sale of Country Inn, a 14,273-square-foot limited mental health facility in Pinellas Park. An undisclosed Washington-based buyer acquired the property for $1 million. Situated on 3.08 acres at 7600 78th Avenue N., the property consists of 23 units offering a total of 42 beds. Kenneth Carriero represented the undisclosed seller and the buyer in the transaction.
MEMPHIS, TENN. — Memphis-based Financial Federal Savings Bank has provided $88.85 million in non-recourse permanent financing for four properties located throughout the Southeast. The four loans are cross-collaterized and carry a fixed-interest rate of 4.43 percent for 10 years with a 30-year amortization schedule. The loan package was underwritten to a 75 percent loan-to-value. Jon Van Hoozer and Steve Curnutte of Financial Federal procured the financing through the company's Freddie Mac platform.
MIAMI — An entity affiliated with Urban America has acquired Northside Centre, a shopping center located at NW 27th Avenue and NW 79th Street in Miami. The 475,579-square-foot shopping center sold for $18 million. The 80-percent-leased property is occupied by Walgreens, Presidente Supermarket, Payless Shoes, Citibank, Foot Locker, Rainbow Fashions, CitiTrends, Simply Fashions and Dots. Anthony Blanco, Jim Michalak and Lenard Williams of Plaza Advisors represented the seller; Gene Snyder & Co. represented the undisclosed buyer in the transaction.
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.