CHAPEL HILL, N.C. — The Longiotti family has sold the 79-room Siena Hotel and the adjacent Il Palio Ristorante to a private buyer for an undisclosed amount. The $8 million property is located at 1505 E. Franklin St. in Chapel Hill. Raleigh, N.C.-based Plaza Associates represented the seller.
Southeast
CHATTANOOGA, TENN. — Michael Maffia of NAI BT Commercial’s San Francisco office represented an undisclosed party in the sale of a FedEx Freight facility to a private buyer for $8.66 million. The property, which spans 45,735 square feet, sits on 19.37 acres at 4256 Shallowford Rd. in Chattanooga. FedEx has a 15-year net lease on the property, which was built in 2008.
WINTER GARDEN, FLA. — Doug Rozzell and Jeff Schnupp of Thomas D. Wood & Co. have secured $2.8 million in financing for the 31,857-square-foot Mercantile Office Building. The property, located at 12200 W. Colonial Dr. in Winter Garden, houses the Mercantile Bank. Financing for the 5-year loan was provided by The Standard Life Insurance Co. The loan carries a 6.75 percent interest rate and a 25-year amortization.
FREDERICKSBURG AND RICHMOND, VA. — Liberty Property Trust has recently secured two industrial lease renewals in Virginia totaling more than 215,000 square feet. The Simmons Manufacturing Company has renewed its 128,500-square-foot lease at 9601 Cosner Dr. in Fredericksburg. Brian Witthoefft served as in-house representation for Liberty. Terry’s Tire Town Virginia has re-leased 90,000 square feet at 4501 Carolina Ave. in Richmond. Porter Realty’s Richard Porter represented the tenant, and Brian Felton represented Liberty in house.
JUPITER, FLA. — Patrick Madore of Thomas D. Wood & Co. has secured a $5.03 million loan for the Commons at Abacoa II office building. Located at 661 University Dr. in Jupiter, the property encompasses 29,461 square feet. The 10-year loan, which was financed through a regional bank, carries a 6.5 percent interest rate and a 65 percent loan-to-value ratio. The loan also includes a 25-year amortization schedule.
SANDY SPRINGS, GA. — Securus Properties has purchased a 15,000-square-foot REMAX real estate office from MAF 1878 LLC for $3.32 million. The property sits on 2.2 acres at 5163 Roswell Rd. in Sandy Springs. Bruce Propst of Atlanta-based Carter Real Estate represented the buyer, and John DeYonker of Atlanta-based Bull Realty represented the seller.
ORLANDO, FLA. —Emergency Insurance Restoration Services is eyeing an August completion of its 30,000-square-foot Kirkman Plaza shopping center. The $1.25 million property is located at 485 S. Kirkman Rd. in Orlando. Orlando-based Roger B. Kennedy Inc. is serving as general contractor, and the property was designed by CPH Engineers of Orlando.
BONITA SPRINGS, FLA. — Gramercy Capital Corp. has sold a 3,000-square-foot retail property to Lemac for $1.07 million. The building is located at 3250 Woods Edge Parkway in Bonita Springs. Dan O’Berski of CB Richard Ellis’ Fort Myers, Fla., office represented the seller.
CORAL SPRINGS, FLA. — Uniondale, N.Y.-based Arbor Commercial Funding has secured a $38.45 million loan for The Grove at Turtle Run apartment complex. The 510-unit property is located at 3615 Turtle Run Blvd. in Coral Springs. The 10-year loan was financed under the Fannie Mae DUS MBS product line. The loan carries a 5.51 percent interest rate and a 30-year amortization schedule.
MIAMI — Parsons Brinckerhoff will undertake an $18 million improvement project for the Miami-Dade Seaport Department’s 50-acre Miami Seaboard Marine Cargo Terminal. The project is the second phase of a redevelopment plan and includes grading, paving, drainage and lighting work. Parsons Brinckerhoff will begin construction this fall. Completion of the phased project is slated for 2014.