GULF SHORES, ALA. — The 90-room Courtyard by Marriott in Gulf Shores has been sold to an affiliate of Peachtree Hotel Group. Scott Stephens of HREC Investment Advisors' Tampa office and Monty Levy of the Atlanta office represented the seller in the transaction.
Southeast
PLANTATION, FLA. — CB Richard Ellis Capital Markets arranged the sale of the 135,819-square-foot office building Southpointe I, located at 7850 SW 6th Ct. in Plantation, to Government Properties Income Trust for $40.75 million. Christian Lee, Charles Foschini and Christopher Apone of CBRE's Miami office marketed the property on behalf of the seller, Federal Partners.
PALM HARBOR, FLA. — Chicago-based Wateron Residential has purchased 509 of the 774 units of Lansbrook Village, located in Palm Harbor. The 75-buildling property has amenities such as three pools, tennis courts, volleyball courts, interactive fountains, family playgrounds and an enclosed dog park.Wateron Residential partnered with Stratus Development and KMG Partners to purchase the units from ST Residential and was represented by Boca Raton, Fla.-based Apartment Realty Advisors.The units were acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
SAVANNAH, GA. — Wal-Mart has renewed its 800,000-square-foot lease at 150 Portside Ct. in Savannah. Wal-Mart has occupied the building in Crossroads Business Center since 2001. Brian Sutton of Indianapolis-based Duke Realty and Jeff Jepson of Savannah-based North Point Industrial Realty represented Duke Realty, the landlord, in the transaction.
MOUNT PLEASANT, S.C. —CNL Macquarie Global Growth Trust and Woodfield Investors have entered into a joint venture to build a 258-unit, Class A multifamily residential development on 32 acres in Mount Pleasant. The partnership purchased the raw land for $3.4 million. Woodfield will manage the construction and development, while CNL Macquarie Global Growth Trust will provide capital, strategic guidance and oversight. Construction will begin in the third quarter this year.
CHARLOTTE, N.C. — Boston-based UC Funding has closed on a $4.7 million acquisition loan on Maple Run Apartments in Charlotte. The loan will be used to purchase the property and to fund a renovation reserve, interest reserve and an escrow for taxes and insurance. The loan was made to an entity controlled by John Lichtman of Boca Raton, Fla.-based Levinson & Lichtman and Bob Nass of Landmasters.
MYRTLE BEACH, S.C. — The 272-unit Flintlake Apartments, located at 650 West Flintlake Ct. in Myrtle Beach, has been purchased by AVR-525 Associates for $19.5 million. Coastal Apartment Advisors represented the seller, a TIC consisting of Myrtle Beach Tiffany L.P., Myrtle Beach Village South L.P. and Myrtle Beach Wellington L.P.
MACON, GA.; JACKSONVILLE, FLA.; AND KNOXVILLE, TENN. — Southeast Apartment Partners has brokered three multifamily sales. The 188-unit Rivoli Run in Macon sold for $9.85 million to a growing regional investment group. Robert Stickel of the Atlanta office represented the seller. In Jacksonville, the 358-unit Wellington Place Apartments was purchased by Tampa-based Landmark Residential with financing provided by Freddie Mac. Brian Moulder of the Jacksonville office represented the seller, a special assets servicer. In Knoxville, the 198-unit Plantation Manor sold for $9.15 million to Charleston, S.C.-based Chartwell Holdings. Marc Robinson, Joshua Goldfarb and Tyler Averitt of the Atlanta office represented the seller, a special servicer.
MIAMI SHORES, FLA. — Moss & Associates has been selected to design and build a new $14 million, 72,000-square-foot residence hall on the Barry University's Miami Shores campus. Construction on the three-floor, suite-style residence hall will begin in June with completion slated for August 2012. The dormitory will also include a cafe/convenience store, courtyard and multi-purpose meeting room. Moss & Associates has named Cannon Design as the design partner for the project.
SAVANNAH, GA. — Duke Realty Corp. has purchased Westport Buildling B, a 329,396-square-foot, Class A distribution building, in Westport Business Park, located at 2509 Dean Forest Rd. in Savannah, from Dallas-based Stratford Land. Steve Grable of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.