LEXINGTON, S.C. — Boise, Idaho-based DBSI Development recently broke ground on the 7,300-square-foot, $3.25 million retail center The Shoppes at Lexington, located on Highway 378 in Lexington. Construction will begin after the site’s current occupant, Southtrust Bank, is demolished. AT&T is the first tenant, signing a lease for 3,500 square feet of retail space. The Shoppes at Lexington will deliver in mid-November.
Southeast
FORT LAUDERDALE, FLA. — Construction of Florida-based DYL Group’s 4.5-acre W Fort Lauderdale Hotel & Residences, located at 401 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale, is scheduled for completion this fall. The property comprises 171 condos, ranging in size from 804 to 1,402 square feet, and 346 hotel rooms in separate 23-story towers. The property, which is the first W condominium hotel project in Florida, also features a restaurant, a nightclub and a spa.
COLUMBIA, MD. — Browen Associates has sold the 78,000-square-foot retail property Owen Brown Village Center in Columbia to an affiliate of Rockville, Md.-based Nellis Corp. for an undisclosed amount. The center is anchored by Giant Food and Dollar Tree.
SEBRING, FLA. — Jeff Schnupp of Coral Gables, Fla.-based Thomas D. Wood and Co. recently secured $1.2 million in financing for the 19,380-square-foot retail space Fairmount Place Professional Center, located at 4141 U.S. 27 in Sebring. Schnupp arranged the 6.66 percent fixed-rate loan, which has a 20-year term with a 20-year amortization, through Cincinnati-based Summit Investment Partners.
ORLANDO, FLA. — Vertical construction on Apollo Real Estate Advisors and Houston, Texas-based Rida Development Corp.’s 1,400-room Hilton Orlando has been completed. The 19-story building, located at 6001 Canadian Court in Orlando, features 80,000 square feet of ballroom space, 21 meeting rooms and nine boardrooms. The property, which will open in the third quarter of 2009, will be the first hotel connected to the Orange County Convention Center.
ORLANDO, FLA. — Atlanta-based The First Fidelity Companies has arranged $300 million in financing for the 2,000-room Orlando World Center Marriott Resort & Conference Center. Located on more than 200 acres across from Disney World’s Epcot Center at the intersection of Interstate 4 and State Route 535 in Orlando, the property features more than 450,000 square feet of meeting and event space. The loan was placed on behalf of Host Hotels & Resorts with an undisclosed life insurance company.
VERO BEACH, FLA. — Vero Beach-based Kite Properties LLC has broken ground on its 83-room SpringHill Suites by Marriott development in Vero Beach. Orlando, Fla.-based Pinkerton & Laws will oversee construction, and Atlanta-based Hotel Equities will manage the property. Hotel amenities include free wireless Internet, HDTV and phones with data ports. SpringHill is expected to deliver in July 2009.
CAPTIVA ISLAND, FLA. — George Powell of NorthMarq Capital’s Miami Lakes, Fla., office recently arranged $12 million in first mortgage financing for the 137-room Tween Waters Inn on Captiva Island. Financing for the 35-year-old hotel was arranged through Security Life of Denver Insurance Co. Captiva Island-based Rochester Resorts was the borrower.
BEL AIR, MD. — Construction is nearing completion on the 85,000-square-foot, $20 million Class A office property Physicians Pavilion II, located at West MacPhail Road and Maryland Route 24 in Bel Air. The building is more than 50 percent leased with tenants including Upper Chesapeake Health System, MacPhail Pharmacy, Harford Gastroenterology Associates and The Daily Grind. The project, which is a collaboration between Lutherville, Md.-based MacKenzie Commercial Real Estate and York, Pa.-based Kinsley Construction, will deliver in September.
INVERNESS, FLA. — Jenkintown, Pa.-based Gramercy Capital Corp. has sold a 17,544-square-foot office property, located at 1007 U.S. Highway 41 North in Inverness, to Highway 41 LLC for $1.05 million. The 3.05-acre property was built in 1973 and is 60 percent occupied by Bank of America. Bartow McDonald of Sperry Van Ness’ Ocala, Fla., office and Peter Stevens and Jim Pasquarella of Wayne, Pa.-based CBRE represented the seller. Venu Reddy of Coldwell Banker Commercial Landmark’s Brooksville, Fla., office represented the buyer.