ORLANDO, FLA. — Passco Cos. has secured a $12.65 million loan to acquire the 212-unit Promenade Crossing apartment complex. The Class A property, which is more than 95 percent occupied, is located at 4000 Maguire Blvd. in Orlando. The 10-year loan carries a fixed interest rate and was financed by Wachovia Multifamily Capital, a Freddie Mac servicer. Kevin Greenberg and Mark Strauss of Cohen Financial’s Newport Beach, Calif., office arranged the loan.
Southeast
CHESAPEAKE, VA. — The U.S. General Services Administration, acting on behalf of the U.S. Coast Guard, has signed a lease renewal for 61,992 square feet with First Potomac Realty Trust. The 10-year lease allows the Coast Guard to occupy the entire Crossways Commerce Center III building in the Crossways Commerce Center Business Park in Chesapeake. The tenant leases an additional 73,263 square feet elsewhere on the property.
ALABAMA — Orlando, Fla.-based Cuhaci & Peterson Architects has been selected to remodel two Winn-Dixie supermarkets in Alabama. The stores, which both total 61,500 square feet, are located in Montgomery and Prattville.
ORLANDO, FLA. — Hardin Construction has completed the 469,000-square-foot Restaurant Support Center for Darden Restaurants. The Orlando facilities was built to house 1,300 employees that originally worked at 12 different locations. From the new property, workers will support Red Lobster, Olive Garden, LongHorn Steakhouse and Seasons 52 restaurants throughout the country. The architecture firm Perkins + Will designed the space to LEED Gold NC requirements. Green features include efficient heating and air systems, automatic lighting and a reflective roof.
MIAMI BEACH, FLA. — A group of South American-based investors has purchased the 104-unit Raleigh Hotel South Beach Miami from a private seller for an undisclosed amount. The property, which was built in 1940, is located on Collins Avenue in Miami Beach. Amenities include a lobby coffee shop, a martini bar and a poolside restaurant. Ali Baheri of Molinaro Koger brokered the transaction.
NORCROSS, GA. — World Changers Church International has purchased a 64,241-square-foot former church building from Atlanta Vineyard Church for $3.2 million. The property, which was most recently home to a medical tenant, is located at 6920 Jimmy Carter Blvd. in Norcross and will be used as a satellite church. Atlanta-based Bull Realty’s Daniel Latshaw represented the seller. Ann Terry of Choice One Realty represented the buyer.
WINCHESTER, VA. — Winchester-based Melnor Corp. has signed a 110,000-square-foot lease with an undisclosed landlord for space in the Fort Collier Industrial Park. Melnor will move into the space, which is located at 260 Brooke Lane in Winchester, on November 1. Brokers from Sperry Van Ness’ Winchester office represented the tenant in the lease.
MIAMI — The law firm Blizin Sumberg Baena Price & Axelrod has signed an 80,000-square-foot lease with 1450 Brickell LLC for space in 1450 Brickell. The 35-story Miami office tower is expected to deliver during the first quarter of next year. Blizin Sumberg will move from its current location in Miami’s Wachovia Financial Center to the new property, which has achieved LEED Gold pre-certification. Barbara Liberatore Black and Matthew Goodman of CRESA Partners represented the law firm. Blanca Commercial Real Estate’s Tere Blanca and Danet Linares represented the landlord.
Sonny Culp of Birmingham-based Graham & Co. looks at the Birmingham industrial market through an optimist’s glasses. While the recession has slowed activity significantly — Culp estimates that the bulk distribution vacancy rate is somewhere around 20 percent — transactions are still taking place. And on the bright side, at least the current development standstill means Birmingham won’t have tons of warehouse space sitting empty for the next few months. “The economy has slowed construction, so that when the market rebounds, those projects that need to get filled first most likely will,” Culp says. Birmingham, by location and size, is a secondary market. The city’s industrial market is closely tied to the health of corporate America; when corporations do well, space gets occupied, but in the current stagnant financial situation, it’s harder to find firms hungry for a transaction. “Historically, Birmingham has always been two or three deals shy of a shortage,” Culp says. “Today, you might say that two or three figure is eight or nine.” Sales are now the territory of mom-and-pop companies, and the leasing arena mostly consists of renewals and small leases for short terms. This is the broker’s new reality. “Any transaction person is finding …
SMITHS STATION, ALA. — Hoar Construction has broken ground on the 263,316-square-foot Smiths Station High School for the Lee County Board of Education. Spread across 106 acres in Smiths Station, the property encompasses 88 classrooms, tennis courts, a gym and athletic fields. Completion of the school, which was designed by McKee & Associates Architects, is expected in fall 2011.