LAKE MARY, FLA. — CRM Florida Properties has sold the 48,662-square-foot office building, located at 1097 Sand Pond Rd. in Lake Mary, to Meritas for $3 million. Greg Morrison, Damien Madsen and Lisa Bailey of Orlando, Fla.-based Morrison Commercial Real Estate represented the seller. Miguel de Arcos of Sperry Van Ness' Lake Mary office represented the buyer, who plans to convert the building into a dormitory for Lake Mary Preparatory School.
Southeast
PALM CITY, FLA. — Awareness Technology has purchased the 79,000-square-foot, 9.15-acre Old Palm City Town Square, located at the northeast corner of Martin Highway and Barry Avenue in Palm City. The company will occupy more than 50,000 square feet at the center. The remainder of the center will be leased to retail and office tenants, including Hurricane Grill, Toro Sushi Grill and Ameriprise Financial. Boyd Bradfield, Jr., of Stuart, Fla.-based NAI Southcoast represented the seller, Bridgeville, Pa.-based Sorbara and Son Properties. He will continue to handle leasing and management for Awareness Technology.
WOODLAWN, MD. — Lockheed Martin Corp. has renewed its 41,580-square-foot lease of office space in the Michael Building, located at 1506 Woodlawn Dr. in Woodlawn. Richard Blue, Jr., Paul Obrecht and Krager Sanders of Timonium, Md.-based Blue & Obrecht Realty represented the landlord, Colony Realty Partners, and Stuart Rienhoff of Jones Lang LaSalle's Baltimore office represented the tenant.
FORESTVILLE AND CHEVERLY, MD. — Transwestern's Bethesda, Md.-based Mid-Atlantic Multifamily Group, led by Dean Sigmon and Robin Williams, has arranged the sale of the four-property, 1,107-unit United Investors Portfolio for $72 million. The properties include the 404-unit Pennbrooke Terrace and the 147-unit Valleybrook Apartments in Forestville, and the 366-unit Cheverly Terrace and the 190-unit Hanson Arms in Cheverly. Transwestern represented the seller, United Investors Management Corp. The buyer was a joint venture between Foulger-Pratt Cos. and DLJ Real Estate Capital Partners, with DLJ providing equity capital for the transaction.
ORLANDO, FLA. — Toyota of Orlando has selected Choate Construction Company to build its new 100,000-square-foot facility. The 20.6-acre site will contain the showroom, collision center and car wash, as well as a Scion Sales Center, customer waiting areas, café and child's play room. Exterior site improvements include new wet ponds, retaining wall, screen wall, fencing and stamped concrete vehicle displays.
GAINESVILLE, FLA. — Van Wehr of Atlanta-based CB Richard Ellis' Debt & Equity Finance has secured an $11 million loan for the 103,871-square-foot Archer Square, located on SW Archer Road in Gainesville. The loan was provided by a life insurance company. Tenants of the two-buildling retail property include Kohl's and Walgreens.
VIRGINIA BEACH, VA. — The four-story, 77,622-square-foot Windwood Centre, a Class A office building located at 780 Lynnhaven Pkwy. in Virginia Beach, has sold for $8.45 million. Jason Oliver and Alexander Divaris of Viginia Beach-based Divaris Real Estate's Investment Sales Group represented the seller, Centralia Associates, a Berman Kappler Properties partnership. The buyer was Virginia-based Continental Capital Management.
CAPE CORAL, FLA. — Schottenstein Property Group has purchased the 71,444-square-foot Pine Island Marketplace in Cape Coral from Land Holding for $7 million. Tenants include Office Max, Dress Barn and Famous Footwear. The center's anchors, Wal-Mart Neighborhood Market and Kohl's, were not included in the sale. John Mounce of Fort Myers, Fla.-based LandQwest negotiated the transaction.
ATLANTA — The Southeast division of McCarthy Building Cos., Inc. will build Georgia State University's (GSU) new Humanities-Law Building in downtown Atlanta. It will mark McCarthy's second project with GSU. The $62.7 million, 200,000-square-foot, LEED-certified building is scheduled to begin construction in 2012. It will be housed on a 2.4-acre site located on the University's main campus and is the first phase of a multi-building complex. The facility will include classrooms, moot courtrooms, a public law library, legal clinics and office space. Atlanta-based Stevens & Wilkinson and Washington, D.C.-based SmithGroup are the architects for the project.
HAMPTON AND NORFOLK, VA. — CB Richard Ellis' Norfolk office has completed three leases totaling 562,072 square feet. Lumber Liquidators has signed two leases totaling 515,486 square feet at the 695,000-square-foot West Park, located in Hampton. Additionally, The Pasha Group has leased 35,949 square feet at West Park. For both transactions, Ashton Williamson, Worth Remick and Blake Dozier of CBRE represented the landlord. The Planning Council has leased 10,637 square feet at Norfolk Commerce Center IV, located near the intersection of Military Highway and Interstate 64 in Norfolk. Perry Frazer, Matt Wilbricht and Pat Mugler of CBRE represented the landlord and Deborah Sterns and Mike McCabe, Jr., of Norfolk-based Harvey Lindsay represented the tenant.