MIAMI — Flagler Development Group has leased 240,000 square feet of space in its Flagler Station industrial park to a Fortune 500 company. The firm signed a 10-year lease for the space, which is located at 10505 N.W. 112th Ave. in Miami. Current tenants in the park include FedEx Ground Package System, Makita Latin America, Kuehne & Nagel and Entenmann’s Sales. Rafael Romero and Stuart Gordon represented Flagler in-house, and the tenant was represented by Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts of Jones Lang LaSalle. The tenant wishes to remain unidentified.
Southeast
HENRICO COUNTY, VA. — Kroger has recently signed a lease for 86,000 square feet in Archon Group’s 250,000-square-foot Corner at Short Pump. The retail development is located at the intersection of West Broad Street and Lauderdale Drive in Henrico County. Kroger is expected to open late next year. Thalhimer’s Lee Warfield and Connie Jordan Nielsen handled the lease negotiations.
BILOXI, MISS. — An affiliate of Dawn Properties has received a $23.86 million loan to refinance the 316-unit Grand Biscayne Apartments, located at 14510 Lemoyne Blvd. in Biloxi. Grand Biscayne encompasses 30 two- and three-story buildings on 18 acres. Complex amenities include a swimming pool, a fitness center and a business center. The 7-year loan comes with 2 years of interest-only payments and a 30-year amortization. The loan to value ratio is 80 percent. Thomas Hagwood of Capmark Finance’s Birmingham, Ala., office arranged the financing through the company’s Freddie Mac program.
CLOVER, S.C. — Lowe’s Home Improvement Warehouse will open a new store at 5288 Highway 557 in Clover on November 20. The 117,000-square-foot store will be complimented by a 40,000-square-foot garden center adjacent to the main building. The $18.5 million store is expected to employ 175 workers.
HILLSBORO BEACH, FLA. — An affiliate of New York-based Marrano/Marc Equity Corp. has completed the first phase of the 29-unit 1200 Hillsboro Mile development. Located in Hillsboro Beach, the completed phase features 11 luxury condominiums outfitted with high-end appliances and full-size washers and driers. The second phase will include construction of a second building to house the remaining 18 condominiums. The property is being built to hurricane resistant codes and includes steel-reinforced concrete walls and impact-resistant glass. Property amenities include a fitness center, a social room and an outdoor pool and sauna.
HIALEAH, FLA. — Orlando, Fla.-based Tilt-Con Corp. has completed a 108,392-square-foot Kohl’s at 700 W 49th St. in Hialeah. The two-story project was built under the company’s contract with Longwood, Fla.-based J. Raymond Construction Corp. Tulsa, Okla.-based Christopher B. Goble designed the project.
MOUNT DORA, FLA. — Fort Myers, Fla.-based Stevens Construction will break ground late this year on Regent Surgical Health’s 10,796-square-foot ambulatory surgery center. Located at 3710 Lake Center Dr. in Mount Dora, the property will include two operating rooms, a minor procedure room and support service areas. Delivery is expected next summer.
TAMPA, FLA. —Tampa-based BayStar Hotel Group will develop a 168-room Hotel Indigo in the downtown Tampa community of Channelside. Hotel amenities include a heated swimming pool, 2,700 square feet of meeting space and a casual gourmet restaurant. The property is owned by Seaboard Hotel Associates, a joint venture between BayStar and St. Petersburg, Fla.-based Ballast Point Group. Groundbreaking is set for the first quarter of next year, and delivery of the $29 million project is expected in 2010. This is the second Hotel Indigo slated for Tampa; Baystar is also redeveloping downtown Tampa’s Heritage Hotel into a Hotel Indigo, which will deliver in 2009.
PORT ORANGE, FLA. — An undisclosed borrower has acquired a $22.14 million loan for the 378-unit Hawthorne Village Apartments in Port Orange. David Borge of CB Richard Ellis Capital Markets’ Orlando, Fla., office secured the loan through Freddie Mac.
TAKOMA PARK, MD. — Pittsburgh-based McKinney Properties has purchased the 222-unit Fairview Apartments, located on New Hampshire Avenue in Takoma Park, from an undisclosed seller for $14.45 million. The property, which was constructed in 1962 on 9.22 acres, encompasses a five-story mid-rise and six townhouse buildings. McKinney has already renamed the property Takoma Landing and plans on investing $4 million for renovations to the complex. CBRE Melody arranged a 15-year Freddie Mac loan to finance the acquisition, and further funding was provided by McKinney’s MP Realty Partners Fund III.