MIAMI — Carlisle Development Group and Carrfour Supportive Housing have completed renovations to the Royalton, located at 131 S.E. 1st St. in Miami, turning the historic hotel into a 100-unit apartment complex. The property, which was built in 1923 and cost $18.5 million to renovate, will accommodate formerly-homeless citizens with fully-furnished apartments. Monthly rents range from $167 to $622 based on income. Amenities include wireless Internet, a computer lab and laundry facilities.
Southeast
SARASOTA, FLA. — RockBridge Capital has closed a $14.2 million loan for Naples, Fla.-based White’s Lodging’s development of a 114-room Hyatt Place, located across from Sarasota International Airport’s main entrance in Sarasota. Hotel amenities include a wine/espresso bar and a guest kitchen.
VILLA RICA, GA. — Damon Reed of Capmark’s Birmingham, Ala., office has arranged a $4.8 million fixed-rate loan for the acquisition of the 96-unit Arbor Bend Apartments. The complex, located at 200 Industrial Blvd. in Villa Rica, comprises six two-story buildings and features a swimming pool and a clubhouse. Capmark’s 7-year loan comes with a fixed interest rate during the first 6 years of the loan and a 30-year amortization schedule. The property is currently 95 percent occupied.
WILLIAMSBURG, VA. — Patriot Development Associates has sold 8,962 square feet of office space, located at 5388 Discovery Park Blvd. in Williamsburg, to Robert Yancey and Alcove Corp. for $1.83 million. The space is comprised of multiple office condominiums in the 24,000-square-foot Patriot Park Business Center. GVA Advantis’ Jay Joseph represented the seller, and Mike Putt of Old Point Realty represented the buyer.
VALDOSTA, GA. — Skanska USA Building has broken ground on a new 122,141-square-foot student union center, located at the intersection of Baytree Road and North Oak Street on the campus of Valdosta State University. The $43.2 million project includes construction of the three-story building and demolition of existing structures. The property is being designed by Ellis, Ricket and Associates and will house a theater, bookstore, dining room, kitchens, offices and a multipurpose room. Delivery is scheduled for December 2009, and the facility will open in January 2010.
WOODBRIDGE, VA. — Catons Ridge Office Park LLC has broken ground on the 200-unit Fairfield at Catons Crossing, part of the 400,000-square-foot Catons Crossing mixed-use project located in the Potomac Mills area of Woodbridge. The apartment complex will encompass six four-story buildings, and amenities include a clubhouse and a pool.
WEST PALM BEACH, FLA. — Rendina Cos. has broken ground on its three-building, 100,000-square-foot University Centre development, located at the intersection of U.S. 441 and Belvedere Road in West Palm Beach. South University has signed a 10-year lease for the 40,000-square-foot first building and 30,000 square feet of space in the second property. The university will occupy the site in fourth quarter 2009, taking advantage of the building’s amenities, which include large lab space, lecture halls, a library and seminar rooms.
CHARLOTTE, N.C. — Bill Wood of Charlotte, N.C.-based Trinity Partners has leased space in two local warehouses totaling more than 210,000 square feet to two companies. He represented Costa Mesa, Calif.-based Anna’s Linens in its lease of 112,000 square feet in ProLogis’ Ridge Creek 1 building, located on Ridge Creek Drive in Charlotte. Westerville, Ohio-based Exel has also renewed its 102,600-square-foot lease for 1000 Bond St. in Charlotte. Further details of the loans were not announced. Ridge Creek will serve as a primary distribution point for Anna’s, and Excel will continue to use its property on Broad Street to service its Freightliner account.
DUNCAN, S.C. — PrecisionCast Parts Corp. has sold a two-building, 148,796-square-foot property, located on Victor Hill Road in Duncan, to Charlotte, N.C.-based Forsite Development for an undisclosed price. Charleston, S.C.-based Coppedge & Tison’s Marcus Cornelius, IV, and Todd Younghans represented the seller.
SANDY SPRINGS, GA. — Atlanta-based Wells Real Estate Investment Trust II has taken majority ownership of the recently completed 354,963-square-foot Three Glenlake, which was leased to Newell Rubbermaid. Wells has signed a new 12-year lease with the company, which will continue to operate its corporate headquarters in the building. Three Glenlake, a 14-story tower, was built to Green Globes environmental standards by Pope & Land Enterprises, Granite Properties and Greenstone Properties. Eastdil’s Randy Evans and Mike McDonald brokered the closing, and Wells was represented internally by Keith Willby.