COLUMBIA, MD. — Developers have broken ground on the $100 million Metropolitan Downtown Columbia, a 380-unit apartment complex. A partnership between Orchard Development, Kettler and Howard Hughes Corp. is constructing the property, which will include 14,000 square feet of ground-floor retail space. The complex is slated to open in late summer 2014. Amenities will include a clubhouse, fitness center, media and game rooms, a courtyard featuring an outdoor screening room, a pool and cabanas.
ALEXANDRIA, VA. — MAC Realty Advisors has arranged nearly $50 million in financing for the development of Braddock Metro Place, a 165-unit apartment community in Alexandria. JW Capital Partners and its local partner plans to break ground on the 10-story property near the Braddock Metro Station this quarter. John Moriarty & Associates will serve as the general contractor. Andrew McAllister, Bruce Levin and Caren Garfield led the MAC Realty team that secured $18.6 million from an insurance company and an additional $29.2 million in senior construction-to-permanent financing from a life insurance company.
ATLANTA — Nightingale Properties has acquired Atlanta's One Hartsfield Centre from a large European pension fund for $10 million. The 147,731-square-foot office property overlooks the north end of Hartsfield-Jackson Atlanta International Airport. Last December, Triumph Motorcycles signed a long-term lease to move its North American headquarters into the property. Mike Shelly and Sonia Winfield of Cassidy Turley represented the seller in the transaction. One Hartfield Centre is the second office building that New York-based Nightingale has acquired in the Atlanta area. The investor also owns retail centers in metro Atlanta.
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.