MIAMI — Swire Properties has acquired the Florida headquarters of Northern Trust Bank, located at 700 Brickell Ave. in Miami, for approximately $64 million. The developer plans to incorporate the 1.55-acre site into Brickell CityCentre, its $1 billion mixed-use development, which is under construction adjacent to the property. Phase I of Brickell CityCentre will include a luxury shopping center, two residential towers, a hotel, a wellness center and Class A office space. Northern Trust Bank plans to relocate its headquarters to 600 Brickell Ave., where it will be the anchor tenant and operate a branch on the ground floor. Steelbridge Real Estate Services and CB Richard Ellis represented the sellers, The Northern Trust Company and the Co-Trustees of the Marjorie O. Brickell Revocable Trust, in the deal.
FAYETTEVILLE, ARK. — Apartment Realty Advisors (ARA) has brokered the sale of Mountain Ranch Apartments. The 360-unit, Class A community is situated on 15 acres in western Fayetteville, minutes from the University of Arkansas. It was constructed in 2010 by the seller, SC Bodner Co. Unit floor plans average 984 square feet, and community amenities include a clubhouse with an entertainment lounge, game room, coffee bar, 24-hour fitness center and resort-style pool with tanning area. Occupancy was 94 percent at the time of closing. ARA brokers Brandon Lamb and Brian O’Boyle, Jr. represented the seller. The buyer was a joint venture between Capital Assets Inc. and Moriah Real Estate Co. The acquisition price was not disclosed.
RICHMOND, VA. — Thalhimer Realty Partners, the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has acquired an approximately 100,000-square-foot industrial building located at 3200 W. Clay St. in Richmond from ABNOR Corp. for $1.8 million. Thalhimer plans to redevelop the property into a 100-unit apartment community that will also include a clubhouse, fitness center, pool and interior parking. Construction will begin in January 2014. Walter Parks Architects will design the project and MGT Construction will build it. Upon completion, Cushman & Wakefield | Thalhimer’s Residential Property Services Group will manage it.
TAMPA, FLA. — Franklin Street Real Estate Services has completed the sale of Courtyards of South Tampa, a 71-unit apartment complex located at 3814 W. Euclid Ave., for $4.1 million. The property was constructed in 1969 and features a swimming pool. Occupancy was 94 percent at the time of closing. The Franklin Street team of Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames represented the seller, a local investor. The buyer, a local real estate group, plans to continue renovating the units and eventually raise rents.
CORAL SPRINGS, FLA. — CB Richard Ellis (CBRE) has arranged the sale of two net-leased restaurant buildings in Coral Springs. Bonefish Grill leases a 5,000-square-foot, freestanding building at 1475 University Drive. Wendy’s occupies and holds the ground lease to the adjacent 3,000-square-foot, freestanding building at 1455 University Drive. The tenants have been at these locations since 2004. David Donnellan and Todd Weintraub of CBRE’s Fort Lauderdale office represented the seller, a private REIT. The buyer was North University Properties LLC.
RICHMOND, VA. — Select Income REIT has purchased the global headquarters of MeadWestvaco from NewMarket Corp. for $143.6 million. Constructed in 2009 as a build-to-suit for the global packing and packaging solutions firm, the nine-story building is located at 501 S. 5th St. in Richmond’s River District. It totals 310,950 square feet and contains a conference and training center, cafeteria, coffee shop and fitness center. It holds a Four Globes rating from the Green Building Initiative. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Jess Dickinson, all of Holliday Fenoglio Fowler, represented NewMarket Corp. in the deal.
ARLINGTON, VA. — Los Angeles-based Lowe Enterprises has completed its redevelopment of 1400 Crystal Drive, a 13-story office tower located in Arlington’s Crystal City submarket. Lowe took the building down to its structural frame with the project, which began with the addition of a new floor-to-ceiling glass façade. The existing floor plates were expanded, adding 25,000 square feet to the building and bringing its total rentable size to 308,000 square feet.The lobby was modernized with marble and stainless steel finishes, and a penthouse terrace was added. The redesigned building also features an on-site fitness center and a tenant conference center. The building is designed to meet LEED-Gold standards. Lowe also signed its first lease with a tenant that will take the entire 24,667-square-foot top floor of the building.
JACKSONVILLE, FLA. — Colliers International has brokered the sale of an operations/data center in Jacksonville for $5.3 million. The property totals 119,330 square feet and is situated on approximately 12 acres at 8324 Baymeadows Way. The Colliers team of Chuck Diebel, Robert Selton III and Guy Preston represented the seller, First States Investors 4000C LLC. Bobby Gatling of Newmark Grubb Phoenix Realty Group represented the buyer, CXP Capital LLC.
ROCKVILLE, MD. — Federal Realty Investment Trust has begun a renovation project at The Crest at Congressional Plaza, a 146-unit apartment community the REIT owns in Rockville. The project will include common area and unit upgrades. A new outdoor café area will be built along with a new swimming pool and lounge area. Units will receive new porcelain flooring, luxury kitchens, hotel-inspired bathrooms and designer lighting packages. Select units will also receive updated patios. The project team includes McInturff Architects, Lohre Interior Consultants, Lila Fendrick Landscape Architecture & Garden Design, and Ross Renovation & Construction Management. Completion is slated for summer 2014.
FORT MYERS, FLA. — LandQwest Commercial has brokered the sale of a former Iberia bank branch in Fort Myers for $1.2 million. The two-story, Class A office building is located at 2225 First St. and contains 7,981 square feet of space. LandQwest’s Bryan Myers represented the undisclosed seller in the deal. The buyer was Palm Lee Properties.