Southeast

$15.3 MILLION SENIOR LIVING PROJECT BREAKS GROUND IN GEORGIA

by admin March 25, 2011

WOODSTOCK, GA. — The NorSouth Companies has broken ground for the development of Hearthside at Towne Lake, an affordable senior living community in Woodstock. The $15.3 million community, which is restricted to residents age 62 and older, will offer 100 apartment units, private gardens, a residents' lounge and media room, a fitness center, a sunroom and a bocce ball court. Additionally, the one- and two-bedroom units will feature kitchens with pantries, ENERGY STAR appliances, microwaves, washer/dryer hookups and walk-in closets. The senior living community will serve as the centerpiece for Madison Pointe at Towne Lake, a mixed-use development in Woodstock.

March 25, 2011

28 ACRES ACQUIRED FOR RETAIL DEVELOPMENT IN MADISON, ALA.

by admin March 25, 2011

MADISON, ALA. — GBT Realty Corp. has acquired a 28-acre land parcel at U.S. Highway 72 near Wall Triana Highway in Madison for $6.3 million. The company plans to develop The Shoppes of Madison on the site. The retail center will include a 135,000-square-foot Target and 125,000 square feet of additional retail space. Completion is scheduled for spring 2012.

March 25, 2011

Multifamily Southeast

TWO MULTIFAMILY PROPERTIES SELL FOR $4.5 MILLION IN NAPLES, FLA.

by admin March 25, 2011

NAPLES, FLA. — Colliers International has brokered the sales of two multifamily properties in Naples totaling $4.5 million. In the first transaction, GIGA Apartments LLC purchased River Park Apartments, located at 330 11th St., for $2.2 million. Built in 1960, the nine-building complex offers 104 units with a total of 56,435 rentable square feet. In the second deal, Lo Exclusive LLC took Gordon River Apartments, which is located at 1400 N. 5th Ave., for $2.3 million. The 12-building property, which was built in 1969, offers 92 units with a total of 70,369 rentable square feet. Jim Garinger of Colliers International Southwest Florida, along with John Stone and Jason Stanton of Colliers International Tampa Bay Florida, facilitated the sales.

March 25, 2011

Office Southeast

$70 MILLION OFFICE REDEVELOPMENT PLANNED IN CRYSTAL CITY, VA.

by admin March 24, 2011

CRYSTAL CITY, VA. — Los Angeles-based Lowes Enterprises is planning a $70 million redevelopment project for 1400 Crystal Drive in Crystal City. The 300,000-square-foot building, which is part of the 550,000-square-foot Jefferson Plaza complex, will be redeveloped into a modern Class A office property. Slated to begin in early 2012, the project will include relocating the building lobby to Crystal Drive and on-site amenities, including a rooftop terrace, a fitness center and a concierge. Additionally, the building will be retrofitted with modern mechanical systems. Fox Architects is providing architectural services for the project.

March 24, 2011

Mixed-Use Southeast

NORTHMARQ ARRANGES $31.5 MILLION MIXED-USE BUILDING LOAN IN D.C.

by admin March 24, 2011

WASHINGTON, D.C. — NorthMarq Capital has arranged $31.5 million in acquisition and bridge financing for 1250 23rd Street Northwest in Washington, D.C. The 130,000-square-foot mixed-use/office building was 60 percent leased at the time of closing. Financing was based on a 3-year, interest-only term and was arranged for the undisclosed borrower by NorthMarq through a correspondent lender relationship. Gary McGlynn and Jason Smith of NorthMarq's Washington, D.C., Regional office secured the financing.

March 24, 2011

Multifamily Southeast

BEECH STREET CAPITAL PROVIDES $9.9 MILLION LOAN FOR VIRGINIA APARTMENTS

by admin March 24, 2011

CULPEPER, VA. — Beech Street Capital has provided a $9.9 million Fannie Mae DUS loan to refinance the Friendship Heights Apartments in Culpeper. Built in 1987, the garden-style apartment complex offers 210 units, a basketball court and a playground. The fixed-rate loan has a 7-year term with 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. The loan was originated by Meridian Capital Group

March 24, 2011

Multifamily Southeast

SVN BROKERS $2.4 MILLION MULTIFAMILY SALE IN FLORIDA

by admin March 24, 2011

AVENTURA, FLA. — Sperry Van Ness (SVN) has brokered the sale of Terzetto at Aventura, loft land parcel and a 1.71-acre land site in Aventura. Located at the corner of Northeast 185th Avenue and Northeast 28th Court, the property was previously approved for a 13-story, 138-unit multifamily loft project. Lubavitch Center Aventura South Inc. purchased the asset for $2.4 million or $32.08 per square foot. Keith Kidwell of SVN represented the seller, MGAL REPH I, II, III LLC and receiver, Phil von Kahle of Michael Meocker & Associates, in the transaction.

March 24, 2011

Industrial Southeast

240,000-SQUARE-FOOT INDUSTRIAL FACILITY TRADES FOR $3.3 MILLION IN ALABAMA

by admin March 23, 2011

GADSDEN, ALA. — Ontario, Canada-based The Narmco Group has purchased the former Ridge Building System facility in Gadsden. Houston-based Ridge Building Systems sold the property for $3.3 million. Situated on 25 acres, the 240,000-square-foot industrial facility is 100 percent under crane. John Coleman and Sonny Culp of Birmingham, Ala.-based Graham & Company represented the seller in the transaction.

March 23, 2011

Industrial Southeast

42,300-SQUARE-FOOT FACILITY FETCHES $1.1 MILLION IN VIRGINIA

by admin March 23, 2011

HENRICO COUNTY, VA. — Slurry Pavers Inc. has acquired a 42,300-square-foot property, which is located at 3617 Nine Mile Road in Henrico County. Virginia Truck Center of Richmond, Va., sold the property, which is situated on 11.4 acres, for $1.1 million. Virginia Truck Center plans to continue to operate its business at the property. Jeffrey Cooke and L. Birck Turnbull of Cushman & Wakefield | Thalhimer brokered the transaction.

March 23, 2011

Retail Southeast

7,654-SQUARE-FOOT RETAIL PROPERTY SELLS FOR $3.29 MILLION IN MARYLAND

by admin March 23, 2011

ROSEDALE, MD. — KLNB Retail Investment Sales has brokered the sale of a retail property in Rosedale. Located at 8815 Yellow Brick Road, the 7,654-square-foot property was purchase by an undisclosed buyer for $3.29 million or $431 per square foot. The building is fully occupied by Bridgestone Retail Operations LLC, which utilizes the property to operate its automotive tire retail operations. Gil Neuman of KLNB represented the buyer; EXP Realty Advisors represented the seller, SB Rosedale 408 LLC, in the 1031 all-cash transaction.

March 23, 2011

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