LANHAM, MD. — Amerco Real Estate Co. has purchased an 80,000-square-foot warehouse from First Industrial Realty Trust for $5.45 million. The property is located within Washington Business Park at 9800 Martin Luther King Jr. Highway in Lanham. CB Richard Ellis' Adam Weidner represented the buyer. Matthew Laraway and Ned Brady of Cushman & Wakefield represented the seller.
Southeast
MIAMI — South Florida-based Link Construction Group has completed the 168,194-square-foot Causeway Square mixed-use building in Miami. The four-story structure, designed by Saltz-Michelson, has 29,374 square feet of restaurant and retail space on the ground floor. A 46,000-square-foot LA Fitness takes up the second floor, and 81,170 square feet of Class A office space span the third and fourth floors. TAUBCO designed the project.
DORAL, FLA. — Paul Stasaitis of Holliday Fenoglio Fowler has arranged a $30 million loan for a four-property office portfolio in Doral. The properties, which total 368,331 square feet, are all in the Downtown Doral development and are 95 percent leased overall. The borrower is a joint venture between Codina Partners and institutional investors advised by J.P. Morgan Asset Management. Northwestern Mutual funded the 5-year, fixed-rate loan.
ASHEVILLE, N.C. — The National Telecommunications Cooperative Association has signed a lease for 25,000 square feet of office space at Biltmore Park Town Square, a $204 million mixed-use project located in Asheville. The company will be the largest office tenant at the project and will be occupying space at 30 Town Square Boulevard. Interior construction for the space will begin in June. Biltmore Farms LLC is the project's developer.
LARGO, FLA. — Colliers Arnold has brokered the sale of 135 developer-owned condos from an undisclosed party to SWFL Gulf Properties for $4.3 million. The 160-room Fountains of Largo is located at 13125 Wilcox Road in Largo. The property, which was built in 1973 and renovated in 2006, spans 16 two-story buildings. The firm's John Stone and Jason Stanton brokered the sale.
WINCHESTER, VA. — Starwood Hotels & Resorts Worldwide has opened the 99-unit Aloft Winchester hotel in Winchester. The property is located at the intersection of Millwood Pike and Interstate 81 near the entrance to Shenandoah University. The property is also in close proximity to the Winchester Speedway and Rock Harbor Golf Course. The hotel is owned and managed by Hotel Squared.
CHESAPEAKE, VA. — HHG Chesapeake has purchased 5.2 acres of land in the Kohls Crossing development in Chesapeake from Crystal Lake 64 Associates for $1.75 million. The buyer is planning to build a 25,000-square-foot hhgregg store on the land. An additional 25,000 square feet will be added as needed. David M. Smith of Thalhimer brokered the transaction.
ATLANTA — Marquise Investments has purchased the 104-unit Southern Woods apartment complex from Freddie Mac for $1.85 million. The property, which was foreclosed on in May 2009, is located near the Interstate 85 corridor in northeast Atlanta. Currently 98 percent occupied, the complex features a pool, tennis court and gazebo.
SINGER ISLAND, FLA. — Catalfumo Construction has sold more than half of the condominiums in a 242-unit Singer Island property to a joint venture of Lionheart Capital and Elliott Management Corp. for $120 million. The remaining units were already sold for prices ranging from $900,000 to more than $3 million. The 770,000-square-foot property is located at 2700 N. Ocean Drive on 8.8 acres of land. The two-building property features a heated pool, two fitness centers, two theaters, two business centers and two libraries.
WASHINGTON, D.C. — Skanska USA has broken ground on a mixed-use project located at 733 10th St. in Washington that will house eight floors of Class A office space, a worship space for First Congregational United Church of Christ and ground-level retail. The project, designed by Cunningham & Quill Architects and Tod Williams Billie Tsien Architects, will be built to LEED Gold standards. Delivery is expected during the latter half of 2011.