LARGO, FLA. — ARA has arranged the $23.62 million sale of the 324-unit Monterey Lakes, an apartment complex located at 7501 Ulmerton Rd. in Largo, a submarket of Tampa, Fla. Richard Donnellan of ARA's Boca Raton, Fla., office, along with Patrick Dufour of ARA's Tampa office, Kevin Judd of ARA's Orlando, Fla., office and Matt Wilcox of ARA's Jacksonville, Fla., office represented Waterton Residential, the seller, in the transaction. The buyer was a Florida-based private buyer.
LOUISVILLE, KY. — The 212-unit Legends at Indian Springs, an apartment complex located at 11000 Indian Legends Dr. in Louisville, has been sold for $20.75 million. Craig Collins of Louisville-based Cushman & Wakefield/Commercial Kentucky represented the seller, a Louisville-based developer, in the transaction. The buyer was Irvine, Calif.-based Passco.
CLEARWATER, FLA. — Colliers International has negotiated the $9.5 million sale of the 200-unit Coral Cove Apartments, located at 25 N. Belcher Rd. in Clearwater. The property was foreclosed on in February of 2011. John Stone and Jason Stanton of the firm's Tampa Bay, Fla., office represented NW-Coral Cove, the seller, in the transaction. WRH The Palms of Clearwater LLLP was the buyer.
NEW ORLEANS — Skanska USA and MAPP Construction have started construction on the $522 million first phase of the $1.2 billion, 2.18 million-square-foot University Medical Center, located in downtown New Orleans, on behalf of the State of Louisiana. The development is affiliated with Louisiana State University and LSU Health. The first phase includes a 550,661-square-foot, 424-bed hospital tower and a 746,982-square-foot adjoining diagnostic and treatment center. Full completion is slated for February 2015.
JACKSONVILLE AND TAMPA, FLA. — Atlanta-based JMG Realty has purchased the 336-unit Circle at Bartram Park, located at 14701 Bartram Park Blvd. in Jacksonville, and the 300-unit Circle at Crosstown, located at 1820 Crosstown Club Pl. in Tampa, from an institutional seller for $64.5 million. Kevin Judd of ARA's Orlando, Fla., office, along with Matt Wilcox of the firm's Jacksonville office and Patrick Dufour of the firm's Tampa office, represented the seller in the transaction.
DURHAM, N.C. — Charlotte, N.C.-based Crescent Resources has started construction on the $47 million, 303-unit Circle Ninth Street, an apartment complex located adjacent to Ninth Street and the Erwin Mill building in Durham. Raleigh, N.C.-based Cline Design Associates is the project and landscape architect for the development and Charlotte-based State Building Group is the general contractor. Financing for the property is being provided by an equity investment from Crescent Resources, U.S. Bank N.A. and Pearlmark Real Estate Partners.
STERLING, VA. — Boston-based New Boston Fund has completed a 178,234-square-foot build-to-suit, located in TransDulles Centre at 22640 Davis Dr. in Sterling, on behalf of Cedar Rapids, Iowa-based Rockwell Collins. The building is 47 percent office space and 53 percent manufacturing space. Rockwell Collins will consolidate several of its facilities to the new property, which will serve as its regional headquarters. Brian Coakley of Donohoe Real Estate's Washington, D.C., office represented the tenant in the lease transaction, and Neil Alt of Lincoln Property Co.'s Washington, D.C., office represented the landlord.
BUFORD, GA. — R.N.C. Industries has signed a 192,780-square-foot industrial lease, located at Building I in Hamilton Mill Business Center at 2510 Mill Center Pkwy. in Buford. The lease brings Building I to full occupancy. R.N.C. will relocate to the property from its current 110,000-square-foot space in Lawrenceville, Ga. Trip Ackerman of Lee & Associate's Atlanta office represented the tenant in the lease transaction, and the landlord, Atlanta-based IDI, was self-represented by Lisa Ward.
LEBANON, TENN. — Nashville, Tenn.-based Vastland Realty Group has broken ground on the first two tenants at the 165-acre Cumberland Center, located on Interstate 40 at Highway 231 in Lebanon. The mixed-use development will contain 1 million square feet of retail space, 500,000 square feet of office space, and a 160,000-square-foot Community Events Center, as well as outparcels for hotels, restaurants and more. Construction has begun for Phase I, Section I, which has been approved for hotel, restaurant, office and retail elements, including a 6,500-square-foot Logan's Roadhouse and a 13,500-square-foot RCC Western Wear. The first tenants are slated to open in the fall of 2012.
PORT ORANGE, FLA. — A 10,885-square-foot CVS/pharmacy, located at 3771 Clyde Morris Blvd. in Port Orange, has been sold for $2.78 million. Leon Brockmeier of Marcus & Millichap's Tampa, Fla., office, along with Patrick O'Halloran of the firm's Atlanta office represented the seller, a Missouri-based private investor, in the transaction and procured the buyer, a New York-based limited liability company.
