LOUISVILLE, KY. — Watermark Residential has broken ground on a $27 million luxury apartment complex, located at the corner of Hurstborne and Dorsey Lanes in Louisville. The apartments will feature granite countertops and crown molding. Amenities will include a swimming pool, clubhouse and parking garages. The developer acquired the land from two financial institutions. Fred Sutterlin and Reed Weinberg of PRG Investments represented the sellers in the transactions. Completion is slated for December 2012.
CHARLOTTE, N.C. — Wood Partners has started construction on the 246-unit Perimeter Lofts, a multifamily complex located at 10110 Perimeter Parkway in Charlotte. The property will include flats, carriage, loft and direct access “brownstone” units. Amenities will include an integrated clubhouse with cyber cafe, movie and game room, fitness center, salt water pool with outdoor cabanas, grilling areas, dog park, pet spa and car care center. WP East Builders is the general contractor for the project and Geheber Lewis Associates is the architect. Completion is slated for July 2013.
AUSTELL, GA. — KBS Real Estate Investment Trust II has sold the 261,799-square-foot Hartman II, a warehouse/distribution building located in Atlanta's Austell submarket. The property is part of the 150-acre Hartman Business Center, a master planned industrial park.
ATLANTA AND ORLANDO, FLA. — Shane Investment Property Group has arranged the sale of two Chick-fil-a restaurants for a total of $3.05 million. In Atlanta, a 4,107-square-foot restaurant sold and in Orlando, a 4,519-square-foot restaurant sold. Jason Long of Shane Investment Property Group represented both parties in the Atlanta sale and the buyer of the Orlando property.
MEMPHIS, TENN. — Love Funding has arranged $9.57 million in refinancing for the 92-unit Barboro Flats, a market-rate apartment building located in Memphis. William Jones Jr. and Christopher Schilling of Love Funding's New York office arranged the 35-year, non-recourse loan through HUD.
KETTERING, OHIO — IRG Kettering I has purchased a 1.1 million-square-foot industrial facility at 2000 Forrer Blvd. in Kettering. Paul Hoge of Signature Associates represented the seller, DPH-DAS, in the transaction. Norm Khourn of Cassidy Turley represented the buyer.
BENTON HARBOR, MICH. — Quantum Real Estate Advisors has arranged the $4.9 million sale of a 14,000-square-foot Walgreens property at 875 East Napier Ave. in Benton Harbor. Walgreens has approximately 21 years remaining on its lease. Chad Firsel of Quantum Real Estate Advisors represented the buyer, an institutional investor from Minnesota. Jordan Kaufman, also of Quantum, represented the seller, a private individual from Michigan.
CHICAGO — J.C. Anderson has been selected for a 10,000-square-foot renovation to the photography lab and media room at The School of the Art Institute of Chicago. The space is located on the second floor at 280 S. Columbus Dr. The project will include construction of a new photography lab and upgrades to the school's media center and classrooms. The project is slated for completion in mid-August. Tom Bean is the project executive for J.C. Anderson. Juan Gabriel Moreno Architects will provide architectural services.
CINCINNATI — Amsdell Cos. has purchased a five-property self-storage portfolio in the Cincinnati MSA for $13.2 million. Each of the properties are situated on or exposed to major thoroughfares. Brett Hatcher of Marcus & Millichap represented the Cincinnati-based seller in the transaction. Three of the buildings are located in Kentucky and two are located in Ohio.
WILMINGTON, DEL. — Developers have broken ground on the $37 million Westin hotel at the Wilmington waterfront. The 10-story hotel will be connected to the 87,000-square-foot Chase Center on the Riverfront and will be Wilmington's first full-service hotel in more than 20 years. The Westin will feature 180 rooms, a restaurant and bar, meeting space, a fitness center and a law center. Wilmington-based The Buccini/Pollin Group is developing the hotel, which is expected to open in 2014. Pollin Miller Hospitality Strategies will manage the hotel.