ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
Southeast
HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.
ATLANTA — A joint venture between Sereo Group and Faison Enterprises plans to build a mixed-use development, located at 131 Ponce de Leon Ave. in Atlanta. The property will include 321 luxury apartments and 8,600 square feet of retail space. Daniel Latshaw of Bull Realty represented Thirty Third Latitude Property, the seller of the land, in the transaction.
CLAYTON, N.C. — Crosland Southeast plans to construct the first phase of the 125,000-square-foot Flowers Crossroads, located on Highway 42 in Clayton. The shopping center will be part of the 28-acre Flowers Plantation, a master-planned community. A 53,000-square-foot Harris Teeter will anchor the center. The first phase will break ground in the fall with completion slated for fall 2013.
HARRISONBURG, VA. — Skanska USA has been awarded the $33 million renovation and expansion of the 65,000-square-foot Duke Hall at James Madison University, located in Harrisonburg. The renovation will include replacing of the building's main engineering, electrical, telecommunications, plumbing and mechanical systems. Additionally, new elevators will be installed and the visual art studios and labs will be updated to meet life safety codes. The building will also be expanded by 51,500 square feet for studios and classroom space for the School of Art and Art History. Completion is slated for November 2013.
BALTIMORE — Industrial Income Trust has acquired a 222,636-square-foot warehouse, located at 7621 Energy Parkway in Baltimore, from High Street Equity Advisors for $15.22 million. The property is fully leased to Reliable Churchill. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller in the transaction.
NORTH PORT, FLA. — Pacolet Milliken Enterprises has acquired the 71,810-square-foot Shoppes at Price Crossing, a neighborhood center located in North Port, from SF Price Crossing LP., for $14.13 million. A 45,600-square-foot Publix anchors the center. CNL Retail is the property manager and Crossman Properties is the leasing agent.
CHARLOTTE, N.C. — RAM has sold the 28,200-square-foot Village at Whitehall, located on S. Tryon Street in Charlotte, to Catalyst Real Estate for $6.11 million. Starbucks and McAllister's anchor the center. Rob Carter, Alex Quarrier, David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller in the transaction.
DELRAY BEACH, FLA. — Behringer Harvard has broken ground on the 180-unit The Franklin Delray, a luxury multifamily community located at 1206 S. Federal Highway in Delray Beach. LandSouth Construction is the general contractor for the project and the architects are STB Architects & Planners and Richard Jones Architecture. Amenities will include a rotunda community room, cyber cafe, business center and library, children's activity zone, fitness center and resort-style pool with cabanas.
Savannah’s industrial market has a symbiotic relationship with the ships that navigate the city’s much-debated river channel. In the fiscal year of 2011, $54.1 billion in value and 8.7 percent of U.S. containerized cargo moved through the port of Savannah. This makes Savannah the fourth largest container port in the nation. The U.S. Army Corps of Engineers gave its final recommendation to deepen the channel to 47 feet and the president recently signed an executive order fast-tracking approvals by no later than November. This will keep the port competitive for larger Post-Panamax ships that will need to access the Savannah port after the Panama Canal is widened. The channel deepening project will not be completed prior to the completion of the Panama Canal widening, but Panama officials just announced the opening has been delayed by at least six months to April 2015. With port activity continuing to improve, so goes the area economy and warehouse occupancies. Market-wide, vacancy rates have ticked down to around 15 percent from highs in the low 20s just two years ago. There is a good supply of high-quality distribution space, thanks to the building boom started in 2005, which nearly doubled the inventory. There is …