LAND O’ LAKES, FLA. — An affiliate of Fort Lauderdale, Fla.-based Stiles Corp. has purchased the 80,000-square-foot Arbor Square at Connerton from an affiliate of Tatone Properties for $17.75 million. The retail center, located on U.S. Highway 41 in Land O’ Lakes, is anchored by a 45,600-square-foot Publix and houses SunTrust Bank. Mark Shellabarger and Dennis Carson of the Tampa, Fla., and Miami offices of CB Richard Ellis, respectively, represented the seller.
ATLANTA — Brasfield & Gorrie has broken ground on a 130,000-square-foot Class A office building in Grove Street Partners’ Gateway Center development near the Hartsfield-Jackson Atlanta International Airport. The office, which represents the first phase in the airport project, will be built to LEED standards. Rule Joy Trammell + Rubio designed the building, and Valdosta, Ga.-based Park Avenue Bank provided financing. Delivery is expected in August. A joint venture between Grove Street and Boston-based Fidelity Investments, the 1 million-square-foot Gateway Center will encompass 400,000 square feet of office space, 60,000 square feet of retail space and two hotels.
ORLANDO, FLA. — Ustler Development will break ground early next year on the 105,000-square-foot GAI Building in downtown Orlando. GAI Consultants has leased 65,000 square feet of space in the property, which is located at 618 E. South St. The company will move into the building in spring 2010 and will eventually employ 200 workers. Baker Barrios Architects designed the building, and Brasfield & Gorrie will serve as the general contractor. GAI, the original owner of the site, sold the property to Ustler for redevelopment and then leased space for a new office. Chris Sproles of CB Richard Ellis’ Orlando office represented GAI in both the lease and the earlier sale.
NORCROSS, GA. — DPR Construction has completed a 45,000-square-foot manufacturing facility for Atlanta-based Suniva. Located in Norcross, the space will be used to produce solar cells and features high-purity water systems, chemical delivery systems and a chemical bunker. The property encompasses 30,000 square feet of industrial space and 15,000 square feet of office space. Rob Noma of the architecture firm Perkins+Will designed the project, which took 16 weeks to complete.
BRUNSWICK, GA. — David Hsieh of Marcus & Millichap’s Jacksonville, Fla., office represented both parties in the sale of the 128-unit Glynn Place apartment complex for $5.4 million. Sale of the property, which is located at 820 Scranton Rd. in Brunswick, came with an 8.61 percent cap rate. Parties involved in the transaction were not disclosed.
DESTIN, FLA. — Regatta Bay Manor and Legacy Apartments have sold the 300-unit Legacy on the Bay apartment complex to GAA Legacy General Partner and GAA Legacy Limited Partner for $27 million. The 332,305-square-foot property sits on 16 acres in Destin. Joshua Goldfarb of Atlanta-based Southeast Apartment Partners brokered the transaction.
BIRMINGHAM, ALA. — Tampa, Fla.-based LVR Real Estate Partners and Birmingham-based Engel Realty have purchased the 276-unit Madison at Shoal Run from G&I III Madison for $16.3 million. The owners will undertake interior and exterior renovations to the property, which is located in Birmingham’s Oak Mountain neighborhood. Engel Realty will serve as the complex’s property manager. CB Richard Ellis brokered the transaction.
NEWNAN, GA. — Out-Med II has sold a 31,213-square-foot office property to an undisclosed buyer for $5.25 million. The building, located at 2959 Sharpsburg McCollum Rd. in Newnan, is occupied by The Papp Clinic. Atlanta-based Bull Realty brokered the transaction.
TAMPA, FLA. — Regency Square Developer has sold the 120-unit Regency Square Apartments to Tampa Regency Apartments for $5.05 million in a deal 2.5 years in the making. During the long process, the sales price dropped 35 percent and the property was marketed to more than a dozen potential buyers. The complex was built in the 1970s and includes a swimming pool and a basketball court. Occupancy at the property hasn’t dropped below 93 percent in the past 3 years. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay brokered the transaction for the seller. Peter Hanson of Hackensack, N.J.-based NAI James E. Hanson represented the buyer.
FREDERICK, MD. — Pennsylvania Real Estate Investment Trust has closed a $55 million non-recourse mortgage loan for Francis Scott Key Mall. The 711,000-square-foot Frederick mall is 92.3 percent occupied and is anchored by JC Penney, Macy’s and Sears. Financing for the 5-year loan was provided by a commercial bank. The loan carries a fixed interest rate of 5.24 percent.