DELRAY BEACH, FLA. — Wood Partners has secured $66.5 million in construction financing arranged by Greg Engler of Engler Financial Group to build the 369-unit Alta Congress apartment community, which will be located at 250 Congress Park Dr. in Delray Beach. Amenities will include a clubhouse, golf course views and two courtyards, one with a swimming pool. The four-story project will begin construction in August with completion scheduled for May 2013. Coastal Construction is the contractor for the project.
Southeast
HUNT VALLEY, MD. — Merritt Properties has started construction on Schilling Green II, a four-story office building and single-story annex, located at 225 Schilling Cir. in Hunt Valley, which is expected to meet LEED Platinum certification when it is completed in late August 2012. Schilling Green II is located within Merritt's Schilling Circle development and has already secured a 75,400-square-foot lease from EA Engineering, Science and Technology, Inc.
CLAYTON, N.C. — LB&B Associates has signed a lease for 204,420 square feet of industrial space in The Carolinas Distribution Center, located at 977 Shotwell Rd. in Clayton. Kent Honeycutt and J.D. McNeill of Cushman & Wakefield's Raleigh, N.C., office represented the tenant in lease negotiations, while Jim Allaire and Jackson Rivers of Cassidy Turley's Raleigh, N.C., office represented the warehouse owners, Crown-Raleigh III, in the lease negotiation.
ALPHARETTA, GA. — North American Properties has acquired Prospect Park, a 106-acre mixed-use development site located at the northwest quadrant of Old Milton Parkway and Georgia Highway 400 in Alpharetta. The stalled plans include deploying design and operational aspects borrowed from the hospitality industry into a retail destination. North American Properties will develop the retail center with significant input from the Alpharetta community through direct engagement at local community meetings and events. It is also considering renaming the property and intends to survey local residents through social media channels. The project is slated for opening in 2013.
HOLLYWOOD, FLA. — Moss Miller, a joint venture between Fort Lauderdale, Fla.-based Moss & Associates and Miller Construction Co., has topped out construction for the $34 million, 86,000-square-foot Center of Excellence for Coral Reef Ecosystems Science Research Facility at Nova Southeastern University in Hollywood. The project is built to meet LEED Silver certification and is scheduled for completion in early 2012.
LAKE WORTH, FLA. — ARA has arranged the $9.3 million sale of the 218-unit Esperanza Apartments, located in Lake Worth. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the Chicago-based Wateron Associates, the seller, in the transaction. Newton, Mass.-based Robbins Property Associates was the buyer.
ATLANTA — The law firm of Morris, Manning & Martin has renewed its 125,000-square-foot lease extension at the 900,000-square-foot Atlanta Financial Center. The lease keeps the firm's headquarters in Buckhead while expanding its space by 11,000 square feet. Jones Lang LaSalle, which represented Morris, Manning & Martin LLP, had been negotiating a lease on behalf of the firm at the Campanile office tower in Midtown. However, the firm decided to renew negotiations for space at the Atlanta Financial Center after lease negotiations with Campanile landlord Dewberry Capital Corp. reached an impasse. The firm's offices have been located at the Atlanta Financial Center since 1987. Its staff has expanded from 26 to more than 350 employees in that span.
MIAMI — CB Richard Ellis has arranged the $1.27 million sale of an 8,885-square-foot industrial building located at 10825 NW 33rd St. in Miami from A DE Q Holdings to High Property Group. Ronald Marrero and David Albert, of CBRE's Miami office, and The Katsikos Group represented the buyer and Flagler Real Estate represented the seller.
NORTH LAUDERDALE, FLA. — Atlanta-based ARA has arranged the $26.4 million sale of the 224-unit Lakeview Cove, located on Cypress Creek Road in North Lauderdale. Hampton Beebe and Avery Klann of ARA represented New York City-based Lexin Capital, the seller. Chicago-based Waterton Associates was the buyer. The acquisition was financed with Fannie Mae debt through ARA's debt platform, ARA Finance.
JACKSONVILLE, FLA. — Jacksonville-based Grubb & Ellis | Phoenix has arranged a 213,000-square-foot lease at 12759 Gran Bay Pkwy. in Jacksonville on behalf of Saddle Creek Corp. John Richardson and Bryan Bartlett of Grubb & Ellis | Phoenix represented Cabot Properties, the landlord, and Ladson Montgomery of the same firm represented the tenant.