ATLANTA — Cooper Carry has completed design work on three projects for colleges throughout the state for a total construction cost of $20.4 million. The company designed the new $13.3 million student center at Georgia Highlands College in Cartersville, which opened in August in time for the fall semester. The 55,000-square-foot, two-story building includes a student lounge, bookstore, cafe and game room. The 36,000-square-foot library at Atlanta Technical College also opened in August. The $3.9 million renovation included new high-tech audio and media production space. The third project was a library expansion at Shorter University in Rome that opened earlier this month. The 13,000-square-foot, three-story addition to the Livingston Library included additional space for books, as well as a computer lab and reading room.
Southeast
ATLANTA — KBS Strategic Opportunity REIT has purchased the 393,502-square-foot Powers Ferry Landing East, an office complex located in Atlanta. The property includes three, six-story buildings. KBS and its affiliates now own more than 1.26 million square feet of commercial real estate space in the greater Atlanta area.
MIAMI — Terreno Realty Corp. has acquired two industrial buildings totaling 138,000 square feet, located at 7500-7600 NW 26th St. in Miami, for $12.1 million. The properties are fully leased to one tenant. As part of the transaction, the company assumed a mortgage loan with a total principal amount of approximately $6.2 million.
BOYNTON BEACH, FLA. — Capital Advisors has arranged $12.04 million in acquisition financing for the 151,459-square-foot Shoppes at Boynton, a community shopping center located at the corner of Congress Avenue and Gateway Boulevard in Boynton Beach. Ross Dress for Less, Tuesday Morning and Deal$ anchor the center. Cooper Willis of Capital Advisors arranged the seven-year loan with a 30-year amortization schedule through Life Insurance Co. of the Southwest on behalf of the borrower, Boynton FCA.
OXFORD, MISS. — Carter and Chance Partners have broken ground on the $40 million, 753-bed Highland Square, a student housing community located less than two miles from the University of Mississippi in Oxford. Amenities will include three pools, fitness trails, media center, individual cottage courtyards, community fireplaces, basketball and volleyball courts, a lawn with a stage and games, dog park, car wash, dog wash and media center. Campus Advantage will oversee the property. Completion is slated for July 2013.
TAMPA, FLA. — Marcus & Millichap has arranged the $5.05 million sale of the 47,150-square-foot SpaceSavers Storage, a self-storage property located in Tampa. The property includes 475 units and is 85 percent occupied. Michael Mele of Marcus & Millichap represented both the seller, a Tampa-based private investor, and the buyer, a Cleveland-based limited liability company, in the transaction.
NORTH PALM BEACH, FLA. — Grieco Motors has purchased the 6.5-acre former Ed Morse Chevrolet Dealership, located at the corner of Northlake Boulevard and Alternate AIA in North Palm Beach, from Morse Operations for $5 million. The property includes three buildings totaling 45,000 square feet. The buyer plans to open a new dealership, Grieco Mazda of North Palm Beach, in the main 35,000-square-foot building and will lease the remaining 10,000 square feet. Reichel Realty represented the seller in the transaction.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $67.5 million in financing for the 443-unit Huntington Gateway Apartments, a high-rise residential community located in Alexandria. Amenities include a fitness center, spa, racquetball court, barbecue area, fireside lounge and tennis courts. Ted Hermes and Elizabeth Conahan of Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule through New York Life Insurance Co. on behalf of the borrower, Huntington Apartment Associates.
BOYNTON BEACH, FLA. — Beech Street Capital has secured a $21.7 million acquisition loan for the 300-unit Ashley Lake Park, a multifamily community located in Boynton Beach. Amenities include a 24-hour fitness center, basketball court, two resort-style pools, jacuzzi, laundry facility, playground, tennis court and clubhouse with Wi-Fi. Mitch Sinberg and Michael Wallace of Beech Street arranged the seven-year loan with two years of interest-only payments through Freddie Mac's CME program on behalf of the borrower, Robbins Property Associates.
ATLANTA — The 1,073-room Westin Peachtree Plaza, located in downtown Atlanta, has started a $45 million renovation, which includes completely redesigned guest rooms and hallways, an update to the six luxury suites and the addition of five rooms. A $3 million renovation of the Sun Dial Restaurant, Bar & View, located on top of the 73-story hotel, is planned to begin in the coming months. The room renovation is slated for completion by mid-November.