WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.
Southeast
FORT MYERS, FLA. — Stevens Construction will break ground this spring on the 10,440-square-foot Collins Vision Center in Fort Myers. The property will be located at 6900 International Blvd. and will include eight exam rooms, two orbital scan rooms, a reception area and offices. The project, designed by Christopher Lee Architects, is slated to deliver late this year.
MONROE, GA. — An Atlanta-based private investor has sold a Monroe Rite Aid to an Atlanta-based buyer for $1.52 million. Located at 703 W. Spring St., the property is NNN leased to Rite Aid for another 7 years. The sale also included 1.57 acres of land. Tim Giambrone of Marcus & Millichap's Atlanta office represented the seller.
PENSACOLA, FLA. — Sandspur Development is gearing up to start construction on Airport and 12th, a $24 million mixed-use project, in Pensacola. Located at the intersection of Airport Boulevard and 12th Avenue, the property will feature 11 acres of office and retail space as well as a 127-room Hyatt Place hotel. SMB Architecture designed the development.
ST. PETERSBURG, FLA. — Greystar Real Estate Partners and The Praedium Group have purchased the 631-unit Lincoln Shores apartment complex from a private party for an undisclosed amount. The transaction was made using the joint venture's Praedium Fund VII, a $900 million equity fund. The property is located on more than 52 acres on 4th Street North in St. Petersburg.
ALTAMONTE SPRINGS, FLA. — Jaimin Patel of Marcus & Millichap's Tampa, Fla., office has brokered the $6.2 million sale of a 264-unit Clarion Inn & Suites. The property is located at 230 W. State Road 436. The parties involved in the transaction were not disclosed.
DEMOPOLIS, ALA. — The Mississippi-based grocery chain Vowell's Marketplace will open a location in Demopolis this March. The tenant will move into a 50,000-square-foot space vacated by Food World. Duckworth Realty's John Michael Holtmann represented Vowell's in the lease. Will Akin and Hugo Isom of the Shopping Center Group represented the undisclosed landlord.
JACKSONVILLE, FLA. — Grubb and Ellis|Phoenix Realty Group has represented two parties in the lease of a combined 100,000 square feet of industrial space in Jacksonville. The firm's J.R. Richardson, Bryan Bartlett and Dan Stover represented the landlord, Exeter Property Group, in its lease of 50,539 square feet to an undisclosed party. The property is located at 5515 W. 5th St. Studley's Steve Bates represented the tenant. Bobby Gatling of Phoenix represented Eagle Moving and Storage in a 50,000 square foot lease from an undisclosed landlord. The property is located at 2003 N. Ellis Road. Patrick Thornton and Christian Harden of Hallmark Partners represented the landlord.
KEARNEYSVILLE AND CABIN CREEK, W. VA. — Boston Capital has invested in Maryland-based TM Associates' rehabilitation projects of two affordable housing communities in West Virginia. Located in Kearneysville, the 56-unit Baker Heights Apartments will undergo a renovation totaling more than $22,400 per unit. Upgrades will include new roofs, doors, decks and windows. The 48-unit Chelyan Village Apartments, located in Cabin Creek, will receive more than $29,300 worth of renovations to each unit.
MATTHEWS, N.C., AND TAMPA, FLA. — Developers Diversified Realty Corp. of Beachwood, Ohio, will develop Best Buy stores in North Carolina and Florida. A 33,314-square-foot store will open in Matthews in August. The property will be located in the 247,525-square-foot Sycamore Commons. A 33,000-square-foot store is also slated for an August opening in Tampa. The store will be located in The Walk at Highwoods Preserve, a 150,529-square-foot shopping center.