MIAMI — Guggenheim Real Estate and Stiles Corp. have received a $47.5 million loan for their 420,080-square-foot SunTrust International Center office building. Located at the intersection of Flagler Street and S.E. Third Avenue in Miami, the property is 88 percent leased to Bank of America, SunTrust Bank, Walgreens and other tenants. Financing for the 5-year, fixed-rate loan was provided by a life insurance company. Todd Sugimoto of Holliday Fenoglio Fowler’s Los Angeles office and Fred Welker of the firm’s Miami office secured the loan.
SARASOTA AND TAMPA, FLA. — iStar Financial has sold the 286-unit Turnbury Park at Palm Aire apartment complex to B&M Development Co. for $21.13 million. The property, located at 6104 Turnbury Park Dr. in Sarasota, features a lakeside swimming pool and a 6,000-square-foot clubhouse. The 298,702-square-foot complex was built in 1998. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale. Moger and Elorza also represented Crescent Resources in its sale of the 176-unit Bay Oaks complex to Carter-Haston Real Estate Services for $11.35 million. Built in 1974, the 106,896-square-foot property is located at 3105 Bay Oaks Court in Tampa. Amenities include a pool and a fitness center.
BIG CYPRESS, FLA. — Fort Lauderdale, Fla.-based Gulf Building Corp. has completed construction on the 50,000-square-foot Public Safety Complex in Big Cypress. The $16 million property is located on Josie Billie Highway and will house fire and police personnel and a U.S. Post Office. The building features a bay for emergency vehicles, dormitories, kitchens, break rooms, a gym and training rooms. Gulf Building constructed the property to withstand Category 5 winds.
MERRITT ISLAND, FLA. — Marcus & Millichap has represented two undisclosed parties in the sale of the 21,600-square-foot Merritt Island Medical Office for $3.03 million. The property, which is NNN leased, is located at 595 N. Courtenay Parkway in Merritt Island. Kevin Yaryan, Patrick Skinner and Michael Donaldson of the firm’s Orando, Fla., office brokered the transaction.
ATLANTA — Atlanta-based Choate Construction Co. has begun work on a 33,000-square-foot expansion to the Shepherd Center, located at 2020 Peachtree Rd. in Atlanta. The interior build out of the fifth-floor wing will be able to house an additional 35 patient rooms and staff support space. Completion is expected in June.
JACKSONVILLE, FLA. — Atlanta-based Georgia-Pacific’s consumer division has signed a lease with Johnson Development Associates of Spartanburg, S.C., to occupy a 546,000-square-foot warehouse in Westlake Industrial Park. The property is located in Jacksonville and will serve as the firm’s regional distribution center. Johnson designed the property as a speculative building on the 182-acre Westlake site. The park can accommodate nearly 2 million square feet of industrial space.
WEST PALM BEACH, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed construction on The Related Group’s $106 million CityPlace South Tower mixed-use project. The property encompasses a 20-story building that includes 420 residences and 9,333 square feet of ground-floor retail space. An adjoining parking structure features a 22,940-square-foot recreation space, which features a pool and spa, gardens and a cascading fountain.
MARYVILLE, TENN. — Ceramaspeed has sold a 140,260-square-foot distribution facility in Maryville to Blount County for $2.7 million. The county plans to house highway and school maintenance departments in the warehouse after Ceramaspeed moves out in April. Brian Tapp and Maribel Koella of NAI Knoxville represented the seller.
ORLANDO, FLA. — Tinwood, a joint venture between Regency Centers and Publix, has sold the 83,167-square-foot Regency Village to Regency Village Associates for $13.75 million. The Publix-anchored center, located at the intersection of International Drive South and Vineland Avenue in Orlando, is 88 percent occupied. Tenants in the property include Subway, The UPS Store amd Sony JVC Superstore. Jim Michalak of Tampa, Fla.-based Plaza Advisors brokered the sale.
VIRGINIA BEACH, VA. — An entity of Palms Associates has sold a 45,926-square-foot industrial/flex building to the Norfolk Airport Authority for $5.6 million. The property is located adjacent to the Norfolk International Airport at 1429 Miller Store Rd. in Virginia Beach. R. Worth Remick, H. Ashton Williamson, III, and Blake Dozier of CB Richard Ellis’ Norfolk, Va., office represented the seller.