ASHLAND, VA. — Clemons Warehouse LLC has acquired a 416,930-square-foot office and warehouse facility in Ashland for $2.4 million. Kepley Broscious & Biggs, PLC Trustee was the seller. Robert Porter Jr. of Porter Realty Co./CORFAC International represented the buyer in the transaction.
BOYNTON BEACH, FLA. — Berkeley Point Capital has arranged a $44 million FHA loan for the construction of Compson Place at Renaissance Commons, a 338-unit apartment community in Boynton Beach. The borrower, Compson Associates, is developing the Class A building, which will include two in-ground swimming pools, a clubhouse, Wi-Fi lounge and business center. The project will be part of a larger, 86-acre, mixed-use development known as Renaissance Commons, also developed by Compson Associates. Berkeley Point arranged the 40-year, fixed-rate financing under HUD's Section 220 Mortgage Insurance program.
WASHINGTON, D.C. — Rock Creek Property Group has acquired 808-810 5th St., two adjacent buildings totaling 31,000 square feet in Washington, D.C., for $5.9 million. The properties are located in the city's Gallery Place/Chinatown neighborhood, steps away from the Verizon Center. The seller was Gospel Rescue Ministries, which previously occupied the space. Rock Creek plans to develop a 50-unit apartment or condominium project on the site. Other possible uses include university housing, corporate housing for the surrounding base of national law firms and clinical or office space for faith-based and other non-profit organizations.
MOUNTAIN BROOK, ALA. — A joint venture between Daniel Corp. and Evson Inc. has started construction on The Residences at Lane Parke, a 276-unit apartment community in the Lane Parke development near Mountain Brook Village. Crews will raze the existing Park Lane apartments, followed by site development and vertical construction of the Residences at Lane Parke. The project is slated for completion in spring 2014. Amenities will include a pool, clubhouse and gardens. Wakefield Beasly & Associates Architects is designing the project and Hoar Construction is providing construction services. First Commercial Bank is providing the financing.
ATLANTA — The project team for a $57 million, 25-story residential project at 77 12th St. in Midtown Atlanta recently held a topping off ceremony for the development. The 615,000-square-foot complex will include 330 units, a saltwater pool, bocce ball courts and private terraces. Brasfield & Gorrie broke ground on the project in December 2011 and the complex is slated for completion this September. Rule Joy Trammell + Rubio is the project architect. The 77 12th St. project is the latest phase of the 12th & Midtown development, which includes 1010 Midtown and 1075 Peachtree, also constructed by Brasfield & Gorrie.
SUFFOLK, VA. — Superwatt Power International Co., one of the largest generator set manufacturers in China, has acquired a 30,525-square-foot industrial facility at 1013 Obici International Blvd. in Suffolk for $1.5 million. Superwatt plans to occupy the facility, which will be known as Grandwatt Electric Corp. Bobby Phillips and Jeffrey Cooke of Cushman & Wakefield represented the seller, Wells Fargo Bank, in the transaction.
BOCA RATON, FLA. — The 55,832-square-foot West Boca Medical Arts Pavilion in Boca Raton has sold to a national REIT for $12 million. The Class A medical office property was destroyed by Hurricane Wilma and purchased by 07-QCC-1088 LLC in 2008. The building was gutted, renovated and re-tenanted. SK Commercial Realty represented the seller in the transaction.
LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.
WEST PALM BEACH, FLA. — Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5.5 million in financing for The DoubleTree by Hilton hotel at 1808 S. Australian Ave. in West Palm Beach. The 175-room hotel was renovated in 2008 and is located near the Palm Beach International Airport. Commercial Bank placed the loan.
CORAL GABLES, FLA. — Mondelez International, Kraft Foods' high-growth global snacks business, will occupy 15,600 square feet of Class A office space at 396 Alhambra's North Tower in Coral Gables, which will serve as the company's Latin American headquarters. 396 Alhambra, a new mixed-use office and retail complex developed by Agave Holdings LLC, is now 70 percent leased less than one year after delivering to market. Mondelez will relocate from nearby 355 Alhambra. Danet Linares and Andres del Corral of Blana Commercial Real Estate represented the landlord, 396 Alhambra LLC, in the transaction. Chris Porter and William Holly, formerly of Cushman & Wakefield and now with Pointe Group Advisors, represented the tenant.