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.
Southeast
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.
FAYETTEVILLE, ARK. — A student housing fund managed by a partnership between Chicago-based Blue Vista Capital Management and Atlanta-based Place Properties has acquired the Hill Place student housing complex from an undisclosed party for an undisclosed amount. The 288-unit student housing complex in Fayetteville can house 840 students and features a clubhouse equipped with wireless Internet, a game room, a fitness center, tanning beds and two swimming pools.
CHEVY CHASE, MD. — Grosvenor has begun a $35 million renovation of a 214-unit Holiday Inn hotel, located at 5520 Wisconsin Ave. in Chevy Chase. The property will be rebranded as a Courtyard by Marriott. The project also calls for adding 1,500 square feet of retail space to the adjacent Chevy Chase Plaza and will be complete by spring. Renovations include expanding the hotel’s capacity to 226 rooms and pursuing a Silver LEED rating. Low-flow shower heads and toilets, energy-efficient windows and a reflective roof are some of the planned environmental features. Grosvenor bought the 112,500-square-foot Holiday Inn and the 40,000-square-foot Chevy Chase Plaza in 2004. Tenants at the plaza include Saks Jandel, Brooks Brothers, Sylene’s and Bank of America.
BROWARD COUNTY, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed construction of four fire-rescue stations in Broward County as part of a $31.7 million program. A fifth station, the Broward County Fire Rescue Station in Pembroke Park, is expected to deliver in January. The completed buildings include the Regional Everglades Fire Rescue Station, the Airport/Seaport and Regional Technical Rescue Station, the Hazardous Materials Fire Rescue Station and the Regional Logistics Warehouse. Designed by PGAL Architects, the properties feature sleeping areas, workshops, office areas and drive-through bays.