LEXINGTON, KY. — NAI Isaac has brokered the $1.8 million sale of a 33,000-square-foot industrial facility located at 1387 E. New Circle Road in Lexington. The undisclosed buyer plans to renovate and expanding the building. Al Isaac and Jamie Adams of NAI Isaac represented the seller, McLean Properties Inc., in the transaction. David Allen of The Gibson Co. represented the buyer.
WASHINGTON, D.C. — Balfour Beatty has been awarded a $196 million contract to build the North Block phase of Property Group Partners’ Capitol Crossing development in Washington, D.C. The North Block phase will include the construction of two 12-story, mixed-use office buildings totaling 960,000 square feet that will be connected by a glass connector bridge. Capitol Crossing is a 2.2 million-square-foot project that will span three blocks and seven acres once complete. The project will include 70,000 square feet of retail space, garden promenades, 1,100 parking spaces, a fitness center and 440 bicycle spaces. The average floor plate at Capitol Crossing will be 30,000 square feet. “Property Group Partners has a strong belief in reimagining cityscapes and revitalizing neighborhoods through sustainable building and innovative engineering,” says Leon Blondin, president of Balfour Beatty’s Mid-Atlantic division. “We’re honored to be their construction partner in building this truly historic development in the downtown core that will reconnect long-divided Capitol Hill to the East End. Having already managed the preconstruction, utility relocation and platform construction phases, it’s very gratifying to continue our work to take this project vertical and deliver its first two mixed-use buildings.” Work is scheduled to first begin on the building …
ORLANDO, FLA. — Marcus & Millichap has brokered the $63 million sale of a six-property, 1,244-unit apartment portfolio in Central Florida. The properties include the 200-unit Millennium Eagle in Orlando, the 344-unit Eagle Reserve in Orlando, the 248-unit Eagle Bay in Daytona Beach, the 232-unit Eagle Oaks in South Daytona, the 120-unit Eagle Park in Daytona Beach and the 100-unit Eagle Briar in New Smyrna Beach. The portfolio was 94 percent occupied at the time of sale. Michael Donaldson, Nicholas Meoli and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, a family partnership based in Daytona Beach. The team also procured the buyer, a private investor based in Miami.
ATLANTA — Brasfield & Gorrie has completed the construction of Sixty 11th, a 20-story high-rise apartment tower located on the corner of 11th Street and Crescent Avenue in Midtown Atlanta. The 320-unit property is the fourth phase of 12th and Midtown, a master-planned, mixed-use development owned by a joint venture between Daniel Corp., Selig Enterprises and MetLife. Sixty 11th features a five-level parking deck, 28,000-square-foot elevated amenity and pool deck and 17,000 square feet of ground-level retail space. Architect Rule Joy Trammel + Rubio designed the property to achieve LEED certification.
CHARLOTTE, N.C. — Laurel Street Residential, a Charlotte-based affordable housing developer, has broken ground on a 112-unit affordable multifamily community in the Belmont neighborhood of Charlotte. St. Paul Baptist Church is a partner in the development, which includes apartments for both seniors and the general public. The seniors housing component includes 60 units. The units are designated for seniors and families earning 60 percent of the area median income. The development is scheduled for completion by the end of 2017. Miles McClellan Construction is the general contractor, Bohler Engineering is the civil engineer and Neighboring Concepts is the architect. Public and private investments are funding the development, including a 4 percent tax credit and tax-exempt bond allocations from the North Carolina Housing Finance Agency, a $4.4 million loan from the City of Charlotte Housing Trust Fund, an $8 million construction loan from Bank of America, permanent financing from Greystone and loans from the Zechariah Alexander Community Development Corp. and St. Paul Baptist Church.
SARASOTA, FLA. — Belle Amie Anthem Realty LLC has purchased the BMO Harris Bank Building, an 11-story, Class A office building in Sarasota, for $23 million. The 128,389-square-foot property is located at 240 S. Pineapple Ave. The building was 95 percent leased at the time of sale to tenants such as BMO Harris Bank, the Shumaker, Loop & Kendrick law firm, Kirk Pinkerton law firm and Brown & Brown Insurance. Michele Fuller of Ian Black Real Estate represented the buyer in the transaction. HFF and Jag Grewal, also with Ian Black Real Estate, represented the seller, 240 S. Pineapple Office-Sarasota LLC.
CANTON, GA. — South Coast Commercial has acquired Riverstone Mill, a 43,350-square-foot shopping center located in the Atlanta suburb of Canton, for $5.7 million. ALDI anchors the 87 percent occupied center, which was developed in 2002. Fred Victor of Transwestern represented the seller, Coro Realty Advisors LLC, in the transaction.
FREDERICK, MD. — S.L. Nusbaum Realty Co. has broken ground on The Fred, a $50 million, 240-unit apartment community located within the Waverly View Planned Neighborhood Development in Frederick. Norfolk, Va.-based S.L. Nusbaum partnered with the Maryland Community Development Administration, AGM Financial Services Inc., Wells Fargo Bank N.A. and Boston Financial Investment Management to develop The Fred. The general contractor, Morgan-Keller Construction Co., expects to deliver the project by early to mid-2018. Thomas Johnson III and Richard Counselman are leading S.L. Nusbaum’s development team.
DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square-foot, newly built industrial building located at 5000 N. Ridge Trail in Davenport, a suburb of Orlando. Monmouth purchased the property from an undisclosed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet.
MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.