Monday, April 12, 2010

Crossman & Co. Announces Publix Redevelopment for Aloma Shopping Center in Winter Park, FL

ORLANDO - This month the Publix Super Market in the Aloma Shopping Center in Winter Park will be demolished. Construction will immediately begin on a new 47,000 square foot facility in the same location.

The new Publix, which should reopen before the end of this year, will include a liquor store.

 Other shops at the center---including the landmark Aloma Cinema Grill, Pet Supermarket, and Fedex/Kinko’s---will remain open while the entire property is remodeled.

Publix was one of the original tenants along with W. T. Grant Co. and Woolworth when the plaza opened in March of 1961.

For a number of years, Publix operated this location under its Food World brand. Their original store was 24,640 square feet and it was expanded to 41,990 square feet in 1994.

“This expansion is the right strategy at the right time,” said John Crossman. “The new Publix Super Market is projected to open late in the 4th quarter, and we are excited to bring this new facility to the center and to customers in this community.”

John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Molly Delahunty, Crossman & Company, 407-581-6220

Social Security Building in Port St. Lucie, FL Gets $3.435M Loan

ORLANDO, FL, April 12, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,435,000 for the Social Security Administration office building in Port St. Lucie, Florida.

Doug Rozzell, (top right photo) Company Principal, financed the Social Security Administration office building through Thomas D. Wood and Company’s relationship with a regional bank in the amount of $3,435,000.

The construction period is interest-only for 12 months, followed by a mini-permanent loan based on a 20-year amortization. The interest rate is LIBOR + 300 basis points, floor of 6.75%. The Lender waived its normal pre-payment penalty.

The loan-to-value is 80% and loan-to-cost is 90%. The 14,960 square-foot single-tenant office will be built on 1.49 acres at 6810 S. US Highway 1, Port St. Lucie, Florida.

For further information, please contact:
Doug Rozzell (407) 937-0470
Jessica Kinnee (407) 937-0470

HFF arranges $9.47M refinance of student housing complex near UNC Charlotte

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $9.47 million refinancing for the University Club, a 520-bed student housing complex near the University of North Carolina at Charlotte, North Carolina.

Working on behalf of Harrison Street Real Estate Capital and The Priess Company, HFF director Tim Joyce (top right photo)  placed a 10-year, 5.97% fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

University Club, located at 10035 Dabney Drive, is situated one-half mile from the the campus of the University of North Carolina at Charlotte.

The 94% leased property, purchased by the borrowers in 2006, has 130 four-bedroom/four-bathroom units. Community amenities include a clubhouse, fitness center, computer center, swimming pool, basketball and volleyball courts and tanning beds.

“University Club has an excellent location, approximately one-half mile from the UNC at Charlotte campus and offers a top-of-the-line amenity package at a great value to the students and renters at the property,” said Joyce.

Harrison Street Real Estate Capital, LLC, is a real estate private equity firm founded in 2005. The firm, on behalf of Harrison Street Real Estate Partners I and II, currently owns 177 properties equating to approximately $2.4 billion in real estate assets which includes over 12,900 student housing beds, 3,900 senior housing / assisted living units, over 61,000 self-storage units, 2,800 dry & wet boat storage slips and 900,000 square feet of medical office space.

 For more information on Harrison Street Real Estate Capital please visit

Timothy J. Joyce, HFF Director, (312) 528-3650,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF named to market for sale former Circuit City property in Melbourne, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale a 22,723-square-foot former Circuit City building located in Melbourne, Florida.

HFF managing director Brad Peterson (bottom right photo) will lead the marketing efforts on behalf of the seller, GE Commercial Finance Real Estate. The property is offered for $1.6 million or $86 per square foot.

Completed in 1992, the property was most recently occupied by a regional appliance retailer after Circuit City vacated the building in 2006. The property is situated on 3.6 acres at 2730 West New Haven Avenue in Melbourne and is also shadow-anchored by Target.

“The former Circuit City building may present an opportunity for a retailer or other user to purchase a prime location along US-192, the most dominant corridor in Brevard County with a daily traffic count of nearly 40,500 cars per day, at a discount to replacement cost,” said Peterson.


H. Bradley Peterson, HFF Managing Director, (407) 286-5224,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Marcus & Millichap Sells 7,648-SF Former Hops Restaurant in Tampa, FL

TAMPA, FL, April 12, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of  a 7,648-square former Hops Restaurant (top left photo) located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The sales price of $515,000 represents $70 per square foot.

Paul Bouldin, (bottom right photo) senior investment specialist and Dan Wolf, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa-based financial institution.

The buyer, a limited liability company also based in Tampa, was secured and represented by Mike Modha, investment specialist in the firm’s Tampa office.

“This Former Hops Restaurant went dark several years ago, when the economy began to falter” says Wolf.

“The buyer is relocating his wholesale business to this new facility and expects his business to increase substantially when it opens in approximately 90 days. Part of the facility will be used for the sale of tobacco, cigarettes and cigars and the remaining 4,500 square foot is rented to Taste of India, an Indian restaurant” says Modha.

Built in 1986, this former Hops Restaurant is located at 1241 E. Fowler Avenue. The lot contains approximately 1.5854 acres and has ample surface parking. The property is across from the University Square Mall, Florida's largest enclosed mall and is approximately one mile west of the University of South Florida.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700