FRANKFORT, KY. — Phillips Edison & Co. has broken ground for the development of an 89,000-square-foot retail project in Frankfort. The project, which will be anchored by T.J. Maxx and Michaels, will be the second phase of the mixed-use Parkside development. Scheduled for completion this fall, the new project will also feature Maurices, Dress Barn, Aspen Dental and Sprint Wireless. The 51-acre Parkside project, which is located at Interstate 64 and U.S. 60, is a joint venture of Phillips Edison's Strategic Investment Fund and local developers Pat Madden and Jerry Woodall.
MARIETTA, GA. — Atlanta-based Cortland Partners has purchased Highland Court, an apartment community located on Allgood Road in Marietta. The 152-unit property was acquired from a Florida-based bank, which foreclosed on the property last year, for $2.6 million. Cortland plans to invest $800,000 in the property for improvements. The property offers two- and three-bedroom townhomes. Planned renovations include new roofs, exterior paint, landscaping, signage and utility repairs. The acquisition was financed by Douglasville, Ga.-based MetroBank.
ORLANDO, FLA. — Betsy Owens and Mindy Boehm of Cushman & Wakefield (C&W) have brokered the sale of 0.8 acres of land at 11602 Underhill Road and seven units totaling 6,704 square feet at Lake Underhill Business Center at 11616 Lake Underhill Road in Orlando. Vineel Sompalli acquired the property for $1.22 million. Sompalli plans to build medical office on the land and will use the office condos for administrative offices.
ORLANDO, FLA. —Milestone Properties has purchased Osprey Links at Hunter's Creek, which is located at 13931Osprey Links Road in Orlando for $39.5 million. Renovated in 2004 and 2007, the CORE, Class A property features 424 garden-style apartment units. At the time of acquisition, the property was 93 percent occupied. Jeff Morris, Jubeen Vaghefi, Denny St. Romain and Steve Echelson of Jones Lang LaSalle brokered the transaction. The seller was not disclosed.
FORT MYERS, FLA. — CR South, an affiliate of Baltimore-based Continental Realty Corp., has acquired The Shops at Verandah, a neighborhood shopping center in Fort Myers. Located at 11851 Palm Beach Blvd., the 73,000-square-foot center is currently 93 percent leased and occupied by 19 tenants, including Publix, Allstate Insurance, Beef O'Brady's, H&R Block and RE/MAX. The acquisition price and seller were not released.
PENSACOLA, FLA. — J.I. Kislak has acquired three multifamily properties from Miami-based Ocean Beach for an undisclosed price. The recently foreclosed properties, which are located in Pensacola, offer a total of 481 apartment units. The assets include Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park. The buyer has significant renovations planned for the properties. Terms of the transaction were not released.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $91 million in first mortgage financing for The Arboretum, a 562,662-square-foot shopping center in Charlotte. Located at the intersection of Highway 51 and Providence Road, the center is occupied by Walmart and Harris Teeter among others. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte office arranged the financing for the borrower through NorthMarq's relationship with Wells Fargo Bank National Association.
NEW ORLEANS — Sonnenblick-Eichner Co. has arranged a $48 million loan for a portfolio of four Marriott-branded hotels located in the greater metropolitan area of New Orleans. The portfolio includes the Courtyard by Marriott, Convention Center; SpringHill Suites by Marriott, Convention Center, and Courtyard and Residence Inn by Marriott in Metairie, La. The properties are owned and managed by Marriott International. The 5-year loans are LIBOR-based and non-recourse to the undisclosed borrower. The loans were financed by an institutional private mortgage company.
LAFAYETTE, LA. — Ambling University Development Group has a received funding for a more than $100 million student housing development at University of Louisiana – Lafayette campus in Lafayette. The new project will include 1,812 beds, renovation of multiple existing buildings, a new 1,000-space parking deck with ground floor retail space. Funding for the project was secured by utilizing tax exempt revenue bonds. Construction work is underway to ensure the on-time and on-budget delivery of 462 beds and the 1,000-space parking deck for August 2011. An additional 468 beds and the remaining construction is slated for delivery in August 2012. Subsequent phases will include the addition of approximately 1,700 more beds and another 2,000 structure parking spaces. The new student hosing communities will feature a centralized two-story entry into each building with an adjacent reception desk and staff offices, a lobby lounge, a game room with online gaming, a central laundry center and a community kitchen. Additionally, Randoplh Hall residence hall will be fully renovated and repurposed to a student student activity and learning center offering SMART classrooms, a computer lab, a cardio fitness center, a gaming lounge, a convenience store and two apartments for visiting faculty and staff. The …
RESTON, VA. — Bethesda, Md.-based Crossbeam Capital has entered the Northern Virginia market by acquiring Reston Glen Apartments in Reston. The company acquired the 10-acre, 200-unit rental community from New York-based Redstone Partners for an undisclosed price. Located at 12265 Laurel Glade Court, the 99-percent occupied property was built in 1974 and renovated in 2008. Crossbeam plans to invest additional capital into common area upgrades at the property, including an Internet cafe in the clubhouse, landscaping, signage enhancements and leasing office redesign. Maury Zanoff and Matt Williams of CB Richard Ellis Capital Markets' Washington, D.C., office arranged the permanent acquisition financing through Freddie Mac. Andy Boyer and Jonathan Greenberg of CB Richard Ellis represented Redstone in the transaction. Reston Glen was the fifth multifamily property totaling 1,200 rental apartments acquired in December 2010 by Crossbeam Capital and its affiliated partner, Houston-based Concierge Asset Management.