Friday, July 31, 2026
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OfficeSoutheast

CARDINAL POINT, HALSTATT JV ACQUIRES 123,639 SF OFFICE BUILDING

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ST. PETERSBURG, FLA. — A joint venture between Tampa, Fla.-based Cardinal Point Management and Naples, Fla.-based Halstatt Real Estate Partners has purchased Echelon Pointe, a Class A office building located in St. Petersburg. The five-story building, which was constructed in 2007, contains 123,639 square feet of space and is situated on 5.1 acres within Carillon Park office park at 970 Lake Carillon Drive. The propertyalso includes a 359-space parking deck. Echelon Pointe was 98 percent leased at the time of the sale to tenants that include Paychex, Smith & Nephew, and Regus. The Holliday Fenoglio Fowler (HFF) team of Hermen Rodriguez, Ike Ojala and Jorge Portela represented the seller, an undisclosed institutional investor. HFF’s Chris Drew led the team that arranged joint venture equity with Halstatt for the property’s purchase.

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MultifamilySoutheast

430-UNIT VIRGINIA BEACH MULTIFAMILY COMMUNITY TRADES

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VIRGINIA BEACH, VA. — Los Angeles-based JRK Property Holdings has acquired a 430-unit multifamily community located in Virginia Beach from Norfolk, Va.-based Harbor Group International. Constructed in 1985 Chase Arbor is a class B property situated off of South Independence Boulevard. Occupancy was 94 percent at the time of closing. The Apartment Realty Advisors team of Drew White, Mike Marshall and Wink Ewing represented the seller. The acquisition price was not released.

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OfficeSoutheast

AVISON YOUNG ARRANGES $4.3 MILLION OFFICE DEAL

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FORT LAUDERDALE, FLA. — Avison Young has arranged the acquisition of Cypress Court, a 41,850-square-foot office building located in Fort Lauderdale, for $4.3 million. The three-story building is situated within Corporate Park at Cypress Creek at 6360 NW 5th Way. Its common areas were recently renovated. Wayne Schuchts and Greg Martin of Avison Young represented the buyer, NRNS Acquisition McNab Road LLC, which plans to occupy the majority of the building and lease the remaining space to third-party tenants. The seller’s name was not disclosed.

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MidwestMultifamily

$23M LUXURY CONDOS UNDERWAY IN SOUTH BEND, IND.

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SOUTH BEND, IND. — Wharf Partners has begun construction on a $23 million luxury condominium project in South Bend. Planned for occupancy in 2014, The Cascade will include two eight-story buildings with two units on each floor spanning between 2,500 to 3,000 square feet. The complex will include enclosed parking, card-access entry, elevator service, private balconies and a ground-level courtyard. Panzica Building Corp. will construct the buildings to be LEED certified. Wharf Partners is the developer and owner of the project. The condominiums will be sold starting in the mid-$500,000 to $700,000 range.

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MidwestMultifamily

CONDOMINIUMS SELL FOR $18M IN METRO CHICAGO

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MOUNT PROSPECT, ILL. — Shaker and Associates Inc. has arranged the $18 million sale of 10 residential buildings located at Colonial Greens, a condominium complex in Mt. Prospect, a northern suburb of Chicago. The buildings are situated on 21.5 acres and were constructed in 1969. Windy City R.E. was the buyer, and the seller was a privately held local investment group. The buildings include 251 one- and two-bedroom apartments and were fully leased at closing.

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MidwestRetail

THE MAYFAIR COLLECTION PROJECT BREAKS GROUND IN WAUWATOSA

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WAUWATOSA, WIS. — Premier Design + Build Group and HSA Commercial Real Estate have begun construction on a 255,000-square-foot retail redevelopment project near Milwaukee. Located two blocks north of Mayfair Mall, the retail space has been preleased to Dick’s Sporting Goods, Ulta Cosmetics, Old Navy and Nordstrom Rack. Plans for the large-scale development include demolishing portions of an old produce warehouse complex and removing a former water tower. Slated for a spring 2014 completion, the retail project will include space for up to 20 tenants. Phase I of the redevelopment project will complete the retail and warehouse segment of the Mayfair Collection in the Burleigh Triangle area.

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MidwestRetail

MARCUS & MILLICHAP ARRANGES $4.9M SALE RETAIL PROPERTY

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LAPEER, MICH. — Marcus & Millichap has arranged the $4.9 million sale of Kmart Plaza, a 131,033-square-foot retail property in Lapeer, located about 20 miles east of Flint. Rick O'Connor, a retail investment specialist in Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a New York-based real estate investment firm. O'Connor also represented the buyer, Charlie Laurencelle of Laurencelle Properties, a Michigan-based private investor, in the transaction. Kmart Plaza is located at 863 S. Main St. and was 94 percent occupied at the time of sale. Anchored by Kmart, other tenants also include O’Reilly’s Auto Parts, Dollar Tree, Pet Supplies Plus, Rent A Center, Radio Shack and Maurice’s.

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IndustrialNortheast

JOINT VENTURE BREAKS GROUND ON 677,088 SF INDUSTRIAL PROJECT

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BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.

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