LAKE MARY, FLA. — Regions Bank has sold a 562,817-square-foot industrial building, located at 2452 Lake Emma Rd. in Lake Mary, to American Real Estate Partners for $9 million. Lisa Bailey of Orlando, Fla.-based Morrison Commercial Real Estate and Ross Kirk of Tampa, Fla.-based CLW Property Services Group represented the seller in the transaction. Karen Poydenis of Vero Beach, Fla.-based Poydenis Properties represented the buyer.
Southeast
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $5.42 million sale of the approximately 65,000-square-foot Bank of America Office Plaza, located at 4601 Sheridan St. in Hollywood. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented Emerald Hills Executive Plaza, the seller, in the transaction. Adler Realty Services represented the buyer, GRE Properties Sheridan Hills.
GRIFFIN, GA. — HK Logistics has plans to build a $30 million, 160,000-square-foot industrial facility, located at 375 Green Valley Rd. in Griffin at the Green Valley Industrial Park. The facility will house office space and a variety of high-density storage systems. Completion is slated for the summer of 2012.
NORCROSS, GA. — Marcus & Millichap has negotiated the $6.5 million sale of the 318-unit Adelaide Park, located on Beaver Ruin Road in Norcross. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller, Houston-based CNC Investments, and the buyer, Audubon Communities. The property is currently 30 percent leased.
DORAL, FLA. — The 281,623-square-foot One Park Square, an office building located at 3470 NW 82nd Ave. in Doral, has received $30 million in financing from Miami-based City National Bank of Florida. The 3-year loan, which has the option to extend 2 additional years, provided funds for property acquisition and lease-up.
WASHINGTON, D.C. — Walker & Dunlop has secured a $14 million refinance loan for a 32-unit student housing apartment building, located at 2807 Connecticut Ave. in Washington, D.C. Ted Hermes of Walker & Dunlop's Bethesda, Md., office arranged the 5-year loan with a 25-year amortization schedule through Cardinal Bank.
WILMINGTON, N.C. — Renovations have been completed for the 104,380-square-foot Market Plaza Shopping Center, located at Market Street and Kerr Avenue in Wilmington. The $1 million improvements included updated facade renovations, new parking lot lighting, parking lot resurfacing and two pylon signs. The Wilmington Development Co. handled construction management, and Theys Construction Co. was the general contractor for the project.
MIAMI LAKES, FLA. — The Graham Cos. has broken ground on the 270-unit The Residences at Lakehouse, located on Commerce Way in Miami Lakes. BankUnited provided a $22 million commercial loan for the 21-building property, which is slated for completion in December 2012. CB Constructors of Current Builders is the general contractor for the project.
DORAL, FLA. — Terreno Realty Corp. has acquired a 40,000-square-foot industrial property, located at 11460 NW 39th St. in Doral, for $4.4 million. The property is currently 100 percent leased to one tenant. The seller and brokers were undisclosed.
GASTONIA, N.C. — Marcus & Millichap has brokered the $2.52 million sale of the 9,620-square-foot Fresenius Medical Care of South Gaston, located in Gastonia, for $2.52 million. Scott Niedergang of the firm's Chicago office represented the seller, an undisclosed developer, and procured the buyer, a net-lease investment fund.