ORANGE PARK, FLA. — Elco Landmark Residential has acquired two garden-style apartment communities in Orange Park, a suburb of Jacksonville, for $47.5 million. The deal included Bridgewater at Wells Crossing, a 288-unit property built in 1986. Located at 350 Crossing Blvd., the property has been renamed Landmark at Autumn Cove. Elco also purchased the adjacent Mariner's Wharf at 351 Crossing Blvd. The 272-unit community has been renamed Landmark at Vista Grande. The complexes are about 95 percent occupied. Elco plans to renovate both properties and add a dog park, business center and picnic area. Equity Residential of Chicago was the seller.
LAWRENCEVILLE, GA. — RACO General Contractors has selected Lavista Associates to lease 25 distribution buildings totaling 2.4 million square feet at Gwinnett316 in Lawrenceville. Gwinnett316 is part of a 424-acre industrial development located off GA 316, and a few minutes from I-85. The properties, built sequentially from 1986 to 2001, house national and international tenants such as Lund International, Ryder Logistics and Sherwin-Williams Co. The park has distribution spaces available for lease from 7,800 square feet to 157,000 square feet, along with sites available for build-to-suit projects. Charlie Fiveash, Will Grogan, David Pope and Tom Hunter of LaVista will market the properties.
SEBRING, FLA. — Athena Real Estate has purchased Ohrt's Mobile Village, an 80-site mobile home and RV park in Sebring for those age 55 and older. The property, acquired through an Athena affiliate, is located in Highlands County and caters to retirees. The deal marks Athena's fifth acquisition of an age 55 and older community in Florida. The property is near Highway 27 and across the street from Lakeshore Mall. Lake Jackson is also within walking distance.
WEST COLUMBIA, S.C. — Columbia Industrial has sold the 273,280-square-foot UTi Integrated Logistics facility, located at 185 McQueen St. in West Columbia, for $9.6 million. The facility is leased by UTi, which specializes in supply chain services. Dail Longaker of NAI Avant represented the seller in the transaction.
SUMTER, S.C. — Construction is under way on The Shops on Broad, a new 5,000-square-foot building on Broad Street in Sumter that will house an Aspen Dental and Starbucks. McMillan Padzan Smith is the project architect and DooleyMack Constructors will handle the construction. GrandSouth Bank provided the construction financing for the project. Carolina Holdings will own and manage The Shops on Broad, which will be located directly in front of Lowe's Home Improvement. The project is slated for completion in the third quarter of 2013.
ORLANDO — Colonial Properties Trust has acquired the 280-unit Colonial Grand at Windermere, formerly Altis at Lakes of Windermere, in Orlando for $43 million. The Class A, garden-style community includes a cyber cafe, media room, resort-style pool, movie theater and outdoor wet bar. The property is 96 percent occupied and has an average monthly rent of $1,158 per unit. The acquisition was funded in part with proceeds from the sale of assets last year.
SILVER SPRING, M.D. AND ALEXANDRIA, VA. — Insight Property Group has secured a total of $129 million in construction and debt financing for two apartment developments: Fenwick Station Apartments in Silver Spring, and Huntington Metro in Alexandria. Scheduled for completion in the spring of 2014, Huntington Metro will include 240 units located on North Kings Highway. Fenwick Station will be located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue. The 310-unit building is expected to be complete in mid-2014. The projects were financed by separate equity and debt sources. David Webb and Jaime Butler of Cassidy Turley arranged both financings.
DORAL, FLA. — The 9250 Doral office building, currently the largest single block of available space in the Doral area, will undergo a multi-million renovation. Amadeus North America moved out of the property one year ago, leaving the 187,000-square-foot property fully vacant. Delma Properties, the building owner, plans to reposition the building into a multi-tenant office property. Delma is spending $1.5 million to refurbish the lobby and other common areas, which is expected to be complete by the end of this month. Exterior work includes upgrades to the entry fountain, pedestrian bridge, facade and parking for a total investment of more than $7 million. The property is located on Doral's main east-west throughway at 9250 N.W. 36th St.
BRENTWOOD, TENN. — Brasfield & Gorrie has started construction on Tractor Supply Co.'s new headquarters in Brentwood. The project will include two, four-story office buildings totaling 260,000 square feet and a 324,000-square-foot parking deck. The office buildings will be connected by a central two-story atrium. Hastings Architecture Associates designed the project, which is seeking LEED certification. The project is expected to be complete in the third quarter of 2014.
TALLAHASSEE, FLA. — Parkland Development Corp. will break ground this month on The Forum at Tallahassee, a 782-bed student apartment community in Tallahassee. The future four-story property is close to Florida State University, Tallahassee Community College and Florida A&M University campuses. The architect is Forum Architecture & Interior Design. The first building is expected to be ready for new residents in February 2014. The entire community is scheduled to be completed by May 2014. Parkland's student projects are known for high-end amenities. Harold Tomlinson, chairman and president, says this development will exceed its others in amenities, which will include an 11,000-square-foot outdoor pool deck and recreation area. The resort-style pool will feature a beach entry, spa and a Ping-Pong table and billiard table built into the pool. The 20,000-square-foot clubhouse will incorporate indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment and three tanning beds. In addition, students will have use of a high-tech business center with multiple study rooms, free high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park. Greystar will manage the community, which will offer roommate matching and an active student living …