STATESBORO, GA. — KeyBank Real Estate Capital has provided a $14.6 million variable rate DMBS advance to the developer Campus Apartments for its 168-unit Campus Crossing at Statesboro. The property, which was built last year, encompasses 600 beds and serves the students of Georgia Southern University. The money is part of a $200 million credit facility structured by Fannie Mae and extended to Campus Apartments in January 2008. The company has used $100 million of the facility.
Southeast
ST. PETERSBURG, FLA. — St. Petersburg-based Sage Partners has purchased the 188-unit Columbian Senior Apartments from Jacksonville, Fla.-based Demetree Brothers for $6.8 million. The buyer plans interior, exterior and mechanical improvements to the property, which is located at 518 3rd Ave. S. in St. Petersburg. Casey Babb and Bill Renje of NAI Tampa Bay represented the buyer.
NAPLES, FLA. — Naples Lodge No. 2010 Benevolent and Protective Order Elks has sold a 27,474-square-foot building to Collier County for $3.5 million. The property stands on 6.74 acres of land at 3950 Radio Road in Naples. William Gonnering and Christine Gonnering Martin of Investment Properties Corp. of Naples brokered the sale.
BATON ROUGE, LA. — Shreveport, La.-based Sealy BRNO Properties has sold its 42,378-square-foot Baton Rouge 2 building to Harvey, La.-based Rathborne Properties for $2.3 million. The 10-year-old property is located on Industriplex Boulevard in Baton Rouge. The sale was part of Sealy’s disposition of its Louisiana properties. Daniel Poulin of Sealy & Co. represented the seller.
Alex Zylberglait CCIM, SIOR and Ryan Shaw of Marcus & Millichap answer pressing questions on the state of the Miami office market. • What trends do you see presently in office development in your area? Office development is relatively slow at this time except for the projects that were already in the works prior to the market downturn, specifically projects in Downtown Miami as well as in Coral Gables and Doral. Given the current market conditions, it is unlikely that we will see any significant development for the next few years. In addition, most office assets today could be acquired at below replacement cost therefore stifling the development of new product. There are a few exceptions that include some medical office buildings and some buildings that are being built as “green” buildings, which is a trend likely to be around for a while as long as there is development. In fact, many government tenants are requiring that any space they lease be in a building that complies with the latest “green” standards. • Who are the active office developers in your area? Rilea Group is active in Downtown Miami as is MDM Development Group, which is working on Met2, and …
LONG KEY, FLA. — Tremont Realty Capital has represented an institutional portfolio lender in the sale of a $74.35 million note to an undisclosed party. The note is secured by 28 acres in the Florida Keys. The space is zoned for a luxury resort, but the Fiesta Key RV Resort and Marina currently sits on the land, which is located on the Overseas Highway in Long Key. Tom Lorenzini of the Tremont’s Chicago office and John Chase of the firm’s Annapolis, Md., office brokered the sale.
BALTIMORE — Pacorini Metals USA has leased 219,615 square feet of warehouse space in South Highland Avenue Marine’s 890,000-square-foot Highland Avenue Marine Terminal. The property is located at 1655 A&B Highland Ave. in Baltimore. Blue & Obrecht Realty’s Paul F. Obrecht, III, represented both parties in the transaction.
HOLLYWOOD BEACH, FLA. — The 200-unit Trump Hollywood condominium tower in Hollywood Beach is nearly complete. The 40-story property includes 9,000-square-foot penthouses and 4,000-square-foot residences. Miami Beach, Fla.-based Robert M. Swedroe Architects & Planners designed Trump Hollywood.
MISSISSIPPI — Laura Saull-Smith of Love Funding’s Washington, D.C., office has secured five loans totaling $23.51 million for Mississippi nursing homes owned by Briar Hill Management. Saull-Smith arranged $6.85 million for the 88-bed Willow Creek in Byram; $5.26 million for the 60-bed River Place in Amory; $5.1 million for the 60-bed Nichols Center in Madison; $4.63 million for the 60-bed Carrington in Starkville; and $1.92 million for the 60-bed Vineyard Court in Columbus. The HUD loans carry 5.65 percent interest rates and 35-year amortization schedules.
MARIETTA, GA. — Cobb County, Georgia, officials have tapped Turner Construction Co. to build the 230,000-square-foot Superior Court Building in Marietta by December 2010. The $57 million property will include suites and chambers for judges, administrative offices, courtrooms and offices for the district attorney. A bridge will connect the new development to an adjacent building.