TUSCALOOSA, ALA. — The Dinerstein Cos. has secured a $27.12 million construction loan for the 316-unit Sterling Crimson Apartments in Tuscaloosa. The student housing property, which is slated to deliver in August 2011, is located at the intersection of 10th Ave. and 14th St. near the University of Alabama campus. Property amenities include an internet café, a tanning salon, a fitness center and a pool. Cameron Cureton of Holliday Fenoglio Fowler’s Houston office secured the loan.
Southeast
HAMPTON, VA. — Valeo has leased 56,129 square feet of warehouse space from an undisclosed landlord in Hampton. The property is located at 301 W. Park Lane. Valeo, an automotive supplier, will use the space to distribute clutch kits and windshield wipers. Norfolk, Va.-based S.L. Nusbaum Realty Co.’s Stephanie Sanker and Richmond, Va.-based Thalhimer’s Clay Culbreth represented the tenant.
HOLLYWOOD, FLA. — Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented a private party in the sale of the 44-unit Monroe Apartments to a limited liability company for $2.45 million. Located at 3505 Monroe St. in Hollywood, the property features one- and two-bedroom units as well as studios. Elliot Shainberg of Marcus & Millichap’s Miami office represented the buyer.
ATLANTA — Bulls Capital Partners has secured a $3.42 million loan for the 165-unit Villages at Carver Phase V, developed The Integral Group and H.J. Russell New Urban Development. The loan is a conversion of a construction loan to permanent financing. The Atlanta apartment is part of a master-planned community, which will feature a YMCA and the Atlanta Braves Baseball Academy. Fannie Mae provided the financing through SunTrust Bank.
It’s been one long, uncomfortable summer for the Orlando hospitality industry. Unfortunately, there seems to be no relief in sight for hoteliers anytime soon. At the beginning of 2009, the Orlando market had 438 hotels totaling approximately 111,700 rooms, a number that is second only to Las Vegas. Orlando will have added another 3,775 hotel rooms by the end of this year; during 2010, the area will introduce another 1,000 rooms. While some existing hotels are being closed permanently and others are just shut temporarily for renovation, it is hard not to believe that the Orlando market will be playing catch-up for many months in an effort to absorb this new supply. The slide started late last year when occupancies stopped advancing after a 5-year climb. For year-end 2008, the Orlando market overall was down 3 percent in occupancy but up 3 percent in average daily rate (ADR), leaving revenue per available room (RevPAR) essentially unchanged during 2007. However, by the end of the first quarter of 2009, both occupancy and RevPAR dropped to their lowest levels since 2002. Occupancy was actually 2.8 percent below 2002 levels, and ADR was off almost 7 percent from the same period, making the …
CHARLOTTE, N.C. — Legrand Holdings has leased 332,000 square feet of warehouse space from ProLogis in the firm’s 559,000-square-foot Carowinds Distribution Center in Charlotte. Legrand will use the space to support its North American line of electrical installation and information networks products. Anne Johnson and Bryan Crutcher of CB Richard Ellis’ Charlotte office represented the tenant.
DURHAM, N.C. — Virginia Beach, Va.-based Kotarides Developers has purchased 16 acres of land from a private seller to develop a 240-unit Class A apartment complex. The property, which is located 2 miles from Duke Hospital on Bertland Avenue in Durham, is part of the Croasdaile Country Club and Croasdaile Farm areas. John High of Trinity Partners Raleigh, N.C., office represented the seller.
CHESAPEAKE, VA. — Jimalee has purchased a 30,500-square-foot warehouse from Old Dill Road LLC for $2.24 million. The property is spread across 3 acres at 3728 Profit Way in Chesapeake. The building will house Electric Motor Contracting Co.’s expanded operations. Patrick Mumey and W. Scott Wermers of Thalhimer’s Virginia Beach, Va., office brokered the sale.
WASHINGTON, D.C. — The Superior Court for the District of Columbia has appointed San Diego-based Douglas Wilson Cos. receiver of a 442,000-square-foot office building. The property is located on Half Street in Washington. Currently halfway complete, the property was designed to LEED Silver standards. The firm has also been appointed receiver of a 243,000-square-foot building at 100 M St. in Washington.
SILVER SPRING, MD. — Silver Spring-based Mid-City Financial Corp. has purchased the 192-unit Aspen Crossing Apartments from an undisclosed party for $20.8 million. The property, which is 96 percent occupied, is located at 14120 Grand Pre Rd. in Silver Spring. Aspen Crossing was built in 1979 and recently benefited from $2.5 million in renovations. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.