CAIRO, GA. — Franklin Street Real Estate Services has arranged the $2.8 million sale of Cairo Corners, a grocery-anchored shopping center in Cairo, a town in southwest Georgia along the Florida border. Built in 2008, the property is located at 1000 First Ave. N.E. Harveys Supermarket anchors the shopping center and has 13 years remaining on its lease through its parent company BI-LO LLC. An unnamed company based in Delaware purchased the shopping center from Cairo Sun Properties Ltd. LLP, a Boca Raton, Fla.-based limited liability company. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller in the transaction.
Southeast
CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has arranged the $2.5 million sale of a 24,000-square-foot office building located at 1200 Charleston Regional Parkway in Charleston. Jessen Lane LLC purchased the former NanoScreen Building from Wells Fargo Bank. Mankiewicz LLC, a manufacturer of coating systems for the aviation and automotive industries, will lease space at the property. Mark Erickson of Cushman & Wakefield | Thalhimer represented Wells Fargo in the transaction.
ATLANTA — The Atlanta Falcons, along with representatives from the NFL, Major League Soccer (MLS) and the city and state government, broke ground on the new $1.2 billion stadium in downtown Atlanta. The multi-purpose project is set to open in 2017. The groundbreaking ceremony included a pyrotechnic display and a screening of a 3D movie. Atlanta Falcons owner Arthur Blank, along with NFL commissioner Roger Goodell, MLS commissioner Don Garber and Georgia World Congress Center Authority executive director Frank Poe drove shovels into the ground during the ceremony. 360 Architecture designed the 1.8 million-square-foot stadium, which will accommodate seating for 71,000 guests and feature a retractable roof and an open-air concourse. The stadium will host Atlanta Falcons football games, soccer games of Atlanta’s new MLS team, concerts and other events. The city of Atlanta hopes for the stadium to attract world-class sporting events to the city, such as the Super Bowl and the FIFA World Cup.
MIAMI — Melo Group plans to develop Melody, a 36-story multifamily high-rise tower in Miami’s Arts & Entertainment District. The tower will be located at 245 N.E. 14th St., adjacent to the Adrienne Arsht Center for the Performing Arts. Melody will feature 497 luxury apartments and 8,500 square feet of ground-floor restaurant and retail space. The property will feature a fitness center, sauna, covered parking and a lounge area for residents. Construction on the project is slated to begin in June and wrap up in May 2015. The high-rise tower will be located within walking distance of the Metrorail, Miami Trolley and Metromover.
FREDERICK, MD. — Federal Capital Partners has sold Willowdale Crossing Apartments, a 432-unit garden-style multifamily community, for $41 million. The apartment community is located at 108 Willowdale Drive in Frederick. Drew White, Sean Piplico and Ryan Ogden from ARA’s Mid-Atlantic office represented Federal Capital Partners in the transaction.
GREENVILLE, N.C. — SYNCO Properties Inc. and Stonecutter Capital Management LLC have purchased a three-property multifamily portfolio in Greenville for an undisclosed price. The buyers purchased the assets from the estate of William Dansey, the developer of the three multifamily communities. The three properties — The Madison (formerly Hyde Park), Courtney Square and Arlington Square — total 645 units. Courtney Square and Arlington Square will be consolidated into a 429-unit community known as Southgate Apartments. SYNCO and Stonecutter plan to invest $8 million in the coming months for capital improvements to the three properties. Synco Property Management, a subsidiary of SYNCO, will manage the communities. Prime Finance provided acquisition financing for the three apartment communities.
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. has signed a ground lease with George Washington University to develop on Square 75A, known as the 2100 block of Pennsylvania Avenue. The 25,000-square-foot site, located five blocks from the White House, is approved for a 250,000-square-foot, LEED Gold-certified office building with 7,000 square feet of ground-floor retail space. Skanska, which will self-finance the project, will serve as the office building’s developer and general contractor. San Francisco-based Gensler will design the Class A office building. Square 75A is one of the last significant development sites along Pennsylvania Avenue, according to Skanska.
ATLANTA — KDC has commenced construction on Park Center, a new 17-acre master-planned project in Atlanta’s Central Perimeter submarket. State Farm Insurance will lease 585,000 square feet in Park Center’s first office building, a 13-story property at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station. The office building will feature a seven-level parking structure and ground-level retail space. KDC plans to achieve LEED Silver certification. The office building is the first step in Phase I of Park Center, which will also include 17,000 square feet of retail and restaurants and a 175-room hotel. Occupancy for the first office building is slated for late 2016. At full build-out, the transit-oriented development will feature 2.2 million square feet of office space; 100,000 square feet of retail, restaurant and entertainment space; and the previously mentioned hotel. The project team includes architect Cooper Carry & Associates and general contractor Holder Construction Co.
TAMPA, FLA. — A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay’s waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.
PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.