MCDONOUGH, GA. — Panattoni Development Co. has been selected by Georgia-Pacific Consumer Products to develop a 900,640-square-foot, build-to-suit distribution center, located at 493 Westridge Rd. in McDonough. Completion is slated for fall 2012. Sean Boswell of Colliers International's Atlanta office represented the tenant in the lease negotiation.
DELRAY BEACH, FLA. — ARA has arranged the sale of a two-property multifamily portfolio, located in Delray Beach. The properties include the 149-unit The Fountains at Delray Beach, located at 14401 S. Military Trl., and the 148-unit Water's Edge, located at 500 N. Congress. Each property is currently 94.6 percent leased. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office represented the seller, Irving, Texas-based Archon Group, in the transaction. The buyer was Acumen Real Estate.
CAMBRIDGE, MD. — A 30,240-square-foot flex industrial building, located at 828 Fieldcrest Dr. in Cambridge, has been sold for $1.5 million. ABC Supply Co. formerly leased the building. Henry Hanna of Salisbury, Md.-based Sperry Van Ness-Miller Commercial Real Estate, represented the seller, the Maryland Economic Development Corp., in the transaction. The buyer was Triple Ventures.
OPELIKA, ALA. — Daesin Robot has completed the lease purchase of a 45,500-square-foot manufacturing building, located at 404 Fox Run Rd. in Opelika. David Barber of Binswanger's Atlanta office represented the seller, ATA Investments, in the transaction. Montgomery, Ala.-based Century 21 Brandy Wright Realty represented the buyer.
TUSCALOOSA, ALA. — NorthMarq Capital has arranged $29.4 million in refinancing for the 210-unit Woodlands of Tuscaloosa Phase II, located at 1100 Hargrove Rd. E. in Tuscaloosa. The student housing development is located near the University of Alabama. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac.
DETROIT — Rock Ventures is closing on its purchase of the historic Federal Reserve building in Detroit, a 176,000-square-foot building that has sat vacant since 2004. Built in 1927, the building is located at 160 W. Fort St. The Federal Reserve Bank moved to a new building in 2004, leaving the property empty. Rock Ventures was formed by Dan Gilbert, chairman and founder of Quicken Loans. In the past year, Gilbert has purchased nine buildings, three parking structures and one parking lot in downtown Detroit. Gilbert broke the news of the Federal Reserve purchase during the opening of Rock Venture's $12 million renovation of the Madison Theater Building in Detroit. The building has been renamed The M@dison.
MADISON, IND. — The Lodging Unlimited Group of Cos. has been appointed receiver of the Country Hearth Inns & Suites hotel in Madison by a Midwestern savings bank. The hotel is located at 308 DeMaree Dr. and will be operated by Lodging Unlimited's Chicago-based hotel management division. The hotel investment company reports a 50-year track record of operating and turning around troubled hotels. It is the eighth hotel currently owned and operated by the company.
FORT WAYNE, IND. — The University of Saint Francis has purchased an 83,000-square-foot complex at 431 W. Berry St. in downtown Fort Wayne. The center will serve as the main location for several of the university's new and existing media arts programs. It will also be available for use by the public for events, meetings and concerts. Barry Sturges and Carolyn Spake-Leeper of CBRE/Sturges represented the buyer and seller in the transaction.
MARLTON, N.J. — Tequesta Properties has acquired two Marlton-based office buildings from Brandywine Realty Trust for $22.8 million. Five Greentree Centre is a 165,956-square-foot office building at 525 W. Lincoln Dr. in the Greentree Corporate Centre. The second property, 30 Lake Center Dr., is a 40,287-square-foot office building located at 30 Lake Center Executive Pkwy. Both buildings were developed in 1986. Joe Sklencar of Grubb & Ellis represented both parties in the transaction.
FARMINGVILLE, N.Y. — Medford-based Ocean 11 Realty purchased the 50,000-square-foot former headquarters of Teachers Federal Credit Union (TFCU) in Farmingville for $4.6 million. The five-story office building is located at 2410 N. Ocean. The building will be renamed as the Heron Professional Center and will undergo an upgrade. Ocean 11 plans to make one floor available for leasing and market the remaining floors through an office-condominium offering. Hauppauge-based Corporate Realty Services represented TFCU in the sale. Paul Elliott of Medford-based Soundview Realty Group represented Ocean 11.
