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.
Southeast
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.
BOCA RATON, FLA. — Invesco Real Estate has sold the 89,503-square-foot Boca Corporate Plaza to Pebb Enterprises for $8.55 million. The 33-year-old office property is located at the intersection of Glades Road and the Florida Turnpike in Boca Raton. Christian Lee, Charles Foschini, Christopher Apone, Travis Herring and Deanna Lobinsky of CB Richard Ellis represented the seller.
MARYLAND AND VIRGINIA — PMIG LLC has borrowed an $8.31 million loan for five gas stations in Maryland and Virginia. Financed by John Marshall Bank, the 10-year loan carries a 20-year amortization. Matthew Kohlhoss of NorthMarq Capital arranged the loan.
FLORIDA — EZCORP has purchased eight pawn shops in central and south Florida from Legacy Equity Fund for an undisclosed amount. Five stores are located near St. Petersburg and three are in Miami. The stores, which currently operate as different brands, will be rebranded as Value Pawn locations. EZCORP now operates 85 stores in Florida.
ARLINGTON, VA. — Edens & Avant is redeveloping Arlington Ridge, a shopping center located at 2901-2955 S. Glebe Road in Arlington. The 84,502-square-foot project will include the development of pedestrian-friendly walkways, outdoor-dining spaces and extensive landscaping. Giant Foods and Gold’s Gym anchor the property. Completion of the project is scheduled for fall 2010.