BETHESDA, MD. — Architecture firm Perkins + Will has completed design work on Phase II of the National Institute of Health’s (NIH) John Edward Porter Neuroscience Center in Bethesda. The 320,000-square-foot research center is made up of 10 different institutes, including the National Institute of Neurological Disorders and Stroke and the National Institute of Mental Health. The research center also includes an advanced MRI suite, the first of its kind in the world. Perkins + Will designed the property with sustainable features, such as geothermal wells, ground source heat pumps, chilled beams and LED lights. Phase I of the research center was completed in 2004.
Southeast
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $18.2 million sale of Whispering Palms, a 315-unit apartment complex located at 4540 N.W. 36th St. in Lauderdale Lakes. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, an investor with headquarters in Miami and New York, as well as the buyer, a New York-based investor. The community, built in 1973, features a playground, pool, on-site laundry facilities and elevators. The asset was 96 percent occupied at the time of sale.
MIAMI — Southeast Financial Center, Florida’s tallest and largest office tower totaling more than 1.2 million square feet in Miami’s Central Business District, will undergo a nearly $8.2 million renovation plan. Since 2008, J.P. Morgan Asset Management – Global Real Assets has invested more than $20.5 million in capital improvements to the office tower. The renovation includes a $6.4 million elevator modernization project led by elevator provider Schindler. Other plans for the capital improvements include SemaConnect installing electric vehicle charging stations with payment options; construction of a conference and training center for tenants; a new roof; new common area signage; two pay-on-foot payment stations in the parking garage; and a tenant portal to streamline property management processes.
FREDERICKSBURG, VA. — NAI KLNB has brokered the $2.3 million sale of a 55,000-square-foot, single-story warehouse building at 4406 Overview Drive in Fredericksburg. The buyer, Tobacco Road 2012 LLC, purchased the property from Baltimore-based Northeast Foods, a bread manufacturer. The property features 16 loading docks with 28-foot clear ceiling heights and 10,000 square feet of freezer space. John Milligan and Andy Georgelakos of NAI KLNB represented the seller in the transaction. George Kolentsi of Gatehouse Realty represented the buyer.
SMYRNA, GA. — Atlanta-based Cocke Finkelstein Inc. has acquired The Park at Vinings, a 484-unit apartment community in Smyrna, for $49.5 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community, which was 97 percent occupied at the time of sale. The Park at Vinings offers one-, two- and three-bedroom floorplans. Amenities include a two-story pool with waterfalls, six lighted tennis courts, a volleyball court, pond with a gazebo, playground, car care center and a dog park.
MIAMI BEACH, FLA. — Franklin Street Real Estate Services has brokered the $4.3 million sale of a 24-unit apartment building in Miami Beach. The apartment community is located at 8101 Crespi Blvd., about five minutes south of Bal Harbour and 15 minutes north of South Beach. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor, in the transaction. The buyer, a real estate investor and developer from Italy, purchased the asset with the intent to convert the project to a condominium development.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $3.4 million sale of Springhill, a 192-unit apartment property at 100 Swift Blvd. in Goose Creek. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The property was built in 1974 and was in the mid-70 percent occupancy range at the time of sale.
ATLANTA — Lincoln Property Co. Southeast has arranged office lease renewals totaling 30,048 square feet at Eleven Seventeen Perimeter, a Class A office building in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. represented the unnamed landlord in the transactions, which include: Troy University renewing its 13,291-square-foot lease. Kathleen Burke of Cresa Atlanta represented Troy. Visionaire Partners renewing its 6,273-square-foot lease. Pete Shelton of Colliers International represented Visionaire. Care Solutions renewing its 5,681-square-foot lease. Ryan Cone of Cone Middour Partners represented Care Solutions. CURE Childhood Cancer renewed and expanded its lease to 4,803 square feet. Greg Kindred of Richard Bowers & Co. represented the tenant.
GLEN BURNIE, MD. — First Potomac Realty Trust has signed Skyline Technology Solutions to an 11-year lease for 28,753 square feet at Aviation Business Park in Glen Burnie. Aviation Business Park features three single-story, Class A office buildings totaling 120,285 square feet. The property is located about two miles from Baltimore-Washington International Airport. The transaction with Skyline brings the park to 70 percent occupancy.
SANDY SPRINGS, GA. — Core Property Capital has selected SRS Real Estate Partners to lease Sandy Springs Gateway, Core’s new 21-acre mixed-use development underway in Sandy Springs, a suburb of Atlanta. The new development will be located at the intersection of Roswell Road and Windsor Parkway. Core Property Capital is developing the office and retail portions and JLB is developing the multifamily component of Sandy Springs Gateway. The property’s tenant roster will include Tupelo Honey Café, Urban Cookhouse, CVS/pharmacy, an unnamed restaurant concept and a specialty grocer. Core Property has begun demolition on the site and construction is expected to wrap up in spring 2015. Lily Heimburger and Adrienne Crawford of SRS Real Estate Partners represented Core Property Capital in the lease transactions with its new tenants. Sarah Williams of SRS represented Urban Cookhouse and Howard Zoldessy of Southern Management & Development LP represented Tupelo Honey Café. The additional tenants did not have broker representation.