ALABAMA, TENNESSEE AND VIRGINIA — Marcus & Millichap Real Estate Investment Services has brokered the sale of 10 Taco Bell restaurants between two undisclosed parties for $12.2 million. Four restaurants each are located in Alabama and Tennessee, and two are located in Virginia. The stores sold at a price of $497 per square foot. Richard Merryman and William Schofield of Marcus & Millichap’s San Francisco office and Andrew Clark of the firm’s Birmingham, Ala., office represented the seller. John Nguyen and Jonathan Mitchell of the company’s Newport Beach, Va., office represented the buyer.
Southeast
PARKLAND, FLA. — SIKON Construction Corp. has completed work on developer Monroe’s Prestige Group’s 90,000-square-foot Parkland Commons shopping center. Located at the intersection of University Boulevard and Trail’s End Road in Parkland, the center is anchored by a 46,000-square-foot Publix. Deerfield Beach, Fla.-based Kenneth R. Carlson — Architect designed the project.
WASHINGTON, D.C. — Connecticut & K Associates has secured a $194 million loan for construction of a 383,392-square-foot office building located at 1000 Connecticut Ave. N.W. in Washington. A consortium of lenders led by Chevy Chase Bank provided financing for the loan. The property is 66 percent pre-leased to the law firm Arent Fox and is being built to Gold LEED specifications. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers arranged the loan.
WASHINGTON, D.C. — Lowe Enterprises and the ownership group of the mixed-use project CityVista have sold the 116,083-square-foot retail portion of the property to Edens & Avant for an undisclosed amount. Located at the intersection of 5th and K streets in Washington, the retail component is anchored by a 55,000-square-foot Urban Lifestyle Safeway. Other tenants include Chevy Chase Bank, Results Gym and 5th Street Hardware. The $200 million CityVista development also includes 441 condominium units and 224 apartments. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented CityVista’s owners.
FORT LAUDERDALE, FLA. — The Broward County Supervisor of Elections will move into a 72,000-square-foot complex in Fort Lauderdale’s transit-oriented Riverbend development in the fall of 2010. The property includes a 30,000-square-foot office, which will be built to LEED standards, and a 42,000-square-foot administrative center. The 12-acre site has already been cleared in anticipation of the project, and construction will begin next summer. When complete, the 100-acre Riverbend development will employ more than 8,000 people and offer several million square feet of office, retail and residential space.
MIAMI — Flagler Development Group has leased 240,000 square feet of space in its Flagler Station industrial park to a Fortune 500 company. The firm signed a 10-year lease for the space, which is located at 10505 N.W. 112th Ave. in Miami. Current tenants in the park include FedEx Ground Package System, Makita Latin America, Kuehne & Nagel and Entenmann’s Sales. Rafael Romero and Stuart Gordon represented Flagler in-house, and the tenant was represented by Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts of Jones Lang LaSalle. The tenant wishes to remain unidentified.
HENRICO COUNTY, VA. — Kroger has recently signed a lease for 86,000 square feet in Archon Group’s 250,000-square-foot Corner at Short Pump. The retail development is located at the intersection of West Broad Street and Lauderdale Drive in Henrico County. Kroger is expected to open late next year. Thalhimer’s Lee Warfield and Connie Jordan Nielsen handled the lease negotiations.
BILOXI, MISS. — An affiliate of Dawn Properties has received a $23.86 million loan to refinance the 316-unit Grand Biscayne Apartments, located at 14510 Lemoyne Blvd. in Biloxi. Grand Biscayne encompasses 30 two- and three-story buildings on 18 acres. Complex amenities include a swimming pool, a fitness center and a business center. The 7-year loan comes with 2 years of interest-only payments and a 30-year amortization. The loan to value ratio is 80 percent. Thomas Hagwood of Capmark Finance’s Birmingham, Ala., office arranged the financing through the company’s Freddie Mac program.
CLOVER, S.C. — Lowe’s Home Improvement Warehouse will open a new store at 5288 Highway 557 in Clover on November 20. The 117,000-square-foot store will be complimented by a 40,000-square-foot garden center adjacent to the main building. The $18.5 million store is expected to employ 175 workers.
HILLSBORO BEACH, FLA. — An affiliate of New York-based Marrano/Marc Equity Corp. has completed the first phase of the 29-unit 1200 Hillsboro Mile development. Located in Hillsboro Beach, the completed phase features 11 luxury condominiums outfitted with high-end appliances and full-size washers and driers. The second phase will include construction of a second building to house the remaining 18 condominiums. The property is being built to hurricane resistant codes and includes steel-reinforced concrete walls and impact-resistant glass. Property amenities include a fitness center, a social room and an outdoor pool and sauna.