LOUISVILLE, KY. — Berkeley Point Capital LLC has facilitated a $28.1 million loan insured by the Federal Housing Administration (FHA) for the construction of Claibourne Crossing, a 242-unit garden-style apartment community that will be located near the Lake Forest residential development and golf course in Louisville. The multifamily property will feature one-, two- and three-bedroom units in 19 two- and three-story buildings. Amenities will include a clubhouse, fitness center, business center, conference room, game room, playground and pool. TDK Construction is designing and developing Claibourne Crossing.
Southeast
ATLANTA — Mailing Avenue Stageworks, an 85,000-square-foot film and television production facility, has opened on a five-acre site close to historic Grant Park in Atlanta. An investment group led by Paul Raulet, John Raulet and Tyler Edgarton acquired a former industrial building at 1144 Mailing Ave. for the film and television production facility. The stage features 31-foot ceiling heights and an 80-by-120-foot filming area. “Georgia’s attractive incentive program, as well as talented workforce, a variety of locations and accessibility give it a competitive edge over other states,” says Lee Thomas, director of the Georgia Film, Music & Digital Entertainment Office. “As a result, we continue to experience a wealth of productions choosing Georgia for their projects.” Mailing Avenue Stageworks will be available for lease in January 2013.
CHARLOTTE, N.C. — Consumer Programs Inc., a wholly owned subsidiary of portrait studio operator CPI Corp., has sold a 59,492-square-foot warehouse and office building and two land parcels in Charlotte to Worldwide Ventures Inc. for $1.6 million. The property is located at 11001 Park Charlotte Blvd. Warren Snowdon and David Hanna of Cushman & Wakefield/Thalhimer represented Consumer Programs, and Lawrence Shaw of Colliers International represented Worldwide Ventures.
ATLANTA — McDonald Development Co. has sold two Class A bulk warehouse and distribution buildings totaling 850,000 square feet within SouthPark Business Park in Atlanta’s Airport/South Atlanta submarket to LaSalle Investment Management Inc. The industrial sale includes the 400,000-square-foot SouthPark 4600, which is leased to FedEx SmartPost, a subsidiary of FedEx Corp. It also includes the 450,000- square-foot SouthPark 3100, which is leased to BrandsMart USA, a consumer electronics and appliance retailer. Stewart Calhoun, David Meline, Samir Idris, Casey Masters and Darice Fichter Rose of Cushman & Wakefield represented McDonald Development Co.
ATLANTA — Atlanta Demolition is set to implode one of two buildings at the former IBM campus at 4111 Northside Pkwy. in Atlanta to make way for the new North Atlanta High School, which will move from its current location at 2875 Northside Dr. in August 2013. The adaptive re-use project will include the construction of a new building and reconfiguration of an existing building. The new building will include a 600-seat auditorium, a 150-seat black box theater, a 2,100-seat competition gymnasium and a practice gymnasium. The existing building will be converted into classrooms, offices, a library and a cafeteria. Cooper Carry is the project architect and JE Dunn Construction is the general contractor.
WASHINGTON, D.C. — The Avenue at Park Morton, an 83,432-square-foot mixed-use apartment building at 3506 Georgia Ave. in Washington, D.C., has opened. The property includes 83 one- and two-bedroom units and 2,388 square feet of ground-floor retail space. Park Morton Development Partners, which is a joint venture between Landex Corp. and the Warrenton Group, developed the project. WinnResidential, the property management arm of WinnCompanies, is the property manager and leasing agent.
DURHAM, N.C. — Cincinnati-based Viking Partners LLC, a private equity real estate investment firm, has sold two properties through its Fund I including the 40,000-square-foot Generation Plaza, an office building in Durham. The other property was the 20,150-square-foot Shoppes of Deerfield South, which is shadow-anchored by Walmart in Cincinnati. Viking Partners acquired both properties in 2010. Generation Plaza sold for $3.6 million.
JACKSONVILLE, FLA. — Raleigh, N.C.-based First Citizens Bank and Trust has acquired two properties and leased a third property for expansion in Northeast Florida. The financial institution purchased three combined lots at the corner of San Marco Boulevard and Cedar Street in Jacksonville to construct a two-story, 6,000-square-foot building that will house its Jacksonville office and San Marco branch. It also purchased a 4,053-square-foot vacant building at 13860 Old St. Augustine Rd. within the Shoppes of Bartram Park. The building previously served as a banking branch of another financial institution. The Federal Deposit Insurance Corp. (FDIC) sold the building to First Citizens for $2.25 million and it will be renovated for the bank’s Julington Creek branch. First Citizens is also relocating its Ponte Vedra branch to 830 State Rd. A1A North within Tournament Plaza through a 2,500-square-foot lease from Sleiman Enterprises. Lee Stine and Rick Sutton of Jacksonville-based Grubb & Ellis/Phoenix Realty Group represented First Citizens in all three transactions.
COCOA BEACH, FLA. — The 148-room Doubletree Hotel Resort, located at 2080 N. Atlantic Ave. in Cocoa Beach, has traded for $15.1 million. Oklahoma City, Okla.-based Southern Hospitality sold the resort to Pandey Hotel Corp., the U.S. division of New Zealand-based CP Group. Robert Taylor and Lisa Zaranek of CBRE Hotels represented the seller.
ATLANTA — Miami-based Burger King Worldwide is refranchising 42 company-owned Burger King restaurants in metro Atlanta to GPS Hospitality. Tom Garrett, former president and chief executive officer of Arby’s Restaurant Group Inc., operates GPS Hospitality. “GPS Hospitality is singularly focused on building the Burger King brand in the Atlanta area,” says Garrett. Refranchising refers to selling off corporate-owned stores to franchisees with the capital to give those stores a boost. Burger King Worldwide will additionally remodel 29 Burger King restaurants in the Atlanta area during the next three years.