JACKSON, TENN. — Freeman Webb Investments has acquired three apartment communities, totaling 311 units, in Jackson for $13 million. The portfolio includes the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and the 50-unit Whispering Oaks Apartments on Campbell Street. The properties were bought from the lender, The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15, at a 40 percent discount to the previous loan amounts. William Kirkland of the Brentwood, Tenn.-based The Kirkland Company brokered the transaction.
Southeast
HALLANDALE BEACH, FLA. — Miami-based Edwards Realty Services has arranged the sale of the Hallandale Beach Hotel, located at 2000 S. Ocean Dr. in Hallandale Beach, for $10 million. The hotel is a Regency Resort and Spa property. Richard Edwards represented the seller, Bosta Co., and the buyer, GBP Regency, was unrepresented.
MIAMI — Denver-based DCT Industrial Trust has acquired 14.68 acres of land in the Doral/Airport submarket from Jacksonville, Fla.-based Everbank for $6.26 million. DCT Industrial plans to develop industrial distribution space available for lease. The company closed on the two-parcel property in July with the second phase scheduled to close by the end of the year. David Albert, Devin White and Ronald Marrero of CB Richard Ellis' Miami office negotiated the transaction of the bank-owned asset on behalf of the buyer.
ORLANDO, FLA. — New York-based GDC Properties has selected Baker Barrios Architects to provide planning, landscape services, and architectural design for a 247-unit apartment complex to be located at 899 N. Orange Ave. in Orlando. The six-story building will feature 15,000 square feet of restaurant and retail space, and a 400-space parking garage, in addition to the residential units. The property is scheduled for summer 2013.
PEACHTREE CORNERS & JOHNS CREEK, GA. — CB Richard Ellis has arranged the sale of the LaSalle Select Portfolio, which totals 399,461 square feet of office space in four properties in Peachtree Corners and Johns Creek. The portfolio consists of 5707 Peachtree Pkwy.; 3585 Engineering Dr.; 6625 The Corners Pkwy.; and 6455 East Johns Creek. Tenants include HCA, Primedia, Ashworth College, Admiral Insurance, Wells Fargo and Anheuser Busch. The sale has been reported to be $53.5 million. Will Yowell, Justin Parsonnet and Jay O'Meara with CBRE's Atlanta office investment properties institutional group represented the seller, LaSalle Investment Advisors. The buyer was Rosemont Realty.
WASHINGTON, D.C. — Urban Investment Partners has begun sales of the WY18 Condos, located at 1801 and 1811 Wyoming Ave. in Washington, D.C., which underwent complete renovations. The 61 condos have all new heating, cooling, plumbing and wiring. Features include rooftop party decks, GE Cafe series appliances, energy efficient windows, water saving dual-flush toilets and expanded closets and storage areas. The twin historic buildings were originally constructed in 1909 and were acquired by Urban Investment Partners in 2010.
RALEIGH & GREENSBORO, N.C. — Raleigh-based NAI Carolantic Realty has formed a strategic partnership with the Greensboro-based Alliance Commercial Property Management Co., where NAI Carolantic's property management operations will be merged with Alliance. Alliance manages more than 2.5 million square feet of office and retail space, including a portfolio of 25 properties in the Carolinas containing NAI Piedmont Triad in Greensboro.
SUFFOLK, VA. — Best Brakes has leased 42,500 square feet of distribution space at 5401 Virginia Regional Dr. in Suffolk. Stephanie Sanker and Bill Overman of Norfolk, Va.-based S. L. Nusbaum Realty Co. represented the tenant in the transaction. The landlord, Virginia Regional I, was represented by Worth Remick of CB Richard Ellis' Norfolk office.
LEBANON, TENN. — Amazon.com has plans to open a 500,000-square-foot fulfillment center in Lebanon this year, adding to the previously announced Chattanooga and Cleveland centers set to open this fall. The openings will create 1,200 full- and part-time jobs. By the end of the year, the company will have more than 2 million square feet of space in the state.
BETHESDA, MD. — Carr Properties has acquired the contract and development rights for a 223,000-square-foot trophy office project located at 4500 East West Hwy. in Bethesda. Construction will begin during the first quarter of 2012 with completion slated for the first quarter of 2014. The development, which is the first trophy quality, ground-up office development in Bethesda in more than 10 years, will be designed to achieve LEED Gold certification.