ORLANDO, FLA. — Atlanta-based The First Fidelity Companies has arranged $300 million in financing for the 2,000-room Orlando World Center Marriott Resort & Conference Center. Located on more than 200 acres across from Disney World’s Epcot Center at the intersection of Interstate 4 and State Route 535 in Orlando, the property features more than 450,000 square feet of meeting and event space. The loan was placed on behalf of Host Hotels & Resorts with an undisclosed life insurance company.
Southeast
VERO BEACH, FLA. — Vero Beach-based Kite Properties LLC has broken ground on its 83-room SpringHill Suites by Marriott development in Vero Beach. Orlando, Fla.-based Pinkerton & Laws will oversee construction, and Atlanta-based Hotel Equities will manage the property. Hotel amenities include free wireless Internet, HDTV and phones with data ports. SpringHill is expected to deliver in July 2009.
CAPTIVA ISLAND, FLA. — George Powell of NorthMarq Capital’s Miami Lakes, Fla., office recently arranged $12 million in first mortgage financing for the 137-room Tween Waters Inn on Captiva Island. Financing for the 35-year-old hotel was arranged through Security Life of Denver Insurance Co. Captiva Island-based Rochester Resorts was the borrower.
BEL AIR, MD. — Construction is nearing completion on the 85,000-square-foot, $20 million Class A office property Physicians Pavilion II, located at West MacPhail Road and Maryland Route 24 in Bel Air. The building is more than 50 percent leased with tenants including Upper Chesapeake Health System, MacPhail Pharmacy, Harford Gastroenterology Associates and The Daily Grind. The project, which is a collaboration between Lutherville, Md.-based MacKenzie Commercial Real Estate and York, Pa.-based Kinsley Construction, will deliver in September.
INVERNESS, FLA. — Jenkintown, Pa.-based Gramercy Capital Corp. has sold a 17,544-square-foot office property, located at 1007 U.S. Highway 41 North in Inverness, to Highway 41 LLC for $1.05 million. The 3.05-acre property was built in 1973 and is 60 percent occupied by Bank of America. Bartow McDonald of Sperry Van Ness’ Ocala, Fla., office and Peter Stevens and Jim Pasquarella of Wayne, Pa.-based CBRE represented the seller. Venu Reddy of Coldwell Banker Commercial Landmark’s Brooksville, Fla., office represented the buyer.
CARY, N.C. — Raleigh, N.C.-based Rex Healthcare has purchased a 20-acre parcel from Sun Life Financial and Charlotte, N.C.-based developer Lincoln Harris for the construction of a 150,000-square-foot medial office property. The site is located at the intersection of N.C. Highway 55 and McCrimmon Parkway in Cary. The multi-building development will be part of the Panther Creek mixed-use project and is expected to deliver by the summer of 2010.
ALPHARETTA, GA. — On the behalf of tenant-in-common investors, Grubb & Ellis Realty Investors has sold the four-building, 235,000-square-foot business park Great Oaks Center in Alpharetta to KBS Great Oaks LLC for an undisclosed amount. Built in 2000, the property is situated on 22 acres of land and features 516 on-site parking spaces. Cushman & Wakefield of Georgia’s Stewart Calhoun and David Meline represented the seller.
LONGWOOD, FLA. — Jeffrey Bloom and Suzanne Huskey Hedrick of Coldwell Banker Commercial NRT’s Maitland, Fla., office have brokered the sale of the Estate of E. Everette Huskey’s 9,500-square-foot office building to 100 Plus LLC for $1.6 million. The property is located at 1000 Wekiva Springs Rd. in Longwood.
RICHMOND, VA. — French Acquisition Co. recently purchased a 42,000-square-foot industrial property, located at 2910 West Clay St. in Richmond, from Jackan LC for $2.1 million. The site was purchased as an investment and will be redeveloped as a mixed-use property. John Myers of Thalhimer’s Richmond office handled the sale negotiations.
WASHINGTON, D.C. — Jim Kornick, Jerry Burg and Matt Clinebell of NorthMarq’s Washington office recently brokered the sale of the 8,780-square-foot Capitol Lounge building, which contains two floors of office space and a restaurant, for $5.87 million. Further details of the transaction for the building, located at 229 Pennsylvania Ave., were not released. Roy Hill of Marcus & Millichap represented the seller.