FORT PIERCE, FLA. — Blue Beacon International has purchased a 4.41-acre outparcel from Flying J for $401,000 and will develop a truck washing facility on the land. The site is located on Orange Avenue in Fort Pierce. Flying J is selling its excess holdings nationwide as part of its bankruptcy plan. Stuart, Fla.-based NAI Southcoast’s Boyd Bradfield and Nikolaus Schroth represented Flying J in the transaction.
Southeast
ORLANDO, FLA. — A joint venture between The Praedium Group and Tower Realty Partners has acquired the 317,521-square-foot Quorum Center Orlando from USAA Real Estate Co. for $29 million. The 13-building office park is located on Vineland Road. The property, which was built in 1987, is 85 percent occupied. Mark Lippmann and Clifford Stein served as in-house representation for Praedium. Ronald Rogg of CB Richard Ellis’ Orlando office represented the seller.
ATLANTA — Kaiser Permanente has signed a lease renewal with Glendale, Calif.-based American Realty Advisors for 206,000 square feet of space in Piedmont Center. The tenant has occupied three buildings in the center, which is located on Piedmont Road in Atlanta, since 1993. David Demarest and William Propst of Jones Lang LaSalle’s Atlanta office and Rita Robison of the firm’s Washington, D.C., office represented the tenant. PC Management Co.’s Lee Caswell represented American Realty Advisors in the transaction.
CHAPEL HILL, N.C. — Madison Marquette will soon start renovating the 366,000-square-foot University Mall as part of a multi-million dollar improvement plan. Completion is expected in November. The property, located on Route 15/501 in Chapel Hill, will receive new lighting, flooring, paint, furniture and a modular stage.
MANDEVILLE, LA. — A 59,051-square-foot Albertsons has moved into a space in the Premier Centre retail development formerly occupied by A&P Sav-A-Center. The Mandeville center also houses Stein Mart, Rack Room Shoes, TJ Maxx, Hallmark, Banana Republic, Victoria’s Secret and Ann Taylor Loft. Before Albertsons moved into the property, Premier Centre’s anchor spot had been vacant for more than 18 months.
MONTGOMERY, ALA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage has obtained a $12.9 million loan under the Fannie Mae DUS Loan product line for Park Place, a 200-unit residential complex in Montgomery. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent. The loan was originated by Ronen Abergel. Arbor Commercial Mortgage is headquartered in Uniondale, N.Y.
TEMPLE TERRACE, FLA. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Telecom Technology Center, a 133,919-square-foot, three-building, single-story office park in Temple Terrace, in a 1031 exchange. The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, FOA Tampa LLC. Nathan Wood of the firm's Jacksonville, Fla., office represented the buyer, Lepanto Realty Corp.
ATLANTA — Dallas-based Cobalt Capital Partners, through its Cobalt Industrial REIT affiliate, has executed a 135,000-square-foot lease with Scott Distribution Service Inc. at 5201 Phillip Lee Dr. in Atlanta. Scoot Distribution Service is a provider of integrated logistics services including warehousing, fulfillment, transportation and packaging. Chip Watson of CB Richard Ellis represented the tenant.
ORLANDO, FLA. — Orlando-based Mercantile Capital Corp. has closed on SBA 504 loans worth more than $12 million in August, up more than 212 percent over the same period last year. Included in the loans was $4.5 million to acquire and renovate Best Western's Sun Vista Hotel on International Drive in Orlando and $1.1 million to acquire and renovate a dental office in Atlanta. SBA 504 loans offer 90 percent loan-to-cost financing at below-market rates for qualified small business owners who want to acquire or develop their own facilities.
TAYLORS, S.C., AND KNOXVILLE, TENN. — Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust has sold two Wal-Mart stores in the Taylors Square shopping center in Taylors and the Northwest Crossing development in Knoxville to an undisclosed buyer for $27.4 million. A Home Depot store in Michigan was also included in the transaction. Ramco-Gershenson still owns 125,000 square feet of the Knoxville property and 35,000 square feet of the Taylors property. The firm will use proceeds from the sale to pay down a credit facility.