ST. AUGUSTINE, FLA. — Orlando, Fla.-based Keene Construction Co. has commenced construction of the 61,000-square-foot Shoppes at Mission Trace. The $6 million property is located at 955 State Road 16 in St. Augustine. Jacksonville, Fla.-based Hallmark Partners is developing the center, which is anchored by a 45,600-square-foot Publix. Orlando-based Cuhaci & Peterson designed the space. Delivery is slated for August.
RINCON, GA. — Bradley Gillis and Tom Knopp of Salisbury, Md.-based Sperry Van Ness – Miller Commercial Real Estate has represented both parties in the sale of a 12,000-square-foot CVS/pharmacy for $3.97 million. The newly constructed building spans 1.42 acres in a Wal-Mart Supercenter-anchored development in Rincon.
WESTON, FLA. — The local private investor Westin Holdings II has sold the 9,547-square-foot Weston Town Center Executive Suites property to Fort Lee, N.J.-based Roned Realty for $2.85 million. The property is located in the Weston Town Center in Weston. Michael Zimmerman and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller.
CHARLESTON, S.C. — Indianapolis-based Lauth has completed construction of the 390,180-square-foot North Pointe Building Four in Charleston’s North Pointe Industrial Park. The Class A warehouse is located 4 miles from the Port of Charleston and 5 miles from Interstate 26. Building amenities include 32-foot ceilings and 100 dock doors. North Pointe Four is the first of two new warehouses under construction in the park.
ATLANTA — Atlanta-based Kairos Development Corp. has delivered the 351,373-square-foot Astoria at The Aramore, the final phase to the mixed-use Aramore project. The residential complex spans 1.38 acres in Atlanta and features a pool, a heated spa, a fitness center and street-level retail. New York City-based Real Estate Capital Partners and Pittsburgh-based Flagstar Bank provided funding for the $36 million project.
TAMPA, FLA. — Atlanta-based InterContinental Hotels Group is nearly finished with its remodel of MHI Hospitality Corp.’s 222-unit Crowne Plaza Tampa Westshore, which should deliver early this month. The property is located at 5303 W. Kennedy Blvd. in Tampa. The hotel features a 24-hour business center, more than 9,000 square feet of meeting space, a pool and a restaurant.
ARLINGTON, VA. — Washington, D.C.-based Federal Capital Partners has acquired a $28 million senior secured mortgage loan on an Arlington residential project. A subsidiary of FCP Fund 1 purchased the loan. Federal Capital Partners will service the loan.
ESTERO, FLA. — Michigan-based Owen-Ames-Kimball has completed construction on a 9,388-square-foot office building for FineMark National Bank Trust at 10010 Coconut Rd. in Estero. The property, which was started in July 2008, features eight offices, five conference rooms and a two-story lobby. Dan McGahey, Ramon Acevedo, Ella Materska and Pat McGuire of Ft. Myers, Fla.-based Gora/McGahey Architects completed design services.
BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.