NORCROSS, GA. — Marcus & Millichap has brokered the sale of the Country Inn & Suites in Norcross. Located at 5970 Jimmy Carter Blvd., the 51-room property sold for $1.36 million. The hotel was built in 1999 and upgraded in 2007. Jonathan Ruprai and John Leonard of Marcus & Millichap brokered the transaction. Terms of the sale were not released.
MIAMI — Allied Caribbean Distribution has signed a lease for 45,700 square feet of industrial space at Medley Distribution Center in Flagler Station Business Park in Miami. The tenant is relocating from its current warehouse in Doral, Fla. The Medley Distribution Center is a 250,000-square-foot Class A industrial/office building located at 11000 N.W. 92nd Terrace in Miami. Steve Medwin, Harry Wardell and Nick Wigoda of Jones Lang LaSalle represented the Chicago-based landlord, Lincoln Advisory Co., in the transaction. Terms of the lease were not released.
ORLANDO, FLA. — DCT Industrial has acquired a 50,000-square-foot property at 3001 Directors Row in Orlando. The building sold for $3.04 million. John Frederick and Morgan Wiseman of Realty Capital represented the undisclosed seller in the transaction.
CAPE CORAL, FLA. — Fort Myers, Fla.-based J. L. Wallace has broken ground for the construction of a new site for Premiere Auto Service Center of SW Florida LLC. Located at 3918 Chiquita Blvd. South in Cape Coral, the 4,240-square-foot building will have several service bays, a tire storage area and an 800-square-foot customer service and waiting area. The project also includes site utilities, storm drainage, asphalt paving, curbing and landscaping. Titsch & Associates Architects is providing architectural services and Quattrone & Associates is serving as civil engineer.
FORT MYERS, FLA. — Jack's Place LLC recently purchased a 27,000-square-foot office building that will house Digital Data Destruction Services and eTriage. Located in downtown Fort Myers, the property offers 12 office spaces to lease. The two tenants will hire up to 15 employees at the new location. Bryan Myers and Bob Pekol of LandQwest Commercial represented the buyer and the undisclosed seller in the transaction. Terms of the acquisition were not released.
ARLINGTON, VA. — The JBG Companies is developing 800 North Glebe, a 10-story office and retail building in the Rosslyn-Ballston Corridor in Arlington. Located at the corner of North Glebe Road and Wilson Boulevard, the 316,000-square-foot building will offer 30,000-square-foot floor plates and 28,000 square feet of retail space. Design and constructed to achieve LEED Gold certification, the property is scheduled for completion in March 2012. Project partners include Cooper Carry as base building architect, LSM as lobby designer and Clark Construction as general contractor.
NORCROSS, GA. — Scannell Properties Inc. has selected Rosemont, Ill.-based McShane Construction Co. to construct a 215,500-square-foot warehouse and distribution center of behalf of FedEx Corp. Situated on 32 acres at 6265 Atlantic Blvd. in Norcross, the facility will offer 206,500 square feet of distribution space, with an automated conveyer system, and a 9,000-square-foot office component. Additionally, the property will feature a 32-foot clear height, 96 external docks, four drive-in doors and parking for 315 cars and 250 trailers. McShane will construct the exterior utilizing tilt-up concrete wall panels. Precept Inc. is providing architectural services for the project, which scheduled for completion in December.
LOUISVILLE, KY. — Greenwich, Conn.-based Shamrock Multifamily Management has acquired Creekside at St. Matthews in Louisville. The 540-unit multifamily property sold for an undisclosed price. The buyer plans to renovate and reposition the asset. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group represented the sellers, Buckingham Companies and Concert Realty Partners, in the transaction.
CHARLOTTESVILLE, VA. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market. Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed. Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed. Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million. In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many …
SOUTHAVEN, MISS. — IDI has renewed Priority Fulfillment Services' 434,900-square-foot industrial lease at Building B within Airways Distribution Center in Southaven. Priority Fulfillment Services, a comprehensive end-to-end e-commerce solutions provider, has leased the space since 2004. Located at 8474 Marketplace Drive, the master-planned Class A business park offers six buildings totaling 664,828 square feet. Wyatt Aiken of Commercial Advisors represented the tenant; Tim Moore represented IDI in the transaction. Terms of the lease were not released.