FAYETTEVILLE, N.C. — Berkeley Capital Advisors has brokered the sale of a 5,250-square-foot retail property in Fayetteville that is net-leased to USAA. The property traded for $2.4 million. Berkeley’s Steve Horvath and Jay Levell represented the seller, a South Carolina-based developer. The buyer was a private REIT.
GREENVILLE AND NORTH CHARLESTON, S.C. — Q10 | Professional Mortgage Co. has arranged two commercial loans totaling $16.5 million. Q10’s Bryan Thomason secured $8.5 million in fixed-rate construction financing for 98 East McBee Apartments, a 55-unit, Class multifamily project currently under way in Greenville’s central business district. Thomason also arranged an $8 million, fixed-rate, permanent loan for McCall Center, a 57,977-square-foot shopping center located in North Charleston. Terms of both loans were not disclosed.
ATLANTA AND ORLANDO — Jones Lang LaSalle (JLL) has brokered the sale of two Hilton Garden Inn properties located in Atlanta and Orlando. The first property is an eight-story, 193-room hotel located in Atlanta’s Perimeter submarket. It was constructed in 1999 and received $2.3 million in capital improvements in 2012. The hotel features six meeting rooms, an indoor swimming pool, a fitness center, a business center, a Great American Grill & Bar restaurant, and the Branch Water Lounge. The second property is an eight-story, 224-room hotel in Orlando that is the official on-site hotel for SeaWorld. Constructed in 2001, the property features seven meeting rooms, an outdoor swimming pool, a fitness center, a business center, a Great American Grill restaurant and Sting Ray’s Lounge. The JLL team of Mark Fair, Adam McGaughy and Katy Reynolds represented the sellers, Apollo Global Management and Sage Hospitality. The buyer was Blackstone. The two hotels were part of a four-property Hilton Garden Inn portfolio sale; the other two properties are located in Denver and San Francisco.
FT. LAUDERDALE, FLA. — CB Richard Ellis (CBRE) has arranged $34.7 million for two hotels located adjacent to Ft. Lauderdale-Hollywood International Airport. The first property is a 157-room Fairfield Inn & Suites, and the second property is a 124-room Homewood Suites. Both hotels feature swimming pools, fitness centers and business centers. Jonathan Rice of CBRE Hotels and David Borge of CBRE Capital Markets arranged the financing on behalf of Economos Properties. Terms of the loan were not disclosed.
CONYERS, GA. — Ackerman & Co. has brokered the sale of a net-leased CVS/pharmacy in Conyers for $1.9 million. The 9,504-square-foot property is located across from Rockdale Medical Center. It was constructed for Eckerd Drugs in 1996, and CVS assumed the lease in 2009. Jason Powell of Ackerman arranged the all-cash deal between the buyer, Florida-based LJL Holdings, and the seller, a private entity based in New Jersey.
DEERFIELD, BEACH, FLA. — Walmart has opened its newest Neighborhood Market in Deerfield Beach. The approximately 57,000-square-foot store is located at 1101 S. Military Trail. The new store has tailored its products to the surrounding community with an extensive selection of kosher products. It also features a self-serve deli and a bakery. First launched in 1998, Walmart Neighborhood Market is a grocery store concept built on approximately one-quarter the footprint of a Walmart Supercenter. Neighborhood Markets focus on providing food products and household items to the surrounding community.
SANFORD, FLA. — Space Port USA has acquired an office/warehouse property in Sanford from McWeeney-Smith Real Estate Partnership of Orlando for $600,000. The building totals 12,000 square feet and is located at 751 Central Park Dr. within Central Florida Industrial Park. Michael Hedrich of NAI Realvest represented the seller, and David Hammett of CRE Advisors represented the buyer.
“Hot” does not adequately describe Miami’s current residential real estate climate. Back from the brink of extinction in late 2009, the residential condominium market in Miami is currently booming. The apartment market is booming as well, but did not take it on the chin like the condominium market did. From 2009 to 2010, Greater Downtown Miami was considered one of the most overbuilt markets in the country. Developers delivered approximately 34,000 condos in the market in a six-year period, more than double what was delivered in the prior 40 years. The majority of those units came on line during the crash, which left Miami with an unsold inventory or more than 20,000 units in early 2010. Forecasters expected it would take 10 or more years for that inventory to be absorbed. Today that inventory of developer-owned units is down to less than 900, according to Condo Vultures, Miami’s condo watchdog. One can almost say that Brazil and Argentina brought back Miami’s high-rise condominium market. Brazilians and Argentineans in particular, but not exclusively, have experienced hyperinflation — to the point of scheduling the purchase of groceries on payday — like few others. They therefore have an acute understanding of the need …
DURHAM, N.C. — Federal Capital Partners (FCP) has acquired Erwin Square Plaza, a 238,792-square-foot office building located in downtown Durham, for $37.5 million. The property, which sits at 2200 W. Main St. within the Erwin Square master-planned development, comprises a 10-story tower flanked by two, two-story retail and office wings. The building was 96.2 percent occupied at the time of closing by a tenant roster that includes Duke University and Duke University Health System-related companies. In the near term, FCP plans to renovate the property and upgrade it to institutional quality. Ben Kilgore of CB Richard Ellis represented FCP in the deal.
MAUMELLE, ARK. — Dallas-based Mohr Capital has acquired the former Scholastic Books distribution center in the Little Rock suburb of Maumelle. The seller was Scholastic, which had already vacated the property. The building features 34- to 46-foot clear ceiling heights, rail access and ample trailer parking. Mohr, which enters the Little Rock market with this purchase, plans to reposition the property as Little Rock Logistics Center. It will complete major improvements to 200,000 square feet of the building to accommodate an incoming tenant and offer the remaining 300,000 square feet for lease. Little Rock-based Irwin Partners will handle the leasing assignment. Scott Henry and Gary Horn provided in-house representation on behalf of Mohr. Northmarq Capital and Protective Life Insurance Co. provided acquisition financing.
