NORFOLK, VA. — Jonathan Properties has purchased a 16,000-square-foot warehouse from two private sellers for $955,000. The property is located at 2618 Arkansas Ave. and 2619 Wyoming Ave. in Norfolk. Jonathan Properties acquired the warehouse as an investment. Thomas W. Dana and Rik King, II, of Thalhimer’s Virginia Beach, Va., office brokered the sale.
Southeast
JESSUP, MD. — Vienna, Va.-based Feld Entertainment has leased 74,430 square feet of space and renewed its lease of 142,098 square feet in two Jessup warehouses. The firm, which produces entertainment such as Disney on Ice and Disney Live!, now occupies 8230 and 8241 Sandy Court. The two properties will house Feld’s distribution and merchandise storage operations. Paul Schweitzer and Stuart Diamond of Studley’s McLean, Va., office represented the tenant in the transaction.
ALEXANDRIA, LA. — An 18,000-square-foot Staples will open its doors at Stirling Properties’ 190,000-square-foot MacArthur Village shopping center April 24. The project marks the last phase of renovations to the center, which is located at 1400 MacArthur Dr. in Alexandria. The shopping center, which was built in the 1950s, is anchored by a 66,612-square-foot Kroger and a 25,000-square-foot Hastings Entertainment. Additional tenants include Capital One Commercial Banking, Ci Ci’s Pizza, Coldwell Banker, Sally Beauty Supply and Picadilly.
TUPELO, MISS. — John Segrest of Charlotte, N.C.-based Grandbridge Real Estate Capital’s Birmingham, Ala., office has secured a $3 million fixed-rate, non-recourse loan for the 112-unit Feemstaer Lake Apartments. The property stands on 7.3 acres near the University of Mississippi in Tupelo. The 19-year-old property is 96 percent occupied. Fannie Mae’s ERL program provided financing for the 10-year loan. The loan carries an interest rate in the mid-6 percent and a 30-year amortization.
GAINESVILLE, FLA. — Fit For Life Physical Therapy has purchased a 4,672-square-foot office suite in Orlando from the parent company of Florida Citizens Bank for an undisclosed amount. The property is at 3919 Newberry Rd. in Gainesville and also houses a branch of Florida Citizens Bank. Gainesville-based AMJ represented the owner, and Howard Freeman of Gainesville-based Freeman Realty represented the tenant.
DAWSONVILLE, GA. — Zoning has been approved for the Atlanta Motorsports Park, a racing country club located in Dawsonville. The project, which will be built with sustainable materials, will include a lounge, a 10,000-square-foot clubhouse, a workout facility, a pool and 3 miles of road course. The courses feature 4,000 feet of straight-away space and can be configured 15 different ways. Tilke Architects will design the property and race tracks and RK Redding Construction will serve as the general contractor.
MARTINSBURG, W. VA. — Birmingham, Ala.-based AIG Baker Shopping Center Properties will open the 420,000-square-foot The Commons shopping center in July. Located at the intersection of Interstate 81 and Route 45 in Martinsburg, the $65 million property spans 50 acres. Tenants will include Target, Dick’s Clothing and Sporting Goods, Best Buy, Books-A-Million, PetSmart, Staples, Michaels, T.J. Maxx and Bed Bath and Beyond.
MONTGOMERY, ALA. — Ronen Abergel of Arbor Commercial Funding’s New York office has secured a $32.35 million loan for the 520-unit Vintage Pointe apartment complex. The property is located at 5600 Carmichael Rd. in Montgomery. The 10-year loan was financed under the Fannie Mae DUS MBS ARM product line. It carries a 6.11 percent interest rate and a 30-year amortization.
WASHINGTON, D.C. — Washington, D.C.-based ICG Properties and Castleton Holdings are slated to redevelop the 50,000-square-foot office building at 1050 31st St. in Washington. The five-story building was previously occupied by the American Trial Lawyers Association. The companies are considering turning the property into a hotel or leasing the space to office users or high-end retail tenants.
ORLANDO, FLA. — The Orlando office of the The Pizzuti Cos. will begin site work later this year on the 315,000-square-foot Exploration Park, a 60-acre office park on the grounds of the Kennedy Space Center in Orlando. The project, a partnership between Space Florida and NASA, will feature office and lab space and high-bay facilities. A 25,000-square-foot office building, which can be expanded to 50,000 square feet, will be the first property constructed in the multi-phase project. Jones Edmunds & Associates will provide engineering work, O’Brien/Atkins Associates and HuntonBrady Architects will design the park and RUSH Construction will serve as the general contractor.