WASHINGTON, D.C. — Washington, D.C.-based Greysteel, a real estate investment services firm, has brokered the $1.6 million sale of 1702 16th St. N.W. in Washington, D.C. The eight-unit boutique apartment building in Washington, D.C.’s Dupont Circle sold to an unlisted cash purchaser. Ari Firoozabadi, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Kerner Development LLC.
Southeast
MIAMI BEACH, FLA. — A two-story, 22,857-square-foot Walgreens on Collins Avenue in Miami Beach’s Art Deco District has sold for $30 million, representing the highest price attained by a net-leased asset in Miami Beach in 2012. Trans World Entertainment Corp. sold the drugstore property to an international investor. Sean Shahar Ziv of Marcus & Millichap’s San Diego office represented Trans World Entertainment Corp.
COLUMBIA, S.C. — The 303,156-square-foot Bank of America Plaza has sold for $26 million in Columbia. Locally based AgFirst Farm Credit Bank purchased the 17-story, Class A office building that is 69 percent leased. The credit association plans to relocate into the remaining space by the end of 2013. Kevin Markwordt, Jon Kleinberg and Julian Brown of Transwestern’s Southeast Investment Services Group represented the property’s receiver, Lincoln Harris, and David Lockwood and John Folsom of Colliers International represented AgFirst Farm Credit Bank.
BALL GROUND, GA. — Transwestern’s Southeast Investment Services Group has completed the $16.1 million sale of 1000 Evenflo Dr., a 364,347-square-foot manufacturing warehouse in Ball Ground. Chicago-based Brennan Investment Group LLC purchased the the Class A facility, which is fully leased to Meyn America and SMB Machinery Systems. The property is a part of the I-575 Airport Industrial Park, a 122-acre master-planned development, and has immediate access to I-575. It is located approximately 35 miles north of Atlanta’s Hartsfield-Jackson International Airport. Kevin Markwordt and Julian Brown of Transwestern represented the seller, Sunshine Associates LLC.
FAYETTEVILLE, ARK. — CNL Lifestyle Properties Inc., a real estate investment trust, has acquired Fayetteville’s Culpepper Place for $14 million from Foster Hospitality Group. The assisted living community has 67 units and opened in June 2011. It is 100 percent occupied. This is the second Arkansas property CNL Lifestyle Properties has purchased from Foster Hospitality Group.
RIVIERA BEACH, FLA. — A 45,973-square-foot Winn-Dixie has traded for $7.3 million at 3700 Broadway in Riviera Beach. Douglas Mandel and Howard Bregman of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a Miami Beach, Fla.-based limited liability company. Gabriel Britti of Marcus & Millichap’s Miami office represented the buyer, a limited liability company from Miami.
JUPITER, FLA. — Jones Lang LaSalle (JLL) Project and Development Services has completed the Max Planck Florida Institute for Neuroscience, a LEED Gold-certified research center, in Jupiter. It is the first U.S.-based institute for the Germany-based Max Planck Society, a global scientific research organization. The three-story, 100,000-square-foot facility includes 57,600 square feet dedicated laboratory space and is situated on six acres at Florida Atlantic University’s John D. MacArthur Campus. The project was primarily funded by the State of Florida and Palm Beach County, which received more than $180 million in public funding including $66 million for the facility’s construction. ZGF Architects LLP designed the building, and The Weitz Co. and DPR Construction were construction managers. The Florida Institute’s scientists are focused on the nervous system, its capacity to produce perception, thought, language, memory, action and emotion. Their primary goal is better research and treatments for brain disorders.
ATHENS, GA. — Athens-based Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on a student housing project on the site. The Standard at Athens, aimed at University of Georgia (UGA) students, will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.
DOTHAN, ALA. — Corvias Campus Living, a privately owned real estate company, will construct and manage three residential apartment buildings for the Alabama College of Osteopathic Medicine (ACOM) in Dothan. It is the company’s first student housing project and will include three 30,864-square-foot buildings with 117 bedrooms and a 3,000-square-foot clubhouse. The on-campus residences will open in July 2013, welcoming ACOM’s inaugural class of 150 students. The college’s mission is to address the critical need for primary care physicians to serve the rural and medically underserved areas of Alabama. Corvias has a Dothan office and has been responsible for military housing at Fort Rucker in Alabama since 2006.
WASHINGTON, D.C. — Jones Lang LaSalle (JLL) Hotels has secured $31.5 million to refinance the Club Quarters Washington, D.C., a 161-room full-service hotel two blocks from the White House. Mike Huth of JLL Hotels real estate investment banking team led the transaction on behalf of the borrower, Rockwood Capital LLC, which has refinanced three Club Quarters hotels during the past year.