MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.
RICHMOND, VA. — The 250,000-square-foot 3600 Centre, an office building located at 3600 W. Broad St. in Richmond, has been sold for $4.8 million. Eric Robison, Dean Meyer, Suzanne White and Catharine Spangler of Cushman & Wakefield/Thalhimer's Richmond office, along with Cris Abramson of Cushman & Wakefield's Washington, D.C., office represented Penn Market Properties, the seller, in the transaction. PMC Realty Group was the buyer.
DORAVILLE, GA. — Burlington Coat Factory has opened a 70,000-square-foot store at Doraville Plaza, located at 5766 Buford Hwy. in Doraville. This is Burlington's 14th location for the state of Georgia.
GAINESVILLE, FLA. — Coldwell Banker Commercial M.M. Parrish Realtors has formed a partnership with the Todd Rainsberger and Beau Beery families in Gainesville. Rainsberger, previously a commercial associate with the company, is now a partner. Beery is the president of commercial real estate and CFO. Additionally, J. Parrish will continue his role as president of residential real estate and Susan Parrish will be increasingly involved in community relations.
COLUMBUS, GA. — Home2 Suites by Hilton has broken ground on an 81-room hotel, located at 1664 Whittlesey Rd. in Columbus. Ram Hotels is developing the four-story property. Upon completion, Nirvana Hospitality will own the hotel and Ram Hotel Management will manage it. The property is slated to open in September 2012.
ROYAL PALM BEACH, FLA. — Continental Realty Corp. has purchased a 30,500-square-foot retail property, located at 101 S. State Rd. 7 in Royal Palm Beach. The property is fully leased to Office Depot and Mattress Giant. Clinton Texter of Marcus & Millichap's San Francisco office represented the buyer in the transaction.
MADISON AND FERRUM, VA. — Two Virginia Dollar General Stores, located in Madison and Ferrum, have been sold for $2.54 million. Andrew Fallon of Calkain Cos.' Bethesda, Md., office represented the seller, the developer of the assets, in the transaction. Arthur Judelsohn of Pyramid Brokerage Co.'s Buffalo, N.Y., office represented the buyer, a Northeast real estate development company.
FORT MYERS, FLA. — Chico's Retail Services has purchased a 33,000-square-foot industrial building, located at 10995 Metro Pkwy. in Fort Myers, from CDW 10995 Metro Parkway, LLC, for $2.5 million. Randal Mercer of CBRE's Fort Myers office represented the seller in the transaction, and Allan Fox of Commercial Property Management represented the buyer.
NORCROSS, GA. — Virginia-based SugarOak has acquired the 55,000-square-foot Spalding Exchange Office Park, located off of Holcomb Bridge Road in Norcross, from LNR for an undisclosed price. Kevin Markwordt of Transwestern's Atlanta office represented the buyer in the transaction and Eva Horton of Grubb & Ellis' Atlanta office represented the seller.
JACKSON, TENN. — Jackson-based Crocker Construction Co. and Memphis, Tenn.-based Henry Turley Co. have plans to build the $28.35 million, 99,117-square-foot Living Fit in Tennessee, a wellness center located at the 17-acre CityWalk in downtown Jackson. The facility will include a 75,000-square-foot community center, leased to West Tennessee Healthcare, as well as offering fitness and wellness programs, a swimming pool, a primary care clinic, a physical therapy rehabilitation center and an aqua therapy program. A joint venture between CT Realty Investors and KDF Communities provided $9.4 million in New Markets Tax Credit financing, in conjunction with Wells Fargo Bank, for the center.
