FORT PIERCE, FLA. — Tulepan Management has named SLC Commercial leasing agent for its 181,715-square-foot Coral Square Shoppes. The shopping center is currently under development at the intersection of South U.S. 1 and Edwards Road in Fort Pierce. The phased project will include retail, office and restaurant spaces. The 43,000-square-foot first phase will be anchored by a 17,000-square-foot Save-A-Lot Food Store.
MARYLAND — Deutsche Bank Berkshire Mortgage has provided RREEF with an $86.9 million loan to refinance three apartment complexes in Maryland. The Fannie Mae DUS loan carries a 60-percent loan-to-value ratio and a 10-year, interest-only term. The properties are the 402-unit Huntington at King Farm, located at 801 Elmcroft Boulevard in Rockville; the 258-unit Courts of Avalon, located at 9000 Iron Horse Lane in Pikesville; and the 210-unit Versailles, located at 111 Versailles Circle in Towson.
OLNEY, MD. — Early next year, Carl M. Freeman Cos. will being a $17 million redevelopment of the 110,500-square-foot Olney Town Center in Olney. The project consists of renaming the center Fair Hill, updating the façade, improving the parking lot and adding a plaza area. New tenants will include a 52,000-square-foot Harris Teeter, a 7,000-square-foot Green Turtle Sports Bar and Grille and a 1,600-square-foot Fancier Nails and Spa. Delivery is expected during the fall of 2011.
CLEARWATER, FLA. — Pure Water Hotel Group has opened the 146-room Best Western Clearwater Grand Hotel and Suites in Clearwater. The hotel is located at 20967 U.S. Highway 19. Features include an outdoor heated pool, fitness and business centers, 6,000 square feet of meeting space and the Bayside Bar and Grill.
STARKE, FLA. — A 1031 exchange investor based in Illinois has purchased a 3,737-square-foot Arby’s location from Wendy’s/Arby’s Group for $1.44 million. The property, located on U.S. Highway 301 in Starke, is NNN leased to Arby’s for 20 years. The property is a former Burger King that was converted in September 2008.
TENNESSEE AND KENTUCKY — Simon Property Group has sold two shopping centers in Tennessee and Kentucky to New York City-based Nassimi Realty for an undisclosed amount. The sale includes the 180,501-square-foot Knoxville Commons in Knoxville, Tenn., and the 119,154-square-foot Park Plaza Shopping Center in Hopkinsville, Ky. Mid-America Real Estate Corp. represented Simon in the transaction. Winbrook Management represented the buyer.
ORLANDO, FLA. — Ace World Wide Moving & Storage Co. has signed a lease renewal for 52,590 square feet with CRP-2 Crossroads. The warehouse space is located at 1125 Gills Dr. Suite 400 and 1075 Gills Dr. Suite 500 in Orlando’s Crossroads Business Park. Robert Blackwell, Sean DuPree and Jim Murr of NAI Realvest represented the tenant. Colliers Arnold’s Matt Sullivan and Wilson McDowell represented the landlord.
VIRGINIA BEACH, VA. — DBAPPLEF has sold a 5,183-square-foot Applebee’s in Virginia Beach to Good Steward Properties-Kempsville for $1.95 million. The property, which is under a long-term lease to the casual dining chain, is located on Kempsville Road. Alexander Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer.
LAURINBURG, N.C. — Meridian Capital Group has arranged a $4.5 million loan for the 154-unit Plaza Terrace Apartments in Laurinburg. Alliant Capital financed the 10-year loan, which carries a 5.53 percent fixed interest rate. Mike Brown and Noam Kaminetzky of the Meridian’s Boca Raton, Fla., office secured the loan.
MIAMI — Herndon, Va.-based Cambridge Development Group will break ground on a $47 million regional testing laboratory for the Drug Enforcement Agency in February. The Government Services Administration has signed a 20-year lease for the property, which will be located in the Beacon Lakes Business Park in Miami. DEA South Fl., a joint venture between Galaxy Investments and Halle Enterprises, has already purchased 9 acres of land for the development. Gary McGlynn of NorthMarq Capital arranged construction financing for the project through M&T Bank. Construction is expected to take 15 months.