RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.
HALLANDALE BEACH, FLA. — KM/Plaza has completed the 24,667-square-foot BGT Media corporate headquarters, located at 600 Silks Run in Hallandale Beach. The property contains 53 offices and MDF workstations, five conference rooms and a kitchenette. Miami-based ADD Inc. was the architect for the project.
ATLANTA — Carter, with offices in Atlanta, Tampa, Fla., and New York City, has plans to pursue $500 million in development and investments. Following the completion of the sale of the company's brokerage and property management groups, the firm is focusing on four key areas: development of mixed-use and for-rent multifamily properties in urban infill locations, equity development of student housing, acquisition of opportunistic and value-add investments in the office sector and growing its project management and strategic consulting business.
DELRAY BEACH, FLA. — RexxHall Realty has purchased the three-building Arbors Office Park, located at 1615, 1625 & 1690 S. Congress Ave. in Delray Beach. The buildings total 244,247 square feet and are 45 percent leased to tenants including Alfred Angelo, Sperry & Hutchinson, Twin-Star International and Escalate. Charles Foschini, Christoper Aphone and Christian Lee of CBRE's Miami office, along with Scott O'Donnell of the firm's Boca Raton, Fla., office and Dominic Montazemi of the firm's Palm Beach County, Fla., office, represented the seller in the transaction.
GOLDSBORO, N.C. — The 57,000-square-foot Five Points Plaza, located at 102-118 Five Points Rd. in Goldsboro, has been sold for $6 million. Food Lion anchors the center, which is 97 percent leased. Drew Fleming and Mark Joines of Cassidy Turley's Atlanta office represented the buyer, a North Carolina-based private equity group, in the transaction. Marlene Spritzer of CresaPartners' Cary, N.C., office represented the seller, a North Carolina-based developer.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased a 21-unit apartment building, located at 1346 Park Rd. NW in Washington, D.C.'s Columbia Heights neighborhood, from Someck Development and Northridge Capital for $3.7 million. UIP has plans to invest $2.7 million in a full renovation of the property, including new plumbing, electrical, heating and cooling systems, as well as a new roof, windows and condo-level finishes. Additionally, seven units will be added on the cellar level. Andrew McAllister of Washington, D.C.-based MAC Realty Advisors represented the sellers in the transaction.
NORTH EAST, MD. — Restoration Hardware has signed a 1.2 million-square-foot industrial lease for a facility at Trade Center 95, located off Interstate 95 and Highway 40 in North East. The company will move into an existing 600,000-square-foot building in January 2012. Adjacent to the structure, Atlanta-based Weeks Robinson will build an additional 600,000-square-foot facility, which is slated for completion in the fall of 2012. Carl Mullis of CBRE's Atlanta office represented the tenant in the lease transaction and Weeks Robinson, the landlord was self-represented by Forrest Robinson.
ORLANDO, FLA. — Atlanta-based Pollack Shores Real Estate Group has broken ground on the $40 million, 326-unit Steel House Apartments, located at 750 N. Orange Ave. in Orlando. Poole & Poole Architecture is the architect for the project, Cambridge Swinerton is the general contractor, Bowyer Singleton is the civil engineer, Beasley & Henley is the interior designer and Foster Conant designed the landscaping and hardscapes. Amenities include a clubroom with skyline views of the city, a pool, fountains, fitness center, business center and gallery space. The first units will be completed in the fall of 2012, with full completion slated for February 2013.
ST. PETERSBURG, FLA. — Rockville, Md.-based CAPREIT has sold the 212-unit Isles of Gateway, an apartment complex located at 10600 Fourth St. N. in St. Petersburg, to Newton, Mass.-based Robbins Property Associates for $16.82 million. The property is 95 percent occupied. CBRE's Multi-Housing Group in Tampa represented the seller in the transaction.
ATHENS, GA. — Colo.-based Lulscal has purchased the 103,000-square-foot One Press Place, an office building located at 548 E. Clayton St. in Athens, from Augusta, Ga.-based Morris Communications for $13.5 million. The current tenant is the Athens Banner-Herald newspaper. Athens-based Nichols Land and Investment Co. represented the buyer in the transaction and will manage the property.