NORFOLK, VA. — Virginia Beach, Va.-based Marlyn Development has started construction on the 248-unit Heritage Forest Apartments, located off Marshall Avenue in Norfolk. Phase I of the property, consisting of 144 units, is scheduled for completion in August 2012 with Phase II to follow with an additional 104 units, to be completed in the spring of 2013. S.L. Nusbaum Realty Co.'s Multifamily Development Team is developing the property. Wells Fargo and HUD are providing construction financing with land acquisition financing by TowneBank.
Southeast
HAVANA, FLA. — Marcus & Millichap has brokered the $1.55 million sale of the 35,416-square-foot Green Acres Shopping Center, located at 801 North Main St. in Havana. Leon Brockmeier of Marcus & Millichap's Tampa office and Patrick O'Halloran of the Atlanta office represented the seller, a Tallahassee, Fla.-based limited liability company. Evan Halkias and Michael Marks of the Chicago Downtown office represented the Indiana-based buyer.
TAMPA, FLA. — Clearwater, Fla.-based Ross Realty has negotiated two 90,000-square-foot leases with Morris Flamingo — Stephan and Solstice Sleep Products at the 276,160-square-foot Falkenburg Facility, located at 500 South Falkenburg Rd. in Tampa. Jason Aprile and Elliott Rose of The Ross Realty Group represented the landlord, US Industrial Falkenburg, LP, in the transactions. Ed Melo of Resource Realty Group represented Morris Flamingo — Stephan.
BATON ROUGE & LAFAYETTE, LA. — Stirling Properties has purchased four Louisiana apartment communities in separate transactions for a total of $16.8 million. In Baton Rouge, the 108-unit Coventry Terrace was purchased for $5.1 million. In Lafayette, the 92-unit Acadian Gardens was acquired for $4.2 million, the 60-unit South College Gardens was bought for $2.5 million, and the 110-unit Willow Gardens was purchased for $5 million. For all transactions the buyer was represented by Ryan Lange of Stirling's Baton Rouge office. The sellers were undisclosed.
LITTLE ROCK, ARK. — A joint venture between Dallas-based Prescott Realty Group and Bedrock Commercial Partners has planned to build the 260-unit Autumn Woods on the Divide, located in the Chenal Parkway area of west Little Rock. The joint venture received a HUD 221(d)(4) construction loan for the project. VCC is the general contractor for the development, which is scheduled for completion in the spring of 2012.
ATLANTA — Salt Lake City-based SilverLeaf Financial has acquired six non-performing notes secured by various apartment complexes in the metro Atlanta area for $16.61 million. The properties total 751 units, and the subject loans originated between 2002 and 2008 for the purpose of acquiring the complexes.
LAKE MARY, FLA. — Regions Bank has sold a 562,817-square-foot industrial building, located at 2452 Lake Emma Rd. in Lake Mary, to American Real Estate Partners for $9 million. Lisa Bailey of Orlando, Fla.-based Morrison Commercial Real Estate and Ross Kirk of Tampa, Fla.-based CLW Property Services Group represented the seller in the transaction. Karen Poydenis of Vero Beach, Fla.-based Poydenis Properties represented the buyer.
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $5.42 million sale of the approximately 65,000-square-foot Bank of America Office Plaza, located at 4601 Sheridan St. in Hollywood. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented Emerald Hills Executive Plaza, the seller, in the transaction. Adler Realty Services represented the buyer, GRE Properties Sheridan Hills.
GRIFFIN, GA. — HK Logistics has plans to build a $30 million, 160,000-square-foot industrial facility, located at 375 Green Valley Rd. in Griffin at the Green Valley Industrial Park. The facility will house office space and a variety of high-density storage systems. Completion is slated for the summer of 2012.
NORCROSS, GA. — Marcus & Millichap has negotiated the $6.5 million sale of the 318-unit Adelaide Park, located on Beaver Ruin Road in Norcross. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller, Houston-based CNC Investments, and the buyer, Audubon Communities. The property is currently 30 percent leased.