March 01, 2010
PANTHER PROPERTIES PURCHASES ORLANDO APARTMENTS FOR $26M
ORLANDO, FLA. — Panther Properties Investment has purchased the 306-unit Venue Apartments in Orlando from the FDIC for $26.5 million. The FDIC had acquired the property as part of its takeover of IndyMac Bank. The property, which is located on 27.83 acres, was developed in 2005 by Wood Partners. Features include a fitness room, a media center and a pool. Venue Apartments was first sold in May 2006 for $48 million. Cushman & Wakefield represented the FDIC in the transaction.
PLEASANT HILL COMMONS IN ORLANDO FETCHES $12.37 MILLION
ORLANDO, FLA. — MCP Retail has sold the Pleasant Hill Commons shopping center to an undisclosed party for $12.37 million. The property is located at the intersection of US Highway 17-92 and Pleasant Hill Road in Orlando. Pleasant Hill Commons, which is anchored by Publix, opened in 2008 and also houses Subway, Pizza Hut, 7-Eleven and Wendy's. CB Richard Ellis brokered the sale.
ARBOR COMMERCIAL ARRANGES LOAN FOR AUGUSTA APARTMENTS
AUGUSTA, GA. — Arbor Commercial Mortgage has arranged a $3.12 million loan for the 64-unit Avalon Apartments in Augusta. Fannie Mae DUS funded the 10-year loan. The loan carries a 6.15 percent interest rate and a 30-year amortization schedule.
REIT BUYS FLORIDA SELF-STORAGE PROPERTY
WESTON, FLA. — Strategic Storage Trust has purchased two storage facilities in Weston and New Jersey from Chicago Five Properties for a combined $23 million. The 651-unit Florida property is located at 16400 State Road 84 and is currently 86.1 percent occpuied. CB Richard Ellis represented the seller.