CHESAPEAKE, VA. — Affiliates of Allen Management have sold a 52-room Econo Lodge to Chesapeake-based Sita Properties for an undisclosed amount. The property is located at 2222 S. Military Highway in Chesapeake. Sita plans to renovate the property and rebrand it as a Motel 6. David Mumford of the Newport News, Va.-based Mumford Co. brokered the sale.
MIAMI BEACH, FLA. — A private investor from Miami has sold a 12-unit apartment complex to a Surfside, Fla.-based investor for $775,000. The property is located at 7700 Abbott Ave. in Miami Beach. Eight one-bedroom units and four studio apartments are housed in the complex. Lawrence Usher of Marcus & Millichap’s Miami office represented both parties in the transaction.
KENDALL, FLA. — Loehmann’s will open a 25,699-square-foot store next spring in Kendall’s The Palms at Town & Country development. Located at 8268 Mills Dr., the shopping center will span 400,000 square feet when completed. The property is being developed by Coral Gables, Fla.-based Flagler Development Group in phases, with the first 153,563 square feet of space set for completion this fall. Karen Sanzo and Mauro Olivieri of Jones Lang LaSalle represented the tenant in the lease.
The University of Alabama at Birmingham continues to be the most powerful and stable economic engine in North Central Alabama. The university offers the community high-paying jobs as both faculty and staff employees and an affordable and beneficial educational opportunity, while drawing patients and visitors to its world-class medical center from throughout the region, and in many instances, from all over the globe. Approximately 12 years ago, Alabama embarked on a program to entice automotive manufacturers to the state. That program paid off first with Mercedes, then with Honda and Hyundai, which are all located in central Alabama. Birmingham is at the center of this automotive triangle. With tens of thousands of jobs associated with the industry, Birmingham has been able to continue its manufacturing tradition with higher pay than the old iron and steel jobs of the city’s past. Despite the pressure on the automotive sector from the current economic downturn, Alabama-based manufacturers appear well-positioned to weather the storm and return to profitability. That bodes well for Birmingham, and that bodes well for Birmingham’s retail. On February 5, 2009, Birmingham-based Bruno’s Supermarkets declared Chapter 11 Bankruptcy. Locally, the move surprised no one, but it did bring finality to the …
MARATHON KEY, FLA. — Atlanta-based Hotel Equities, along with Peter Rosasco of Sundance Resort & Marina LLC, is developing a Hampton Inn & Suites in Marathon Key. Situated along Highway A1A, the property will offer 80 rooms. Additionally, the property features unobstructed water views and easy access to Marathon Airport.
ACWORTH, GA. — New Jersey-based JPJ Equity II LLC has purchased The Learning Experience, a 12,500-square-foot daycare facility located in Acworth. Harmony Grove Partners LLC sold the property for $3.05 million. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the buyer; Robert Pfeiffer of Marcus & Millichap’s Atlanta office represented the seller in the transaction.
SPARKS, MD. — The Sparks Venture Centre, the Hunt Valley-Sparks area’s first ExecuCentre, has opened at The Highlands Business Park in Sparks. The 5,000-square-foot facility, which is located at 954 Ridgebrook Rd., offers fully furnished individual or multiple suites for lease. Matthew Haas and Kevin Haus of Manekin LLC are serving as the building’s leasing agent.
FORT MYERS, FLA. — Locally-based J.L. Wallace has completed the renovations of Fort Myers Christian Center, a non-denominational Christian church and community outreach center. The renovations included the addition of a new lobby, kitchen and classrooms to the 8,000-square-foot building. Additionally, the company created a new sanctuary space in the existing building. The property is located at 3500 Fowler St. in Fort Myers. David Grossman of J.L. Wallace served as project manager, Dennis Tyeryar served as superintendent and Robbyn Spears served as project manager assistant.
MADISON, ALA. — Jacksonville, Fla.-based Summit Contractors Group is underway on Continental Properties’ 360-unit The Springs at Madison Apartments development. The $21 million project is located in Madison, a suburb of Huntsville, Ala. Mouriz/Salazar Associates designed the property, which will deliver in April 2010. Financing for the project was provided by M&I Bank, an institution that has a long-term business relationship with Continental.
BOCA RATON, FLA. — 980 North Federal LLC has sold the 93,762-square-foot Compson Financial Center to 980 North Federal Acquisition Group for $20 million. The office property is located at 980 N. Federal Highway in Boca Raton. Scott O’Donnell and Dominic Montazemi of CB Richard Ellis’ Boca Raton office brokered the sale.