PORT CHARLOTTE, FLA. —Marcus and Millichap has represented an undisclosed LLC in the sale of the 24,490-square-foot Courtyards of Horizon to a Port Charlotte-based doctor for $2.9 million. The senior housing facility, located at 2644 Rampart Blvd. in Port Charlotte, opened in 1989 and is licensed for 50 beds. The property was renovated in 2005 to fix damage brought on by Hurricane Charlie.
Southeast
ATLANTA — iCap Realty Advisors has secured a $1.5 million loan for the acquisition of a Bank of North Georgia in Atlanta. The undisclosed borrower’s 10-year loan has a 6.5 percent fixed rate and a 25-year amortization. Alfie Means and Bill Mitchell of iCap’s Atlanta office arranged the financing through a life insurance company.
JACKSONVILLE, FLA. — Houston-based The Morgan Group has broken ground on the first phase of the 270-unit Arelia James Island, expected to deliver next April. The apartment complex is located at the intersection of Gate Parkway and Burnt Mill Road in Jacksonville. Amenities include a pool with a cabana kitchen, a fitness center equipped with plasma televisions, a business center, a coffee bar and a high-speed Internet café. This is the company’s second project on Jacksonville’s south side.
HOWARD COUNTY, MD. — Principal Real Estate Investors has sold the 215,345-square-foot Lakeview I & II office property, located in Howard County, to The Goldstar Group and Potomac Capital Advisors for an undisclosed price. Joe Donato, Maury Zanoff and Matt Williams of CB Richard Ellis’ debt and equity finance team represented the buyer. Principal Real Estate Investors was represented by Bruce Strasburg, Bill Prutting, Jr., and Marc Rampulla of CB Richard Ellis’ investment properties team. HSH Nordbank AG financed the acquisition.
MEMPHIS, TENN. — Raleigh, N.C.-based Highwoods Properties has assumed $7.8 million of unsecured debt and issued 183,587 operating partnership units to purchase the 135,000-square-foot PennMarc office building from an undisclosed party. Highwoods will undertake $1.7 million in renovations to the six-story building, which is located on Poplar Avenue in Memphis. The building is 91 percent leased.
TAMPA, FLA. — Roger Kumar Revocable Trust has sold a 72,000-square-foot industrial building to Kennedy Investments for $2.8 million. The 2-acre site is located at 5102 W. Hanna Ave. in Tampa. Jan Boltres and Mike Scott of Grubb & Ellis|Commercial Florida’s Tampa office represented both parties.
FLORIDA — Atlantic Retail Properties has represented PETCO in its Florida expansion, opening and signing leases for several new stores statewide. New PETCO stores have opened in Mandarin, Pinellas Park, Port Richey and Ocala, Fla., with store leases signed in Jupiter and South Beach, Fla. Atlantic Retail Properties’ Tom Godino and Dan Lynch represent PETCO in its quest to open 13,000 to 15,000-square-foot stores in the state.
LOUISVILLE, KY. — Denver-based Dividend Capital Trust has purchased the 899,940-square-foot Riverport Commerce Center, a Louisville bulk industrial complex, from Riverport Commerce Center for $30.8 million. Louisville-based Commercial Kentucky’s Craig Collins and Stephan F. Gray brokered the transaction along with Jim Carpenter of Cushman & Wakefield’s Chicago office.
FAYETTEVILLE, N.C., AND CHESAPEAKE, VA. — Uniondale, N.Y.-based Arbor Commercial Funding recently secured two loans in North Carolina and Virginia through the Fannie Mae DUS program. The company arranged $16.16 million to refinance the 216-unit Jamestown Commons apartment complex in Fayetteville. The 10-year loan comes with a rate of 6.41 percent and a 30-year amortization schedule. The 124-unit Commons at Churchland in Chesapeake received a $5.53 million loan under the Fannie Mae DUS MAH product line. The 5-year loan has a 5.02 percent rate and a 30-year amortization schedule.
FORT LAUDERDALE, FLA. — Fort Lauderdale-based AutoNation, the largest automotive retailer in the country, has leased 105,000 square feet in the office building at 200 Las Olas Circle in Fort Lauderdale. The company will move its headquarters into five floors of the 17-story building in mid-2009. The 12-year lease comes with two 5-year options. In addition to its 186,516 square feet of Class A office space, the property also encompasses 17,538 square feet of ground-level retail. Thomas P. Angelo and Gavin S. Banta of Angelo & Banta represented AutoNation, and David Black of Frank, Weinberg & Black represented the landlord, 200 Brickell Ltd.