FAIRFAX CITY, VA. — CBRE Group has arranged the $4.12 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to law and accounting firms. William Prutting of CBRE Group represented the seller in the transaction. The buyer was a private investor.
Southeast
DEERFIELD BEACH, FLA. — Boywic Farms Ltd. has sold a 37,489-square-foot industrial property, located at 508 S. Military Trail in Deerfield Beach, to Novomatic Americas Real Estate for $3.4 million. Martin Buelow of Sellstate Priority Realty represented the buyer in the transaction. Todd Weaver of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller.
PINELLAS PARK, FLA. — AIMCO has sold the 192-unit Runaway Bay, an apartment complex located at 4701 88th Ave. N. in Pinellas Park, to J.I. Kislak Inc. Amenities include a clubhouse, resort-style swimming pool, lighted tennis court, fitness center and tot lot area. The property is 92 percent leased. Jamie May of Institutional Property Advisors represented the seller in the transaction.
BETHESDA, MD. — Walker & Dunlop has secured $8.25 million in permanent financing for the 62,800-square-foot Bethesda Corner, a two-level retail building located in Bethesda. Tyler Blue and Ted Hermes of Walker & Dunlop arranged the 10-year loan with a 25-year amortization schedule through a life insurance company on behalf of Washington Property Co., the borrower.
POMPANO BEACH, FLA. — Atlanta-based Weeks Robinson Properties and Jeremy Shapiro of Miami-based Mainstream Investment Realty plan to build a 202,000-square-foot speculative industrial project, located at 3901 NE 12th Ave. in Pompano Beach. The Class A building will include 32' clear heights, an ESFR sprinkler system and 180' truck courts. Itasca Construction is the contractor for the development and Randall Paulson Architecture is the designer. Ground breaking is scheduled within the next 60 days, and completion is slated for April 2013.
ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.
ATLANTA — A joint venture between Sereo Group and Faison Enterprises plans to build a mixed-use development, located at 131 Ponce de Leon Ave. in Atlanta. The property will include 321 luxury apartments and 8,600 square feet of retail space. Daniel Latshaw of Bull Realty represented Thirty Third Latitude Property, the seller of the land, in the transaction.
CLAYTON, N.C. — Crosland Southeast plans to construct the first phase of the 125,000-square-foot Flowers Crossroads, located on Highway 42 in Clayton. The shopping center will be part of the 28-acre Flowers Plantation, a master-planned community. A 53,000-square-foot Harris Teeter will anchor the center. The first phase will break ground in the fall with completion slated for fall 2013.
HARRISONBURG, VA. — Skanska USA has been awarded the $33 million renovation and expansion of the 65,000-square-foot Duke Hall at James Madison University, located in Harrisonburg. The renovation will include replacing of the building's main engineering, electrical, telecommunications, plumbing and mechanical systems. Additionally, new elevators will be installed and the visual art studios and labs will be updated to meet life safety codes. The building will also be expanded by 51,500 square feet for studios and classroom space for the School of Art and Art History. Completion is slated for November 2013.