ORLANDO, FLA. — Wachovia Bank has renewed its 77,600-square-foot lease with Orlando-based Eola Capital for an additional 5 years. The company’s space is located in the One Orlando Centre office building at 800 N. Magnolia Ave. in Orlando. The 21-year-old property is 89 percent occupied. Both parties had in-house representation.
ORLANDO, FLA. — Rehrig Pacific Holdings has signed a 50,400-square-foot lease renewal with Boston-based AMB Property in Orlando. The industrial property is located at 7452 Presidents Dr. Robert Blackwell, Sean DuPree and Jim Murr of Maitland, Fla.-based NAI Realvest represented the tenant. Erik Schwetje of CB Richard Ellis’ Orlando office represented AMB Property.
LAUDERHILL, FLA. — 440 University LP has borrowed $3.4 million in financing from a regional bank for its 120,390-square-foot Promenade at Inverrary. The un-anchored strip center, which is 78 percent leased, is located at 4400 University Dr. in Lauderhill. The 3-year loan carries a 6.95 percent interest rate and a 25-year amortization schedule. Joseph Hepp of Delray Beach, Fla.-based Dockerty Romer & Co. secured the loan.
D’IBERVILLE, MISS. — Encore Hospitality has broken ground on the $16 million D’Iberville Courtyard by Marriot in the city’s Lakeview Village development. The 125-room property will include a restaurant, a lounge, an exercise room and an indoor pool. The five-story hotel is expected to open in May.
DAVIE, FLA. — 5780 Griffin Road LLC has purchased two acres of land worth $840,000 from a private party for the second phase of its 5700 Griffin Road office project. The land, located at the intersection of Griffin Road and S.W. 58th Avenue in Davie, is adjacent to the project’s first phase, a 30,000-square-foot office building. The second phase calls for a duplication of the fully-leased initial building. Groundbreaking for the second phase is scheduled for the third quarter of next year. Berger Commercial Realty Corp.’s Reese Stigliano represented the buyer; Joe Caprio of Joe Caprio and Co. represented the seller.
CLEVELAND, TENN. — Colliers International has brokered the sale of a 10,491-square-foot retail building between an institutional investment company and a private buyer for $1.17 million. The property, located at 138 Paul Huff Parkway in Cleveland, houses Ryan’s Grill, Buffet & Bakery. Financing for the transaction was secured through a local bank. Ian Schroeder and Maurice Nieman of Colliers’ Irvine, Calif., office brokered the sale.
FLORENCE, S.C. — As part of a continuing effort to exit the hospitality business, Motel Associates has sold its leasehold interest in Country Hearth Inn to Blair Square LLC for an undisclosed amount. Located at the intersection of highways 52 and 21 in Florence, the property is situated less than 12 miles from Darlington International Speedway. The buyer will undertake renovations to the hotel.
DURHAM AND RALEIGH, N.C. — Berkeley Capital Advisors of Charlotte, N.C., have arranged two shopping center sales between private parties. The 134,295-square-foot Durham Festival Shopping Center has been sold for an undisclosed amount. Located at the corner of Hillsborough Road and North LaSalle Street in Durham, the Kroger-anchored property is 94 percent leased. The Lynnwood Collection shopping center, located at the intersection of Creedmoor and Lynn roads in Raleigh, has also been sold for an undisclosed amount. The 86,662-square-foot property is anchored by Kroger and is 95 percent leased. Rob Carter, David Webb and Alex Quarrier of Berkeley Capital arranged both transactions.
HARFORD COUNTY, MD. — Corporate Office Properties Trust has broken ground on an 84,000-square-foot office building in Aberdeen Proving Ground’s North Gate Business Park. The property is located at 210 Research Boulevard in Harford County. DNC Architects designed the space, and Frederick Ward & Associates is providing civil engineering services. When complete, the North Gate Business Park will span 800,000 square feet.
ST. AUGUSTINE, FLA. — Keene Construction Co. of Orlando, Fla., has completed a 45,600-square-foot Publix in St. Augustine. The store is located in Hallmark Partners’ 61,000-square-foot Shoppes at Mission Trace shopping center. Orlando-based Cuhaci & Peterson designed the property.