ST. PETERSBURG, FLA. —Marcus & Millichap Real Estate Investment Services sold Welk Arms, a 41-unit apartment property to an undisclosed limited liability company for $1.05 million. Welk Arms is located at 4701 68th St. North, St. Petersburg, and contains six single-story buildings on approximately 2.5 acres. The listing was marketed on behalf of the seller, a California financial institution, by Michael P. Regan, Francesco P. Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office.
WASHINGTON, D.C. — The Air Line Pilots Association renewed their lease for 10,366 square feet at 1625 Massachusetts Ave. NW, Washington, D.C., for the next 7 years. Washington, D.C.-based West, Lane & Schlager negotiated on behalf of ALPA. Although new locations were considered, ALPA decided to stay at their current address.
WINDER, GA — Carmike Cinemas has selected Benning Construction Company to construct a 46,000-square-foot 12-screen cinema in Winder. The theater will offer Carmike Cinema's signature “BigD Large Format Digital Experience,” which includes bigger screens, bigger sound and luxurious seating for both 2D and 3D features. The theater is set to open in fall 2011.
WASHINGTON, D.C. — The Rockefeller Group has partnered with Mitsubishi Estate New York to acquire 1101 K Street Northwest in Washington, D.C. A joint venture between JBG Companies and Rockwood Capital sold the Class A office for an undisclosed price. Built in 2006, the 10-story, 291,480-square-foot property is currently 80 percent occupied. The property features a two-story lobby, 9- to 10-foot ceiling heights, floor-to-ceiling windows, a rooftop deck, a fitness center, state-of-the-art building systems, underground parking and a restaurant, Brasserie Beck.
GRANVILLE, W.V. — Asset Plus Companies and Diamond Realty Investments have broken ground for the development of The Domain at Town Centre, a student housing development at West Virginia University. Located in Granville, the 912-bed community will be completed for occupancy by fall 2012. The project will be leased and managed by Asset Campus Housing, the student housing affiliate of Asset Plus Cos. The property will feature one-, two-, three- and four-bedroom units, a resort-style swimming pool, an outdoor barbeque kitchen, sand volleyball courts, basketball courts, an exercise facility, a clubhouse, tanning beds, a game room. reserved covered parking, an Internet cafe and a business center with private study rooms.
JACKSONVILLE, FLA. — Fort Lauderdale, Fla.-based Red Apple Development, the development arm of Charter Schools USA, has purchased a 117,000-square-foot facility at 7510 Baymeadows Way in Jacksonville. Situated on an 18.8-acre campus, the property sold for $5.8 million. The buyer plans to renovate the property and open Duval Charter School at Bay Meadows, which will serve students kindergarten through 12th grade. K Dan Shalloway and Jim Morgan of Sperry Van Ness represented the buyer; Bruce Jackson of CB Richard Ellis represented the seller, Ashland Oil, in the transaction.
HANAHAN, S.C. — New Breed Logistics has leased 260,133 square feet of industrial space at North Pointe Industrial Park in Hanahan. Inland American Industrial Management leased the space, which is located at 7405 Magi Road, for an undisclosed price. Dan Rose of Carter & Associates and Dunston Powell of Carolina Commercial Real Estate represented the tenant; Hagood Morrison, Peter Fennelly and Simons Johnson of Colliers International represented the landlord in the transaction.
WOODSTOCK, GA. — The NorSouth Companies has broken ground for the development of Hearthside at Towne Lake, an affordable senior living community in Woodstock. The $15.3 million community, which is restricted to residents age 62 and older, will offer 100 apartment units, private gardens, a residents' lounge and media room, a fitness center, a sunroom and a bocce ball court. Additionally, the one- and two-bedroom units will feature kitchens with pantries, ENERGY STAR appliances, microwaves, washer/dryer hookups and walk-in closets. The senior living community will serve as the centerpiece for Madison Pointe at Towne Lake, a mixed-use development in Woodstock.
MADISON, ALA. — GBT Realty Corp. has acquired a 28-acre land parcel at U.S. Highway 72 near Wall Triana Highway in Madison for $6.3 million. The company plans to develop The Shoppes of Madison on the site. The retail center will include a 135,000-square-foot Target and 125,000 square feet of additional retail space. Completion is scheduled for spring 2012.
NAPLES, FLA. — Colliers International has brokered the sales of two multifamily properties in Naples totaling $4.5 million. In the first transaction, GIGA Apartments LLC purchased River Park Apartments, located at 330 11th St., for $2.2 million. Built in 1960, the nine-building complex offers 104 units with a total of 56,435 rentable square feet. In the second deal, Lo Exclusive LLC took Gordon River Apartments, which is located at 1400 N. 5th Ave., for $2.3 million. The 12-building property, which was built in 1969, offers 92 units with a total of 70,369 rentable square feet. Jim Garinger of Colliers International Southwest Florida, along with John Stone and Jason Stanton of Colliers International Tampa Bay Florida, facilitated the sales.