MIAMI — UrbanAmerica has borrowed a $10.78 million loan to refinance the Northside Shopping Center, located at the intersection of NW 79th St. and NW 27th Ave. in Miami. The center is anchored by Walgreens and Payless ShoeSource. Ocean Bank financed the 15-year loan, which carries a 25-year amortization. Cohen Financial's Miami office originated the transaction.
RIVERDALE, GA. — Tim Kinney of Marcus & Millichap's Atlanta office has secured a $7.3 million loan for the acquisition of a Walgreens store. The 14,820-square-foot property is located in Riverdale. A 25-year loan carrying a 6.9 percent interest rate and a 25-year amortization was arranged for the borrower.
TAVARES, FLA. — Longwood, Fla.-based Cotter-Ryan Commercial has completed vertical construction of the 20,000-square-foot Premier Surgery Center in Tavares. The $4 million building is located on Vindale Road. Premier Surgery Center, which will open next year, will house an 11,000-square-foot surgery center and 9,000 square feet of medical office space.
POMPANO BEACH, FLA. — The Chetrit Group and Read Property Group have borrowed $28.2 million to acquire 138 units in the 186-unit Plaza at Oceanside resort. The loan also covers the purchase of 22,400 square feet of retail space. The Pompano Beach property includes a zero-edge pool, a fitness center and a wine-tasting lounge. Ladder Capital financed the 2-year loan. Ronnie Levine of Meridian Capital's New York office secured the loan.
KISSIMMEE, FLA., AND MYRTLE BEACH, S.C. — Winter Park Construction will begin a $16.6 million renovation of three Holiday Inn Club Vacations resorts in January. The project includes the 1,450-acre Holiday Inn Club Vacations at Orange Lake Resort in Kissimmee and two additional resorts in Myrtle Beach and Wisconsin. Winter Park has been tasked with upgrading 224 golf villas and 408 resort units at the properties. The phased renovation will be complete by December 2010.
ANTIOCH, TENN. — Jacksonville, Fla.-based Summit Contracting Group will construct the 312-unit VantagePointe Homes at Franklin Heights. The Antioch property, which is being built for Montgomery, Ala.-based VantagePointe Homes, encompasses 13 buildings. Lacy and Associates provided assistance with architectural and construction documentation.
LEXINGTON, KY. — The Fayette County Board of Education has purchased a 100,000-square-foot warehouse from a group of out-of-state owners for $2.62 million. The property is spread across 4.4 acres at 1126 Russell Cave Road in Lexington. RE/MAX Creative's Elizabeth Traugott and Rector-Hayden Realtors' Stan Napier represented the buyer. Bruce Isaac and Chad Voelkert of NAI Isaac Commercial Properties, along with Joel Schneider of Atlas Partners, represented the sellers.
MOUNT DORA, FLA. — Stevens Construction has completed work on the 11,052-square-foot Surgery Center of Mount Dora. The property, located at 3710 Lake Center Drive in Mount Dora, includes three operating rooms, a minor procedure room and support areas. Jass Associates designed the space.
It seems like every commercial real estate move made in the Chattanooga office arena is directly related to the industrial market. Landlords, tenants and maybe even some office developers are anxiously waiting for three significant manufacturing facilities to make their mark on the area. The coming Volkswagen plant will spur office growth in a huge way, but a $300 million expansion by the power service provider Alstom and the addition of Munich, Germany-based Wacker Chemie AG’s property in Cleveland, Tennessee, will also jump start the Chattanooga office market. “There’s a lot of industrial activity that’s just starting to really catch its legs. The office is following,” says J. Bryan Rudisill of Chattanooga-based NAI Charter. “There’s going to be support that comes in — lawyers, accountants, engineers — but the office market won’t change over night because of these announcements.” Office transactions, even with a guaranteed influx of industrial facilities, will be slow to pick up, but office development will be even slower due to trouble in the financial markets. Life insurance companies are on the sidelines, and most bigger banks are reluctant to let developers borrow money. The best bet for financing is regional and local institutions, but these banks …
LEESBURG, VA. — Cypress Equities and McLean, Va.-based Kettler have completed the first four buildings of the 335-unit The Metropolitan at Village at Leesburg, part of the 1.2 million-square-foot Village at Leesburg mixed-use project. Village at Leesburg, which is spread across 57 acres, also will include 470,000 square feet of retail and restaurant space and 150,000 square feet of office space. The entire development is slated for a spring 2010 opening.