PEMBROKE PINES, FLA. — Demeter Pembroke Pines has purchased a 7.64-acre vacant land parcel in Pembroke Pines from Duke Realty Corp. for $4.65 million. The company intends to develop the parcel, which is located at the northeast corner of Interstate 75 and Pembroke Road, as a Keiser University campus. NAI Rauch Weaver Norfleet Kurtz & Co.'s Michael and Jennifer Scarpino represented the buyer. Richard Levinson of CB Richard Ellis represented Duke Realty.
Southeast
KNOXVILLE, TENN. — Tammy Tate of Love Funding has arranged two loans totaling $10.87 million for apartment properties in Knoxville. Tate secured $5.436 million for the 252-unit Sutter Mill Apartments, which is located at 1101 Sutters Mill Lane. Amenities include a pool and activity courts. A $5.437 million loan was secured for the 235-unit Meadowood Apartments, which is located at 4000 Pleasant Ridge Road. The 35-year loans carry a 4.63 percent interest rate.
NASHVILLE, TENN. — Mid-America Apartment Communities has purchased the 336-unit Verandas at Sam Ridley apartment complex from a private seller for $32 million. The property is located at the intersection of Interstate 24 and Sam Ridley Parkway in Nashville.
HAYMARKET, VA., AND WASHINGTON, D.C. — Velmeir Cos., the preferred developer of CVS/pharmacy stores, has expanded into the D.C.-area market by opening two stores. A 13,013-square-foot CVS is located on Route 15 in Haymarket; the other, a 10,181-square-foot store, is located at the intersection of Georgia and New Hampshire avenues in Washington. The company is planning more stores in the area.
ST. AUGUSTINE, FLA. — SIG Partners has purchased a 36-unit unfinished condo building from an undisclosed bank for $2.2 million. The foreclosed property, which was named Gulf View, is located on a golf course in St. Augustine. SIG plans to invest $1.3 million to finish the project, which is more than 80 percent complete, and build a pool. ShelbyCFM's Brett Roark and Crown Capital Group's John Bielefeldt served as advisors.
KNOX COUNTY, TENN. — RLR Investments has sold the 113,000-square-foot R&L manufacturing facility to Dew Properties for an undisclosed amount. The property is located in Knox County's Forks of the River Industrial Park. Baker Realty Co. represented the seller.
STERLING, VA. — First Potomac Realty Trust has broken ground on a 56,900-square-foot flex building in the 495,000-square-foot Sterling Park Business Center off Route 28 in Sterling. MSI Worldwide Mail will occupy 24,200 square feet in the property, which is 43 percent pre-leased. Gaithersburg, Md.-based DVA Architects designed the project to sustainable standards.
LAKELAND, FLA. — DBM Associates has purchased a 72,206-square-foot manufacturing facility from Star East Corp. for $3 million. The 15-year-old property is located on 12 acres at 2655 Old Tampa Highway in Lakeland. Steinbauer Associates' Jim Steinbauer represented the buyer in the transaction. Colliers International's William Parke, Dee Seymour and Edward Miller represented the seller.
SILVER SPRING, MD. — An affiliate of Petrie Ross Ventures has sold the 350,000-square-foot City Place Mall in Silver Spring to Hutensky Capital Partners for $22.8 million. The three-party deal included a payoff of all outstanding debt. The buyer plans to redevelop the property.
DULUTH, GA. — Brookfield Asset Management and Landmark Residential have purchased Gwinnett Crossing, a Class B apartment complex, from an undisclosed party for $16.7 million. The 564-unit property is located at 4015 Satellite Boulevard in Duluth. The buyer will undertake $8 million in renovations on the property.