FORT MYERS, FLA. — Bondville Associates has completed the disposition of Bass Commons at Health Park in Fort Myers. The 27,304-square-foot office/medical property is located at 15901 Bass Road. Lee Memorial Health Systems purchased the property for $5.3 million or $142.08 per square foot. Additionally, a 13,437-square-foot expansion has been approved for the site. Karl Lippek of Colliers International Southwest Florida brokered the transaction.
GAINESVILLE, FLA. — Birmingham, Ala.-based Capstone Development/DJG is developing The Continuum, a $68 million student-housing community located on West University Avenue in Gainesville. The 533,000-square-foot property consists of three five-story buildings and offers 465 units of one- and two-bedroom rental residences for graduate and professional students, as well as 50,000 square feet of ground-level commercial space. Brasfield & Gorrie, serving as general contractor, awarded Palmer Electric with a $3.5 million contract to provide site and building electrical contracting and low-voltage systems, including fire alarm systems and voice/data cabling. Baton Rouge, La.-based Provident Resources Group owns the 5.2-acre site that the complex will be constructed on. Birmingham-based CRS Engineering & Design Consultants is providing mechanical, electrical, plumbing and fire protection engineering and Baltimore-based Design Collective is serving as architect for the project, which is scheduled for completion in July 2011.
ORLANDO, FLA. — Armonk, N.Y.-based Kayne Anderson Real Estate Partners I has partnered with Orlando-based Flagship Investment Group to acquire a five-property portfolio of self-storage facilities across Florida. The 375,097-square-foot portfolio offers 3,187 units located throughout the Greater Orlando and Jacksonville areas, including Orange Park, Fleming Island, Clermont and Minneola. The portfolio sold for approximately $25 million. Additional terms of the transaction were not released.
SUNNY ISLES, FLA; CLIFTON AND NEW MILTON, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Marina del Mar Apartments in Sunny Isles, Brookchester Apartments in Clifton, N.J., and Richfield Village Apartments in New Milford, N.J. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Bruunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
ORLANDO, FLA. — The St. Louis office of Love Funding has closed a $27.8 million refinance loan for Savannah at Park Central in Orlando. The multifamily property offers 288 one-, two- and three-bedroom residential units. Each apartment features a washer, a dryer, walk-in closets, central heating and air, and a private patio or balcony. Additionally, the complex includes a sauna, a swimming pool, a fitness center, tennis and volleyball courts, and a children's activity center. Harry Cheatham of Love Funding secured the loan through the FHA 223(f) loan program. The financing includes a 3.98 percent fixed-interest rate and a 35-year term.
PORT CHARLOTTE, FLA. — Holliday Fenoglio Fowler (HFF) has secured $48.5 million in permanent first mortgage financing for Port Charlotte Town Center, a regional mall in Port Charlotte. Located at 1441 Tamiami Trail, the mall is occupied by Dillard's, JCPenney, Macy's, Sears, Bealls, Regal Cinema, Old Navy, DSW, Charlotte Russe and Victoria's Secret. Manny de Zarraga, Luis Castillo, Danny Finkle, Claudia Steeb and John Pelusi of HFF arranged the 10-year, fixed-rate loan through RB Securities for the borrower, Simon Property Group.
RICHMOND, VA. — Willis Hotels has acquired an Econo Lodge hotel in Richmond. Affiliates of Allen Management sold the property for an undisclosed price. The buyer plans to renovate the hotel and retain the Econo Lodge franchise. David Mumford and Steve Kirby of The Mumford Company represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Publix at The Galleria Mall in Fort Lauderdale. The $5 million project includes a 30,907-square-foot Publix Super Market and associated retail space. Designed by Clearwater, Fla.-based Fisher & Associates, the project is scheduled for completion in July 2011.
QUANTICO, VA. — Marriottsville, Md.-based Harkins Builders has been selected to design and construct a $41.56 million student quarters and student dining facility at Marine Corps Base Quantico in Quantico. The multi-story dining facility will provide a dining area and a media center for students attending The Basic School. Additionally, the project includes a student officer quarters facility and a multi-story building to support billeting for 250 Marine officers. Completion is scheduled for August 2012. Project members include Harkins Builders; Chicago-based VOA Architects; Reston, Va.-based Stanmyre + Noel; Rockville, Md.-based Burgess + Niple; Chicago-based Nayyar & Nayyar; and Baltimore, Md.-based Siegel, Rutherford, Bradstock & Ridgeway.
FORT LAUDERDALE, FLA. — Cabot III – FL2W04&W05 LLC has acquired Cypress Creek Industrial Park, a two-building property located at 6500 and 6600 NW 12th Ave. in Fort Lauderdale. Liberty Property Limited Partnership sold the 8.7-acre, 131,791-square-foot office/warehouse property for $4.8 million or $36.42 per square foot. At the time of closing, the property was 85 percent leased. Current tenants include Men's Warehouse, US Remodeler's, Professional Services Industries and Alcatel-Lucent. Scott O'Donnell, Dominic Montazemi, Kirk Nelson and Miguel Alcivar of CB Richard Ellis represented the seller in the transaction.