FLORIDA, TENNESSEE AND NORTH CAROLINA — Sonnenblick-Eichner has arranged $60 million in financing for a seven property hotel portfolio in Florida, Tennessee and North Carolina on behalf of Cooper Hotels. The portfolio includes Crowne Plaza Fort Myers, Florida; Doubletree Memphis, Doubletree Murfreesboro, Doubletree Jackson, Doubletree Oak Ridge, and Doubletree Johnson City, all in Tennessee; and Homewood Suites Charlotte, North Carolina. The five-year, interest-only facility was priced at 250 bps. over Libor.
WELLINGTON, FLA. — Fort Lauderdale, Fla.-based PEBB Enterprises has completed The Shoppes of Isla Verde, a 210,000-square-foot power center in Wellington. The Shoppes is the commercial component of a 54-acre mixed-use project. Tenants include Best Buy, The Sports Authority, Office Max, Petco, ULTA, Off Broadway Shoes and CVS.
FORT MYERS, FLA. — Nu-Cape Construction Co., a division of Owen-Ames-Kimball Co., is providing construction management on Nova Southeastern University’s Fort Myers Student Educational Center located in Fort Myers. The 60,000-square-foot, four-story build-out will house the university’s health care and allied professionals programs. Interior space will include classrooms, computer labs, faculty offices and meeting spaces.
LAKE WORTH, FLA. — Lake Worth Plaza LLC has acquired three properties in Lake Worth from Bleeker-Grove Associates FL LLC for $1.9 million. The transaction includes a 5,795-square-foot shopping strip located at 220 S. Dixie Hwy.; a 5,000-square-foot shopping strip located at 210 S. Dixie Hwy.; and a 5,300-square-foot office building located at 230 S. Dixie Hwy. David Luther and Justin Hopkins with the Marcus & Millichap’s Fort Lauderdale office represented the seller and secured the buyer in the transaction.
Submitted by Barry Wolfe, VP Investments and Michael Zimmerman, senior associate with the Fort Lauderdale, Florida, office of Marcus & Millichap Real Estate Investment Services. Posted Online 5-28-08. What area is your expertise? Broward County (Fort Lauderdale)/Miami-Dade County (Miami), Florida What trends do you see presently in retail development in your area? The housing market downturn and credit market shake up have caused retail development in South Florida to slow. Developers are having difficulty getting as much leverage as they had grown accustomed and lenders are now requiring either total or partial recourse. Another reason for the decrease in construction is simply that there is not a lot of available land for new development. What we are seeing in the pipeline is discount retail centers, such as Super Wal-Mart and Super Target, adding locations throughout both counties. What type of retail product is doing well in your area? Class A assets, such as grocery anchored (and in particular Publix-anchored centers) are always viable whereas un-anchored Class B/C shopping centers are struggling with vacancies, in part due to increasing expense pass-throughs. What retailers are new to your area? One of the largest new South Florida retailers is Ikea, which recently opened …
NASHVILLE, TENN., AND RALEIGH, N.C. — Charlotte, N.C.-based Grandbridge Real Estate Capital has funded a $96.8 million multifamily portfolio, inclusive of one property in Nashville and three properties in Raleigh, on behalf of New Dawn Companies, through its relationship with Freddie Mac. In Nashville, Lexington Apartments, a 598-unit, Class A complex, was funded at $45 million for a 7-year term. In Raleigh, Bridgeport Apartments, a 276-unit, 17-acre garden-style complex, was funded at $18.7 million for a 5-year term; Sailboat Apartments, a 192-unit, 17-acre property, was funded at $9.8 million for a 7-year term; and Duraleigh Woods Apartments, a 362-unit complex, was funded at $23 million for a 5-year term.
SPARTANBURG, S.C. — Revitalization Associates, a subsidiary of Johnson Development Associates, has opened Library Commons, a $7 million, 83,600-square-foot luxury condominium building in downtown Spartanburg, located at 155 East Broad St. The building features 48 one- and two-bedroom residences, ranging from 742 to 1,278 square feet, as well as street-level retail and office space. The project architect was Greenville, S.C.-based Allora. Construction began last April and completed this month.
GREENVILLE, S.C. — An undisclosed buyer has purchased Crosspointe Plaza, a 72,978-square-foot shopping center in Greenville, from an affiliate of Harbor Group International, for an undisclosed amount. The center is situated on 5.6 acres near the Greenville-Spartanburg International Airport. Tenants include Circuit City and Jason’s Deli. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle’s Atlanta office represented the buyer.
SANFORD, FLA. — Lake Mary, Fla.-based Lexington Plaza LLC is developing Lexington Plaza, a $4.8 million, 18,000-square-foot retail center in Sanford, near the intersection of State Road 46 and Mangoustine Road behind Central Florida Regional Hospital. Construction will begin this month and complete in the fall. Stirling International Realty’s Commercial Group is the exclusive leasing agent.
ORLANDO, FLA. — Charlotte, N.C.-based Pavilion TK-Orange Ave. LLC has purchased a 3,800-square foot retail building in Orlando, from Michael Crisante, for $1.4 million. The property is situated on a .38-acre site at 2100 South Orange Ave. Kevin O’Connor and Matt Cichocki of NAI Realvest represented the buyer in the sales transaction. The facility will be renovated for a Tire Kingdom.