ATLANTA — Carroll Organization has acquired two Atlanta-area apartment communities for a combined $46 million. The sale includes the 396-unit Chattahoochee Landing in Roswell and the 200-unit Abbey at East Cobb in Marietta. Chattahoochee Landing, which is 97 percent occupied, is located on 28 acres along the Chattahoochee River. Floor plans average 1,309 square feet. Carroll plans to invest $1 million in upgrades to the property. The Abbey at East Cobb, which is 98 percent occupied, was upgraded in 2005 and 2008. Carroll plans to transform the current clubhouse into a fitness center, while the current gym will serve as a resident lounge.
ATLANTA — Coro Realty Advisors LLC has acquired the 18,537-square-foot retail portion of The Brookwood, an 18-story condominium tower in South Buckhead. The street-level retail space is currently leased to Watershed restaurant, which recently relocated to the tower from Decatur, Ga., and the Saltyard gastropub, scheduled to open later this spring. The Class A tower is located at 1820 Peachtree Road. Joe Montgomery, Tony D'Ambrosio and Coleman Morris of Colliers International represented the seller, ST Residential, in the transaction. Coro Realty Advisors was self-represented.
SAVANNAH, GA. — Choate Construction has been selected to build One West Victory, a 124,000-square-foot, $18 million mixed-use development in Savannah. The project will feature 114 apartments targeting students and a four-level parking deck. Crews will also reposition two historic buildings, formerly occupied by Savannah Ice Co., to include a restaurant with a rooftop space, a fitness center, leasing office, study hall and student lounge. Jamestown Properties is the project developer and Onsite Civil Group is the civil engineer. HKS Inc. will design the apartments; Tim Haahs will design the parking deck; and Gunn, Meyerhoff, Shay will design the renovation of the Savannah Ice buildings. Construction will begin in late May, with completion scheduled for summer 2014.
HUNTSVILLE, ALA. — GBT Realty has completed construction on Huntsville's first Academy Sports + Outdoors. The 72,000-square-foot store, which opened April 26, sits on eight acres on the northeast corner of U.S. Highway 72 and West Nance Road. The sports, outdoor and lifestyle retailer has more than 160 locations throughout the Southeast, including a store in nearby Decatur, Ala. Reed Construction served as the site contractor on the project and Stewart Perry Construction was the general contractor.
SANFORD, FLA. — Marcus & Millichap has arranged the $6.8 million sale of Towne Center Plaza, an 82,098-square-foot retail property in Sanford. The property, located at 100-400 N. Mall Entrance Road, was built in 1998. Tenants include Books-A-Million, West Marine, JoAnn Fabric, Hobby Lobby and Honey Baked Ham. The property shares the same parking as the Seminole Towne Center Mall. Rob Keeler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. He also represented the buyer, a partnership.
MIAMI — EdR will acquire a purpose-built development directly across the street from the Florida International University (FIU) campus for $43.5 million from a Miami-area developer. FIU is the second largest university in Florida and the seventh largest in the United States with a 2012 total enrollment of 50,394 students, consisting of approximately 36,000 undergraduate and 14,000 graduate students. This 15-story community is currently being constructed adjacent to the north side of the university's main campus, and it is the first purpose-built student housing community development at FIU. The 542-bed apartment community will offer a variety of two- and four-bedroom apartments, with private baths for each bedroom and a washer and dryer in each unit. Amenities include a pool, Internet and Wi-Fi access, fitness center, theater room and an outdoor deck. EdR's acquisition is subject to the completion of the project in time for fall 2014 occupancy. EdR is responsible for all leasing and management operations.
PINELLAS PARK, FLA. — Capital Advisors has arranged $33.5 million in construction financing for The Spa and Residences at Gateway Centre, a 320-unit, Class A apartment complex, located at 3115 Grand Ave. in Pinellas Park. Cooper Willis of Capital Advisors arranged the mini-perm loan on behalf of the borrower, Gateway Centre LLC, through a regional bank. The seven-year loan includes 36 months of interest-only payments and a 30-year amortization schedule. The Spa and Residences at Gateway Centre will be constructed on a 39-acre site.
FRANKFORT, KY. — Lyons Magnus Inc. plans to expand operations in Frankfort, adding 50 jobs and investing $5 million in the project. The company, which develops and markets products in the food service industry, plans to purchase land to build a new facility for food processing, warehousing space and shipping. The Kentucky Economic Development Finance Authority has approved the company for tax incentives up to $400,000. The news follows other major project announcements in Kentucky. Last week, Southern Air said it would move its global headquarters to Northern Kentucky, adding 150 jobs in Florence. ZoomEssence announced that it plans to invest $3 million in a research and development location in Hebron, and Baluff Inc. has broken ground on the company's new U.S. headquarters in Independence.
OCALA, FLA. — A 109-room Hampton Inn & Suites in Ocala has sold to a limited liability company from Michigan for $5.8 million, or $53,211 per room. The hotel is located directly off I-75 on Highway 484, just minutes from Ocala's Florida Horse Park. Ahmed Kabani and Jonathan Gerszberg of Marcus & Millichap represented the seller, a Miami bank, in the transaction. David Greenberg of Marcus & Millichap represented the seller.
ATLANTA — Medtech College has signed an 11-year lease for 16,000 square feet at 2800 Century Parkway in Atlanta, part of the Century Center office park. Medtech, a medical training school with locations in the Southeast and Midwest, currently has two Atlanta-area campuses. The space was previously occupied by AT&T before its recent consolidation. Dale Lewis of Cassidy Turley represented Medtech in the relocation of its Tucker campus to Century Center. Medtech can now provide training programs to the entire northeast Atlanta area. Jim Legg of Highwood Properties represented the landlord.