MCDONOUGH, GA. — Fortune Group has purchased an 83,070-square-foot industrial building in McDonough from a private seller for an undisclosed price. The property is located at 2517 Highway 42 N. Jerry Buckner of Atlanta-based Buckner & Co. represented the buyer. Brent Weitnauer of CB Richard Ellis’ Atlanta office represented the seller.
RESTON, VA. — Calkain Site Services has released its Net Lease Single-Tenant Retail Report, Fall 2009 edition, which trends cap rates and market conditions across different property segments. Research from the report was compiled from various third party sources and includes perspectives on the the general retail market and financial performance of key net-lease tenants. The report is available at http://calkain.com/reports/NetLeaseSingleTenantRetailReport-Fall2009.pdf
LINTHICUM, MD. — Corporate Office Properties Trust has purchased the newly completed 156,215-square-foot Nursery Corner from the Circuit Court of Arundel County, the building’s receiver, for $38 million. The property, located at 1550 W. Nursery Rd. in Linthicum, is fully leased by Northrup Grumman, who will move in later this month. Opus East was constructing the building when it went into receivership on June 30; the circuit court then engaged the help of third-party construction management and CB Richard Ellis to finish the building. Jonathan Beard of CB Richard Ellis’ Baltimore office and Jeffrey Ackerman and Ryan Sciullo of the firm’s Pittsburgh office represented the seller in the transaction.
DULUTH, GA. — Atlanta-based Wilwat Properties has sold the 660-unit TreeSummit apartment complex to Norfolk, Va.-based Harbor Group International for $33.9 million. Located at 3475 Pleasant Hill Rd. in Duluth, the 731,068-square-foot property was built in phases in 1994 and 1996. Apartment amenities include four tennis courts, two pools, a fitness center and a clubhouse. David Gutting, Larry Orr and Chris Spain of Cushman & Wakefield’s Atlanta office brokered the sale.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of the 32-unit Holly Heights Apartments between two undisclosed parties for $1.64 million. The property was built in 1969 and is located at 900 NE 14th St. in Fort Lauderdale. Joseph Thomas and Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the seller. Echarte also represented the buyer. The firm’s Michael McCleary and Bill Papagno secured Freddie Mac financing for the purchase.
ORLANDO, FLA. — Barnes, Ferland and Associates, an Orlando-based engineering consulting firm, has purchased a 12,014-square-foot office building from Orlando-based RBO Associates for $1.3 million. The property is located at 1230 E. Hillcrest St. in Orlando. Rick Solik of Cushman & Wakefield’s Orlando office represented the buyer. Grubb & Ellis|Commercial Florida’s Jay Dixon and Robert Kellogg represented RBO.
MIAMI — Orlando, Fla.-based Smith Equities Real Estate Investment Advisors has represented a foreign lender in the $37.6 million sale of 640 condominium units to a private foreign buyer. The units are located in Belmont at Park Central, Charles Towne at Park Central and Manor Row at Park Central, three of the five properties constituting the Park Central Planned Development project in Miami. Of the 1,081 units in all three properties, 640 were vacant. Gerald Smith and Robert Smith of Smith Equities brokered the sale.
MIAMI — During the first quarter of next year, Hollywood, Fla.-based The Cornerstone Group and The Richman Group of Companies will begin site work on the 204-unit Mirabella affordable housing project. Located at 12900 SW 253rd St. in Miami, the property will also include a 27-acre mobile home park reserved to accommodate 30 residences. Mirabella will feature a social room, business and fitness centers and a pool. Each unit will contain EnergyStar appliances, low-flow fixtures and low-VOC paint. Citibank provided $8.48 million in construction financing and a $5.1 million permanent loan. Additional financing included 9 percent tax credits, a $4.25 million county subsidy and up to $7 million in Tax Credit Assistance Program money.
ASHEVILLE, N.C. — As part of Hotel Indigo’s North Carolina expansion, Hospitality and Lodging Investors II has opened the 100-room Hotel Indigo Asheville. The property is located at 151 Haywood St. The building is decorated with locally inspired artwork and materials from throughout the region. Guest rooms contain flat-screen TVs and spa-inspired showers.
COCOA, FLA. — Fort Myers, Fla.-based J.L. Wallace will soon break ground on the 53,549-square-foot Water Field Operations Center Warehouse for the City of Cocoa Utilities Division. Located in Cocoa, the facility will be divided into 46,288 square feet of warehouse space and 7,261 square feet of second-floor office space.