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.
Charlotte's retail sector has been robust with activity in the past several months, with positive signs on the horizon. Residential development in Charlotte has been driving a rise in retail projects, particularly in the city’s infill areas, such as SouthPark and the South End. For instance, more than 1,200 apartment units are under construction or planned in the South End area. This has led to more urbanized retail, including a 55,000-square-foot Publix that is under construction on four acres at South Boulevard and Iverson Way. The site will also include structured parking and additional shops. Publix has also announced a new location in Ballantyne Town Center, located at Providence Road West and Johnston Road, which is scheduled to open in early 2014. When Harris Teeter announced that it had hired JP Morgan to sell the company, rumors were rampant and there has been a lot of speculation that Publix was a likely buyer. Most industry insiders do not think that this is likely, so it will be interesting to see how this dynamic plays out. In the meantime, Publix continues to scour opportunities for new locations throughout the Charlotte market, adding a new player in the highly competitive grocery sector. …
MCDONOUGH, GA. — KTR Capital Partners has acquired a 504,000-square-foot distribution center located in the Atlanta suburb of McDonough. Situated at 220-230 Greenwood Court, the Class A building totals 504,000 square feet. It features 30-foot clear ceilings, 50-foot by 50-foot column spacing, cross-dock loading, ESFR sprinklers and trailer parking. It is currently vacant, but KTR plans to immediately reposition it. With this purchase, KTR’s Atlanta portfolio comprises six properties totaling 3.2 million square feet of space.