CORAL GABLES, FLA. — Florida East Coast Realty (FECR) has developed Villa Majorca, a luxury multifamily community in Coral Gables. The property offers 36 residences in a mix of two-bedroom or three-bedroom-plus-den apartment and townhome floorplans. The community offers a clubroom, a rooftop garden with a Jacuzzi spa, a sun deck with outdoor grills and a fitness center. Residences feature Whirlpool appliances, porcelain flooring, European-style cabinetry, granite countertops and marble vanity counters with double sinks in the master bathrooms.
FT. LAUDERDALE, FLA. — Kalik LLC, a Buenos Aires, Argentina-based restaurant operator, has acquired a 12,700-square-foot property located at 3300 E. Commercial Blvd. in Ft. Lauderdale. Built in 1970, the vacant, waterfront property sold for $5.5 million. Peter Filomena of Reichel Realty & Investments represented the seller, Stan's on the Water Inc., representatives of the Gus Boulis estate, in the transaction.
WASHINGTON, D.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.92 million loan for Delshah Valery Place in Washington, D.C. The 10-year loan, which carries a 30-year amortization schedule, was funded under the Fannie Mae DUS Small Loan product line. The loan was originated by Alexander Kaushansky of Arbor's New York office. The borrower was not disclosed.
JACKSONVILLE, FLA. — Locally based David E. Gonzales Corp. has acquired Baywood Center, an office complex located at 9424-9428-9432 Baymeadows Road in Jacksonville's Butler-Baymeadows suburban office market, for $6.8 million. Developed in 1985, the property consists of one six-story building and two two-story buildings offering a total of 162,864 square feet of office space. The complex is anchored by CH2M Hill and Golder & Associates. Karl Johnson of Cushman & Wakefield represented the seller, Boston-based KBS Realty Advisors, in the transaction.
SPRINGFIELD, GA. — The U.S Department of Housing and Urban Development (HUD) has committed to insure a $31 million mortgage loan to Effingham County Hospital Authority in Springfield. The loan will be used to finance the construction of an addition and renovation to the area's existing hospital. The addition will include a new emergency room, new inpatient and outpatient surgery areas, a new laboratory and new imaging departments. Additionally, the loan will be used to renovate the existing Alzheimer's unit. The loan was financed through FHA's Section 242 Hospital Mortgage Insurance Program.
ALEXANDRIA, VA. — PACE-Beacon Hill has acquired a Walgreens store, which is located at 6717 Richmond Highway in Alexandria. The 14,469-square-foot drugstore sold for $10.57 million or $731 per square foot. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller; Phil Sambazis of Marcus & Millichap's San Diego office represented the undisclosed New York-based buyer in the transaction. David Feldman of Marcus & Millichap's Washington, D.C., office also provided representation.
FAYETTEVILLE, N.C. — CB Richard Ellis has completed the sale of Stone Ridge Apartments in Fayetteville. Located at 3001 Stone Carriage Circle, the 216-unit multifamily property sold for $20.5 million or $94,907 per unit. Richard Montana, Hal Kern, Phil Brosseau and Jeff Glen of CBRE's Carolinas Multi-Housing Group represented the undisclosed seller. The buyer was not released.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has received zoning and financing approval for the redevelopment of The Crossings at Four Corners in Smyrna. The project includes the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. Tri-Land has sold 8 acres to Cincinnati-based Kroger Co., which is developing a 96,000-square-foot supermarket at the site. Once completed in mid-November 2011, the center will offer 230,000 square feet of retail space. Construction is slated to begin in January. Chicago-based Cole Taylor is providing construction financing for the project.
PENSACOLA, FLA. — Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., office have brokered the sale of the ground lease of The Shops at Perdido Key, a shopping center in Pensacola. Located at 13390 Perdido Key Dr., the 53,003-square-foot retail center is anchored by a Publix. The asset sold for $7.95 million. Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., represented the seller, a Florida-based limited liability company. The buyer was not disclosed.
ATLANTA — Locally based Post Properties has opened The Ritz-Carlton Residences in Atlanta. The 129 residences comprise the top 17 floors of 3630 Peachtree, a 34-story, mixed-use development in Buckhead. Residential amenities include concierge services, valet parking, a dedicated car service and assistance with personal arrangements. The Residences will be managed by The Ritz-Carlton Hotel Company. In additional to The Residences, 3630 Peachtree offers 425,000 square feet of Class A office space, retail and restaurant space.