LOUISVILLE, KY. — CBRE Capital Markets has arranged financing in the amount of $109.5 million for an office portfolio in Louisville. The Class A, 13 building portfolio comprises of more than 923,000 square feet. The on-book loan, financed by GE Real Estate, features a 3-year fixed rate term and was financed on behalf of Fenley Office Holdings LLC. Jeremy Chism, Vice President of the Memphis office CBRE Capital Markets Debt & Equity Finance group, arranged the financing on behalf of Fenley Office Holdings, LLC. Joel Traut, Relationship Manager at GE Real Estate arranged the first mortgage.
HUNTERSVILLE, N.C. — Rosedale at Lake Norman Village has traded hands for $2.27 million in Huntersville. The 11,649-square-foot medical/office building is located at 10210 Hickorywood Hill Ave. A Cornelius, N.C.-based private investor acquired the property from a Denver, N.C.-based private investor. Robert Podewils of Sperry Van Ness’s Charlotte office represented the seller and Jeff Mullis and Eddie Blanton, also of Sperry Van Ness, represented the buyer in the transaction.
BILOXI, MISS. — Meridian Capital Group has arranged an $18.9 million loan for the acquisition of Oak Grove Apartments in Biloxi. Terms of the fixed rate loan include a seven-year term and three years of interest only non-recourse. Seth Grossman and Brad Gladsden of Meridian’s Florida office negotiated the deal. The property consists of 23 buildings and 244 units.
CLARKSTON, GA. — Boston Capital has acquired Tuscany Village Apartments in Clarkston, outside Atlanta. Boston Capital has partnered with The NuRock Companies, which plan an extensive renovation. Once completed the complex will include a community center and seven residential buildings featuring 72 one-bedroom and 72 two-bedroom units.
FORT MYERS, FLA. — J.L. Wallace has completed the expansion and renovation of the National Guard Armory in Fort Myers. Built in the 1950s, the renovation of the existing 10,520-square-foot included bathroom facilities, offices, supply areas and storage rooms. A 2,500-square-foot expansion was completed and includes a new training area, storage space and mechanical and electrical rooms.
FLORIDA, TENNESSEE AND NORTH CAROLINA — Sonnenblick-Eichner has arranged $60 million in financing for a seven property hotel portfolio in Florida, Tennessee and North Carolina on behalf of Cooper Hotels. The portfolio includes Crowne Plaza Fort Myers, Florida; Doubletree Memphis, Doubletree Murfreesboro, Doubletree Jackson, Doubletree Oak Ridge, and Doubletree Johnson City, all in Tennessee; and Homewood Suites Charlotte, North Carolina. The five-year, interest-only facility was priced at 250 bps. over Libor.
WELLINGTON, FLA. — Fort Lauderdale, Fla.-based PEBB Enterprises has completed The Shoppes of Isla Verde, a 210,000-square-foot power center in Wellington. The Shoppes is the commercial component of a 54-acre mixed-use project. Tenants include Best Buy, The Sports Authority, Office Max, Petco, ULTA, Off Broadway Shoes and CVS.
FORT MYERS, FLA. — Nu-Cape Construction Co., a division of Owen-Ames-Kimball Co., is providing construction management on Nova Southeastern University’s Fort Myers Student Educational Center located in Fort Myers. The 60,000-square-foot, four-story build-out will house the university’s health care and allied professionals programs. Interior space will include classrooms, computer labs, faculty offices and meeting spaces.
LAKE WORTH, FLA. — Lake Worth Plaza LLC has acquired three properties in Lake Worth from Bleeker-Grove Associates FL LLC for $1.9 million. The transaction includes a 5,795-square-foot shopping strip located at 220 S. Dixie Hwy.; a 5,000-square-foot shopping strip located at 210 S. Dixie Hwy.; and a 5,300-square-foot office building located at 230 S. Dixie Hwy. David Luther and Justin Hopkins with the Marcus & Millichap’s Fort Lauderdale office represented the seller and secured the buyer in the transaction.
Submitted by Barry Wolfe, VP Investments and Michael Zimmerman, senior associate with the Fort Lauderdale, Florida, office of Marcus & Millichap Real Estate Investment Services. Posted Online 5-28-08. What area is your expertise? Broward County (Fort Lauderdale)/Miami-Dade County (Miami), Florida What trends do you see presently in retail development in your area? The housing market downturn and credit market shake up have caused retail development in South Florida to slow. Developers are having difficulty getting as much leverage as they had grown accustomed and lenders are now requiring either total or partial recourse. Another reason for the decrease in construction is simply that there is not a lot of available land for new development. What we are seeing in the pipeline is discount retail centers, such as Super Wal-Mart and Super Target, adding locations throughout both counties. What type of retail product is doing well in your area? Class A assets, such as grocery anchored (and in particular Publix-anchored centers) are always viable whereas un-anchored Class B/C shopping centers are struggling with vacancies, in part due to increasing expense pass-throughs. What retailers are new to your area? One of the largest new South Florida retailers is Ikea, which recently opened …