TAVARES, FLA. — Longwood, Fla.-based Cotter-Ryan Commercial has commenced construction on the 20,000-square-foot Premier Surgery Center. The property is located on Vindale Road in Tavares. The $4 million development encompasses an 11,000-square-foot surgical space and 9,000 square feet for offices.
Southeast
ROCKY MOUNT, N.C. — Brett Mason of NorthMarq Capital’s Raleigh, N.C., office has arranged $1.75 million in financing for the 25,000-square-foot Nottingham Office Building. The Rocky Mount property was formerly utilized as an apartment complex and a bank. StanCorp Mortgage Investors provided financing for the 5-year loan, which comes with a 25-year amortization schedule.
FLORIDA — Palm Beach Gardens, Fla.-based Ram has acquired 10 distressed senior mortgages worth $57 million from undisclosed lending sources. The 10 multifamily and commercial properties are located throughout Southern and Central Florida. Ram acquired the notes through its $175 million equity fund, Ram Realty Partners II.
GOLDSBORO, N.C. — Marcus & Millichap has represented two undisclosed parties in the sale of the 136,827-square-foot Berkeley Commons shopping center for $19 million. The center, located at 1201-1303 Berkeley Boulevard in Goldsboro, is anchored by Bed Bath & Beyond, Old Navy, Ross Dress For Less and T.J. Maxx. Alvin Mansour of the firm’s San Diego office represented the seller, and Steven Siegel of the company’s New York City office represented the buyer. Brokers in the company’s Charlotte, N.C., office also assisted with the transaction.
MIAMI — Tilt-Con Corp. of Orlando, Fla., has completed construction of the 157,735-square-foot High School YYY-1 for Miami-Dade County Public Schools. The six-building property, located at 11035 S.W. 84th St. in Miami, was developed by Miami-based Betancourt Castellon Associates. Silva Architects of Miami designed the project.
ANTIOCH, TENN. — Rosemont, Ill.-based McShane Construction Co. has completed the 336-unit Springs at Mountain View apartment complex. The project was developed by Continental Properties Co. at 5000 Mountain Springs Rd. in Antioch. Springs at Mountain View spans 21 two-story buildings on 26 acres of land and features a business center, conference facilities and an exercise room. MSA Architects designed the property.
MIAMI BEACH, FLA. — New York City-based GFI Capital Resources Group has acquired two distressed multifamily mortgages worth $13 million from a local bank. The two properties are located in Miami Beach and encompass 140 units. GFI purchased the loans at a discount.
The Charlotte industrial market has continued to weather the global economic storm with relative stability. Experts in the market believe this is by design and is not just good fortune. A disciplined development community that did not over-build the city is the foundation for the stability. The market size for institutional grade industrial product in Charlotte is approximately 30 million square feet. The entire market is well more than 100 million square feet, which comprises user-occupied and manufacturing product that institutional investors are not trading day-to-day. With 3.3 million square feet available, the institutional market stands at 11 percent vacant. Given the gloomy economic news that we have all grown accustomed to hearing, an 11 percent vacancy rate is not particularly unhealthy. The key statistic is this: in a 30 million-square-foot market, only 250,000 square feet is being constructed, representing less than 1 percent of the market. In addition, only 1.7 million square feet of product is in the planning stages, with no assurances that it will go vertical in the near future. If all 1.7 million square feet of product were to be built — which won’t happen — it would represent a 5.7 percent increase in inventory. There …
STAFFORD COUNTY, VA. — Iron Mountain has leased a 140,545-square-foot warehouse in the Virginia Gateway Distribution Center from Brandywine Distribution. Located at 2031 International Parkway in Stafford County, the center will eventually encompass four buildings totaling 500,000 square feet. Iron Mountain, a company that stores and digitizes public and private records, will move into its space at the end of the summer. John Dettleff of Grubb & Ellis’ Vienna, Va., office represented the tenant, and Rich McDaniel and Jeff Dowdell of CB Richard Ellis’s Fredericksburg, Va., office represented Brandywine.
WASHINGTON, D.C. — Arlington, Va.-based Paradigm Development Co. is slated to break ground on a 140,000-square-foot student housing facility in the NoMa neighborhood of Washington. The $38 million project has the capacity to house 345 students in 95 units. Amenities in the units include shared kitchens, living rooms and laundry facilities. Delivery is expected in August 2010.