MIAMI — Bilzin Sunberg Baena Price & Axelrod closed an $85 million construction loan for MBeach1’s redevelopment of 1111 Lincoln Rd. in Miami. Mellon United National Bank served as the loan’s lead arranger, with SunTrust Bank and KeyBank also participating. When completed, 11 11 will offer residential units, a bank, two restaurants and 40,000 square feet of retail space. The architecture firm Herzog & DeMeuron, responsible the main venue of the 2008 Summer Olympics, designed the building.
BALTIMORE — St. John Properties is developing a 104-acre office park in Fredrick, Md., which will feature more than 400,000 feet devoted to scientific research. The project, located south of Fredrick near the intersection of MD Route 85 and MD Route 270, will house 11 tenants in separate buildings, ranging from 25,000 square feet of space to 62,050 square feet of space, and is expected to deliver in the first quarter of 2009.
TAMARAC, FLA. — R. Lee Brushingham of Sperry Van Ness’ Fort Lauderdale office recently completed the sale of Commercial Place, a 45,000-square-foot, 3.54-acre property in Fort Lauderdale, to Margate, Fla.-based TML Associates, for $4 million. The property, built in 1975, is 76 percent occupied. Brushingham represented both parties in the transaction.
HENRICO COUNTY, VA. — McKenny Land Co., an industrial real estate investment company, purchased the 14,600-square-foot property at 6700 Janway Dr. in Richmond, for $1.2 million. Millard F. Jones, II, of Thalhimer negotiated the sale on behalf of the Louisiana-based Royal Oldsmobile Company. The property, a former body shop, was purchased as an investment.
ORLANDO, FLA. — Michael Collard Properties tapped Pertree Constructors to build 25,000 square feet of retail space at Saxon Crossing Retail Center, a shopping center in Orange City, Fla., anchored by an L.A. Fitness, for $2.1 million. The extra square footage will make room for as many as 18 businesses.
FORT MYERS, FLA. — Mark Alexander of Sperry Van Ness’ Ft. Myers office recently completed the sale/leaseback of Cypress Professional Building, a 29,927 square-foot office building in Punta Gorda, Fla., for $7.8 million. Alexander represented the seller, Corazon Development, and Bob King of R. King & Associates of Tampa worked on behalf of the buyer, Raleigh, N.C.-based Oaks Development. The building is 100 percent occupied.
TAMPA, FLA. — CLW Health Care Services represented Coastal Community Retirement Corporation in the $55.6 million sale of Marsh’s Edge in St. Simon’s Island, Ga. The 75-acre retirement community is comprised of 30 cottage homes, a 52-unit health care center and more than 100 individual apartments.
ATLANTA — California-based Grubb Realty Investments negotiated the purchase of Creekside Crossing, a 280,480 square-foot, 280-unit apartment complex in Atlanta for $25.4 million from Norfolk, Va.-based Harbor Group Properties. Amenities include a swimming pool, a nature trail and a business center. Both companies were working on behalf of affiliates.
ATLANTA — Bucky Winfield of Atlanta-based Richard Bowers & Co. brokered Meritex Marietta’s purchase of a 168,000-square-foot industrial space in Marietta, Ga. The property, located at 1700 and 1750 Enterprise Way, was acquired from 1700 Enterprise Way, L.P., and Sullivan 75, L.P. Meritex acquires and develops institutional grade industrial properties.
ATLANTA — Grubb & Ellis Realty Investors recently purchased a 222-unit multifamily community at 3100 River Exchange in Sandy Springs, Ga., from AMLI Residential for an undisclosed sum. The 23-acre property, which was built in 1997, comprises nine residential buildings and a clubhouse as well as a pool and a fitness center. David Pike and Anne McNeil of Wachovia arranged financing for the purchase.
