DALLAS — ARA has brokered the sale of the 396-unit Alexan Southwestern Apartments, located in Dallas' Medical District. Brian O'Boyle of ARA represented the seller, Trammell Crow Residential, in the transaction. The Class A Alexan Southwestern was built in 2009 and is currently 96.5 percent occupied.
AUSTIN — Muskin Commercial has closed the sale of the 102-unit Vista Lago Apartments, located at 2215 Town Lake Circle near Lady Bird Lake in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Carlsbad, Calif.-based Lanshire Housing Partners, in the transaction. Austin Vista Lago, LP. was the buyer.
OTAY MESA, CALIF. – JJB Silverhawk, a Hamann partnership, has purchased 16.6 acres of commercial land in Otay Mesa for $3.8 million. The lot is currently entitled for 335,000 square feet of warehouse/manufacturing space. This is Hamann’s third Otay Mesa purchase within the past eight months. CBRE’s Rob Hixson and Rich Kwasny represented both the buyer and the seller, South Bay Distribution, LLC, in this transaction.
SAN DIEGO – Qualcomm Incorporated has leased 46,411 square feet of office space in San Diego. The property, which is located at 5505 Morehouse Drive, is a part of a closed-end fund managed by Grosvenor Fund Management. The new 72-month lease brings the building to full occupancy. Qualcomm represented itself in the transaction, while the landlord was represented by Tom Mercer, Ty Moffatt and Scott Moffatt of Colliers International.
TORRANCE, CALIF. – A2,180-square-foot retail property in Torrance has sold to Bobecka LLC for $1.75 million. The free-standing building was constructed in 1973. Sheri Messerlian and Damon Wyler of NAI Capital’s South Bay office represented both the buyer and the seller, Rosenbaum, in this transaction.
POMPANO BEACH, FLA. — Atlanta-based Weeks Robinson Properties and Jeremy Shapiro of Miami-based Mainstream Investment Realty plan to build a 202,000-square-foot speculative industrial project, located at 3901 NE 12th Ave. in Pompano Beach. The Class A building will include 32' clear heights, an ESFR sprinkler system and 180' truck courts. Itasca Construction is the contractor for the development and Randall Paulson Architecture is the designer. Ground breaking is scheduled within the next 60 days, and completion is slated for April 2013.
ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.
ATLANTA — A joint venture between Sereo Group and Faison Enterprises plans to build a mixed-use development, located at 131 Ponce de Leon Ave. in Atlanta. The property will include 321 luxury apartments and 8,600 square feet of retail space. Daniel Latshaw of Bull Realty represented Thirty Third Latitude Property, the seller of the land, in the transaction.
CLAYTON, N.C. — Crosland Southeast plans to construct the first phase of the 125,000-square-foot Flowers Crossroads, located on Highway 42 in Clayton. The shopping center will be part of the 28-acre Flowers Plantation, a master-planned community. A 53,000-square-foot Harris Teeter will anchor the center. The first phase will break ground in the fall with completion slated for fall 2013.
