WASHINGTON, D.C. — Bethesda, Md.-based The Firoozabadi Group of Marcus & Millichap has arranaged the $17.12 million sale of the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Ari Firoozabadi, John Mullen and Kyle Tangney of The Firoozabadi Group represented Kline Family LLC, the seller, in the transaction. The buyer was Rockville, Md.-based Kossow Management.
PORT ST. LUCIE, FLA. — Torchlight Investors has sold the 230-unit Hillmoor Village Apartments, located at 1924 Southeast Hillmoor Dr. in Port St. Lucie, to California-based Finbay Pacific for $10.5 million. Robert Given and Neal Victor of CBRE's Miami office, along with Richard Tarquinio of the firm's Boca Raton, Fla., office, represented the seller in the transaction.
SAVANNAH, GA. — Judge Organization has signed a 277,000-square-foot lease for a build-to-suit warehouse in Centerpoint Intermodal Center in Savannah. John Neely of Colliers International's Savannah office represented Centerpoint Properties, the landlord, in the lease transaction.
RICHMOND, VA. — A joint venture between Charlotte, N.C.-based Crosland Southeast and Hartford, Conn.-based Hutensky Capital Partners has broken ground on the first phase of the $54 million, 83-acre Stonebridge, a mixed-use development located on the site of the former Cloverleaf Mall in Richmond. The first phase includes a 123,600-square-foot Kroger, a Kroger fuel station, 20,400 square feet of additional retail space and four out parcels. Phase II is anticipated to break ground in mid-2012, with 175,000 square feet of retail space and approximately 350 multifamily units. McMillan Pazdan Smith designed the development, which will be engineered by the Timmons Group and constructed by HOAR Construction. Additionally, S.B. Cox is demolishing the existing mall.
MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.
RICHMOND, VA. — The 250,000-square-foot 3600 Centre, an office building located at 3600 W. Broad St. in Richmond, has been sold for $4.8 million. Eric Robison, Dean Meyer, Suzanne White and Catharine Spangler of Cushman & Wakefield/Thalhimer's Richmond office, along with Cris Abramson of Cushman & Wakefield's Washington, D.C., office represented Penn Market Properties, the seller, in the transaction. PMC Realty Group was the buyer.
DORAVILLE, GA. — Burlington Coat Factory has opened a 70,000-square-foot store at Doraville Plaza, located at 5766 Buford Hwy. in Doraville. This is Burlington's 14th location for the state of Georgia.
GAINESVILLE, FLA. — Coldwell Banker Commercial M.M. Parrish Realtors has formed a partnership with the Todd Rainsberger and Beau Beery families in Gainesville. Rainsberger, previously a commercial associate with the company, is now a partner. Beery is the president of commercial real estate and CFO. Additionally, J. Parrish will continue his role as president of residential real estate and Susan Parrish will be increasingly involved in community relations.
COLUMBUS, GA. — Home2 Suites by Hilton has broken ground on an 81-room hotel, located at 1664 Whittlesey Rd. in Columbus. Ram Hotels is developing the four-story property. Upon completion, Nirvana Hospitality will own the hotel and Ram Hotel Management will manage it. The property is slated to open in September 2012.
ROYAL PALM BEACH, FLA. — Continental Realty Corp. has purchased a 30,500-square-foot retail property, located at 101 S. State Rd. 7 in Royal Palm Beach. The property is fully leased to Office Depot and Mattress Giant. Clinton Texter of Marcus & Millichap's San Francisco office represented the buyer in the transaction.
