ATLANTA — A partnership between Novare Group and Baston-Cook Development Co. has commenced construction on the $60 million, 320-unit SkyHouse Midtown, an apartment high-rise located at 12th and West Peachtree streets in Atlanta. An investor account advised by UBS Global Asset Management is providing construction and permanent financing for the project. Jonathan Rice and Paul Berry of CBRE's Atlanta office arranged the financing. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in December of 2012.
RICHMOND, VA. — The 285,846-square-foot former Best Products office building, located at 1400 Best Plaza Dr. in Richmond, has been sold for $6.22 million. Paul Silver, Mark Douglas and Suzanne White of Cushman & Wakefield/Thalhimer's Richmond office represented Metropolitan Life Insurance Co., the seller, in the transaction. The buyer was the County of Henrico.
VIRGINIA BEACH, VA. — The 12,814-square-foot Buckner Boulevard Retail Center, located at the intersection of Buckner Boulevard and Independence Boulevard in Virginia Beach, has sold for $2.7 million. Chris Zarpas of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented 130 London Bridge, the buyer, in the transaction and Timothy Finn, also of the firm's Norfolk office, represented Buckner 3545 Associates, the seller.
WASHINGTON, D.C. — A joint venture between New York City-based The Rockefeller Group and New York City-based Mitsubishi Estate New York has acquired a 347,608-square-foot office building, located at 1100 First St. NE in Washington, D.C., from Eastdil Secured. According to CoStar, the sale price was $180 million. The 12-story building is LEED Gold certified, and is 95 percent leased to tenants including the Department of Veterans Affairs, the Federal Energy Regulatory Commission and Mathematica Policy Research. Both parties were self-represented in the transaction.
WOODLAWN, MD. — The 363,674-square-foot Rutherford Business Park, a 13-building office portfolio located in Woodlawn, has been sold for $32.5 million. The buildings include 7102, 7104, 7106, 7108, 7125, 7127, 7129, 7131 and 7210 Ambassador Rd.; 15, 17 and 21 Governor's Ct.; and 7152 Windsor Blvd. Jonathan Carpenter and James Wellschlager of Cassidy Turley's Baltimore office represented the seller, Columbia, Md.-based Corporate Office Properties Trust, in the transaction. The buyer, a joint venture between Chicago-based Blue Vista Capital Partners and Maryland-based CSG Partners, was self-represented.
SPRING HILL, TENN. — San Diego-based Excel Trust has purchased the 496,604-square-foot Crossings of Spring Hill, located at the intersection of U.S. Highway 31 and Saturn Parkway, from Brentwood, Tenn.-based GBT Realty Corp. for $31 million. Tenants include SuperTarget, Kohl's, Bed Bath & Beyond, PetSmart, Ross Dress For Less, Books-A-Million, Dollar Tree, maurices, Hibbett Sports, Moe's Southwest Grill, Kirkland's, O'Charley's, Olive Garden, Logan's Roadhouse and Cracker Barrel. Doug Hazelbaker and Ryan Shore of HFF's Dallas office represented the seller in the transaction.
LARGO AND WINTER SPRINGS, FLA. — Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office have arranged two multifamily sales for a total of $30.6 million. The 278-unit Waterchase, located at 401 Rosery Rd. NE in Largo, sold for $14.75 million. Whitaker and Warren represented Largo Westmarc LP., the seller, in the transaction. The buyer was Chicago-based Westdale Investment Partners. The 208-unit Chatham Pines, located at 1020 Chatham Cir. in Winter Springs, sold for $15.85 million. Whitaker and Warren represented Chatham Pines Apartments LLC, the seller, in the transaction. Seminole-Winter Springs Associates purchased the property.
WAKE FOREST, N.C. — Marcus & Millichap has negotiated the $3.62 million sale of the 21,860-square-foot Shoppes of Heritage, located at 3325 Rogers Rd. in Wake Forest. The center is fully leased to tenants including Little Caesar's, O'Dwyer's Pub, Triangle Dry Cleaning, Davinci's Pork Store, Wine 101, State Farm Insurance, Sunset Rayz, Wine & Design, Amy Nails and Hair 180. Andrew Margulies of Marcus & Millichap's Raleigh, N.C., office represented the seller, a Raleigh, N.C.-based private partnership, in the transaction. The buyer was a Chapel Hill, N.C.-based private investor.
TAMPA, FLA. — EastGroup Properties has purchased a 16-property, 1.1 million-square-foot industrial portfolio, located in Tampa, from an undisclosed seller. After disposing of six non-core buildings, the company will retain 1.07 million square feet with a projected total investment of approximately $55.4 million. The core portfolio is currently 92 percent leased.
BOCA RATON, FLA. — Archstone has purchased the 252-unit Vinings at Town Center, an apartment community located at 5881 Town Bay Dr. in Boca Raton, from AEW Capital Management for $42 million. The buyer plans to renovate the amenities and units during the next year, and the property will be renamed Archstone Boca Town Center. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented the seller in the transaction.