BENTONVILLE, ARK. — Wal-Mart Stores Inc. has tapped Fort Myers, Fla.-based J.L. Wallace to remodel a Sam's Club store in Bentonville. The remodeling will only take place at night, which will keep the store fully operational during the project. Ronald D. Ress will serve as the architect, and Kimley-Horn & Associates will provide engineering services.
ORLANDO, FLA. — Simon Property Group has completed the development of a 150,000-square-foot outdoor promenade at The Florida Mall in Orlando. Forever 21 and Zara have opened in the property as well as a 25,000-square-foot H&M, which is one of the first in Florida. The Florida Mall houses more than 250 retailers, six department stores and six restaurants.
SPARTANBURG, S.C. — Scottsdale, Ariz.-based Healthcare Trust of America has purchased a 108,500-square-foot medical office building from an undisclosed party for $16.25 million. The property is located on the Spartanburg campus of Mary Black Memorial Hospital. Mary Black Health System has leased 65 percent of the building through 2018.
JACKSONVILLE, FLA. — Using its Bell Fund III investment tool, Bell Partners has purchased the 282-unit Aventine at Deerwood apartment complex from a private party for an undisclosed amount. The complex features a clubhouse, a resort-style pool and a fitness center on 14.9 acres. Wood Partners built the property, which is located on Touchton Road in Jacksonville, in 2002. Aventine at Deerwood is 94 percent occupied.
BOCA RATON, FLA. — Schmier & Feurring Properties of Boca Raton has broken ground on a 32,000-square-foot office at 2220 Butts Road in Boca Raton. The building, which was designed to achieve LEED Platinum certification, will serve as the corporate headquarters for Schmier and the regional headquarters for Victory Wholesale Group. Green features include two underground cisterns to store rainwater, a solar hot water collector, thermal-insulated impact glass and efficient fixtures. Delivery is scheduled for fall 2010.
BALTIMORE — Walker & Dunlop has provided a $20.8 million loan for the acquisition of the 196-unit Waterloo Place Apartments. The Baltimore property, which was constructed in 1991, features a swimming pool, a fitness center and monitored garage parking. The complex is currently 95 percent leased. Freddie Mac's Capital Markets ExecutionSM program financed the 10-year loan, which carries a 30-year amortization and an 80 percent loan-to-value ratio. Charlie Mentzer of Walker & Dunlop's Atlanta office secured the loan, which was originated by John Street of Allied Mortgage & Realty Corp.
MARGATE, FLA. — Apartment Realty Advisors has brokered the sale of the 280-unit Lakes of Margate apartment complex between two private parties for an undisclosed price. The property, located at 5750 Lakeside Dr. in Margate, is 95 percent occupied. During the past 4 years, the complex has experienced upgrades including renovations to its two swimming pools, resurfacing of the tennis courts and an upgrade of the fitness center. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors represented the seller. Freddie Mac provided financing for the purchase.
AVENTURA, FLA. — Suffollk Construction has completed vertical work on the 14,864-square-foot Aventura Arts & Cultural Center. The 325-seat performing arts center is located along the waterfront in Aventura. The architecture firm PGA designed the property to LEED standards, which include efficient fixtures, recycled local materials and low VOC paints and coatings.
HAMPTON, VA. — Crate Services has subleased 150,500 square feet in a Hampton warehouse from Gateway. Located at 500 W. Park Lane, the property will serve as a distribution center for Crate's operations, which are based in Atlanta. Stephanie Sanker of S.L. Nusbaum Realty Co. represented Crate in the transaction. Clay Culbreth of Thalhimer represented the sublandlord.
RIDGELAND, MISS. — RJ Young has purchased a 16,000-square-foot flex warehouse from a private party for an undisclosed amount. The property is located at 194 Business Park Dr. in Ridgeland. Brandon Brown of Jackson, Miss.-based T.L. Brown Properties represented the buyer. Peters Real Estate represented the seller.