NAPLES, FLA. — Stephen J. Lockwood & Co. and RAR-2 have sold two buildings totaling 27,408 square feet to Patton Avenue Holdings for $6.27 million. The properties, which are zoned for retail and office use, are located at 10295 and 9995 Tamiami Trail N. in Naples. David Stevens of Naples-based Investment Properties Co. brokered the transaction.
Southeast
MIAMI – Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture will provide architectural services for a 12,000-square-foot renovation and expansion of CAC-Florida Westchester, a Miami medical office building owned by CAC-Florida Medical Centers. The two-story property, located at 8686 N.W. 24th St., will undergo a complete interior renovation, and new office spaces will be added on the ground floor. The interior will also feature main and secondary waiting areas, triage areas, an X-ray section, administrative offices and lounges. Construction will begin in August with completion set for spring 2010.
HILLIARD, FLA. — The Nassau County School District has completed the renovation and expansion of its 32,700-square-foot Hilliard Middle-Senior High School, located at One Flashes Ave. in Hilliard. The school’s campus is centered around a two-story school house constructed in 1912. The $4.7 million project included renovating the original building, adding a locker room to the property and converting classrooms into an administration building. Jacksonville, Fla.-based SchenkelShultz Architecture designed the project.
BRADENTON, FLA. — A 3,840-square-foot property net-leased to Trustco Bank has changed hands between two undisclosed Florida-based LLCs for $985,000. The property is located at 5858 Cortez Rd. West in Bradenton. John Hines of Marcus & Millichap’s Orlando, Fla., office brokered the sale.
KISSIMMEE, FLA. — Village at Secret Lake LP has borrowed $47.21 million for the planned 432-unit Village at Secret Lake apartment complex in Kissimmee. The property will be comprised of 12 four-story buildings and features a resort-style pool. The 40-year loan comes with a 6.25 percent interest rate and a 40-year amortization. Carolyn Whatley of Love Funding’s Palm Beach, Fla., office secured the HUD loan.
HAPEVILLE, GA. — Imagine Downtown, an affiliate of Atlanta Development Authority and Central Atlanta Progress, has loaned $6 million to Jacoby Development for its 6.5 million-square-foot Aerotropolis Atlanta mixed-use development. The project will be located at the former Ford Atlanta Assembly Plant in Hapeville, near Hartsfield-Jackson Atlanta International Airport. IDI’s loan will go toward the development’s $96 million first phase, which consists of demolition of existing buildings, environmental remediation of the site and a 4,000-space parking lot. IDI provided the loan through its $30 million of tax credit authority, part of an $80 million New Market Tax Credits allocation from the U.S. Department of the Treasury.
NEW BERN, N.C. — Augusta, Ga.-based Hull Storey Gibson Cos. has completed a renovation of its 361,000-square-foot Twin River Mall, now known as The New Bern Mall. The property is located at the intersection of Dr. Martin Luther King Jr. Boulevard and U.S. Highway 70 in New Bern. Exterior work included a new mall entrance with enhanced signage. Workers added new paint, carpet and tile to the interior as well as raising the ceiling and upgrading the bathrooms.
OOLTEWAH, TENN. — GVH Duff Associates has sold a single-tenant property net-leased to BB&T to Arden Square for $1.46 million. BB&T’s 20-year lease of the Ooltewah property includes 12.5 percent rent increases every 5 years. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller. Stanton Falk of the firm’s Cincinnati office represented Arden Square.
CORAL GABLES, FLA. — A group has invested $900 million into a depository institution in order to acquire Coral Gables-based BankUnited from the Federal Deposit Insurance Corp. The investors, led by John Kanas, include funds advised by The Blackstone Group, The Carlyle Group, WL Ross & Co. and Centerbridge Partners. The FDIC acted as BankUnited’s receiver and sold the company’s operations, deposits and assets. Kanas, a 35-year industry veteran, will serve as chairman and CEO of the new financial institution, which will retain the BankUnited name. Bank of America Merrill Lynch Securities and Skadden, Arps, Slate, Meagher & Flom advised the investor group and the new management of BankUnited. Simpson Thacher & Bartlett and Wachtell, Lipton, Rosen & Katz also served as advisors.
LOUISVILLE, KY. — Canton, Mass.-based Baskin-Robbins has outlined a plan to open more than 20 new stores in Louisville and surrounding counties. The company is currently searching for franchisee candidates. The ice cream purveyor currently oversees three stores in the Louisville area and operates nearly 2,700 stores throughout the country.