ATLANTA — An affiliate of Valdosta, Ga.-based Ambling University Development Group (AUDG) has purchased an approximately 1.4-acre site near Georgia State University for $7.9 million. The site is located at 70 John Wesley Dobbs Ave. in downtown Atlanta. The former Ramada Hotel, rental car facility and parking garage on the property will be redeveloped in two phases. Phase I will include a 138-unit, 291-bed student housing facility that will open in summer 2013. A new tower featuring approximately 108 student housing units and 424 beds will open in summer 2014. Phase II will also include a new parking garage. John DeYonker of Bull Realty represented the seller in the transaction.
Southeast
LEESBURG, VA. — A joint venture between Federal Capital Partners (FCP) and Kettler has purchased a majority interest in The Fields of Leesburg apartment complex. The Fields of Leesburg is a 404-unit garden apartment complex at 75 Plaza St. in Leesburg. The property was originally built in the 1970s in two phases and participates in an affordable housing tax credit program.
CLEARWATER, FLA. — The 172,596-square-foot Bayside Bridge Plaza, a grocery-anchored shopping center located at the intersection of McMullen Booth and Coachman roads in Clearwater, has traded for $17.25 million. An affiliate of Montreal, Canada-based Dalfen America Corp. sold the retail property to an affiliate of Hallandale, Fla.-based Isram Group of Companies. Bayside Bridge Plaza was built in 1989 and renovated in 2004 and 2010. A 42,112-square-foot Publix anchors the property, which is 91 percent leased. Other tenants include Family Fitness, Gatti Town Restaurant, Dollar Tree, Pet Supplies Plus and Ace Hardware. Casey Rosen, Dennis Carson and Nikolas Kozy of CBRE represented the seller in the transaction.
ROCKY MOUNT, N.C. — Crayton Commercial will redevelop the 76,400-square-foot Edgecombe Park Shopping Center in Rocky Mount. A 54,000-square-foot Roses Supercenter, which combines a traditional Roses Discount Store with a full-line grocery store, will anchor the retail property. The space will also include a national dollar store retailer and soft goods tenant. Redevelopment will include demolition and reconstruction of the building’s façade and new roof systems, HVAC, ceilings, lighting and electrical work on the interior. Edgecombe Park is scheduled for completion in summer 2013.
FRONT ROYAL, VA. — Calkain Cos. has brokered the sale of two bank pad sites that are ground leased to BB&T and Wells Fargo for $6.5 million. The properties are located within Crooked Run Shopping Center, which is anchored by Target, in Front Royal. Rick Fernandez and Betty Friant of Calkain Cos. represented the seller and buyer.
ORLANDO, FLA. — Fort Lauderdale, Fla.-based Morgan Property Group (MPG) has sold an 18.8-acre Orlando retail parcel that is ground leased to WaWa Inc. for $2.2 million. MPG acquired the parcel at Semoran and Auvers boulevards in 2007 through its affiliate Semoran Partners LLC. A freestanding Walgreens drugstore was developed and the property adjacent to Walgreens was ground leased to WaWa, a convenience store that will feature eight pumping stations when it opens in the first quarter of 2013. Dean Zang of Marcus & Millichap represented the seller, while Clinton Textor of Marcus & Millichap represented the buyer.
SPARTANBURG, S.C. — The Wells Fargo and Ward Law Building at 233 S. Pine St. in Spartanburg has sold for $1.3 million. Dan Dunn of NAI Earle Furman’s Spartanburg office represented the unlisted seller. NAI Earle Furman’s Greenville, S.C., office and Greenville-based Investment Services Group procured the buyer.
BETHESDA, MD. — Brasfield & Gorrie, in a joint venture with Walbridge, has completed the new Main Exchange Complex at Walter Reed National Military Medical Center in Bethesda. The $42 million, 151,450-square-foot design-build project began in July 2011 and the facility is now serving the campus. The complex is the largest Navy Exchange in metropolitan Washington, D.C., and was designed to serve the retail and personal needs of active duty, wounded warriors, reserve and retired military personnel. The Exchange was designed to be the first LEED Gold-certified exchange and was constructed to anti-terrorism and force protection standards. It includes a pharmacy, barber shop, beauty salon, clothing and jewelry retailers, food court, dry cleaner and uniform center. CMH Architects, Timmons Group and I.C. Thomasson served as the project architect.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.