MELBOURNE, FLA. — The Florida Institute of Technology and Melbourne International Airport are collaborating to build the Florida Tech Research Park on a 100-acre parcel, the beginning of a 20-year partnership between the institutions. The property will be located on NASA Boulevard in Melbourne's Airport Industrial Park. For future expansion, the airport has offered its 500 additional acres in the industrial development. The university's Applied Research Laboratory and the Emil Buehler Center for Aviation Training and Research will be among the development's tenants.
FARRAGUT, TENN. — Horne Properties has sold two Farragut apartment complexes to Sealy Realty for more than $20 million. The 208-unit Lanesborough traded for $15.83 million, and the 72-unit Derby Run sold for $5.37 million. Nathan Swenson, Chris Spain and David Gutting of Cushman & Wakefield's Atlanta office represented Horne Properties in the transaction.
PURCELLVILLE, VA. — Atapco Properties has purchased the 79,100-square-foot Main Street Station shopping center from Zimmer Development Co. for $14.17 million. Located at 1000 E. Main St. in Purcellville, the Giant Food-anchored property is 97 percent occupied. Mike Gorsage and Kate Howarth of H&R Retail Investment Properties brokered the sale.
KNOXVILLE, TENN. — The Knoxville Utilities Board has purchased a 150,000-square-foot manufacturing plant on the east side of Knoxville from General Shale Brick for $3.3 million. The warehouse, which is located on 38 acres next to the Tennessee River, will be used for storage. Coldwell Banker Commercial Wallace and Wallace, Realtors' Jim Simpson represented General Shale Brick. Brad Blackwell of Wood Properties represented the buyer.
MCDONOUGH, GA. — Deere & Co. has leased 402,000 square feet of warehouse space from First Industrial Realty Trust in McDonough. The property is located at 180 Westridge Parkway in the Westridge Distribution Center. Kent Mason and Leslie Fink served as in-house representation for First Industrial.
MELBOURNE, FLA. — SIKON Construction of Deerfield Beach, Fla., will break ground in January on a 45,000-square-foot Publix at Windover Square in Melbourne. The $3 million project is located at 2227 W. New Haven Ave. Completion of the store, which was designed by Orlando, Fla.-based Cuhaci & Peterson, is expected next fall.
FRONT ROYAL, VA. — Rappahannock Electric Cooperative has purchased a 30,000-square-foot warehouse and 5 acres of land in the Kelley Industrial Park in Front Royal from an undisclosed party. The buyer will invest more than $6 million in the property, a number that includes the purchase price and facility improvements. The building will house the firm's Blue Ridge district office and 45 workers. Rappahannock is also expected to purchase an additional 8 acres in the industrial park before the end of the year. Michael Silek of Adams-Nelson & Associates brokered the sale.
FORT PIERCE, FLA. — Tulepan Management has named SLC Commercial leasing agent for its 181,715-square-foot Coral Square Shoppes. The shopping center is currently under development at the intersection of South U.S. 1 and Edwards Road in Fort Pierce. The phased project will include retail, office and restaurant spaces. The 43,000-square-foot first phase will be anchored by a 17,000-square-foot Save-A-Lot Food Store.
MARYLAND — Deutsche Bank Berkshire Mortgage has provided RREEF with an $86.9 million loan to refinance three apartment complexes in Maryland. The Fannie Mae DUS loan carries a 60-percent loan-to-value ratio and a 10-year, interest-only term. The properties are the 402-unit Huntington at King Farm, located at 801 Elmcroft Boulevard in Rockville; the 258-unit Courts of Avalon, located at 9000 Iron Horse Lane in Pikesville; and the 210-unit Versailles, located at 111 Versailles Circle in Towson.
OLNEY, MD. — Early next year, Carl M. Freeman Cos. will being a $17 million redevelopment of the 110,500-square-foot Olney Town Center in Olney. The project consists of renaming the center Fair Hill, updating the façade, improving the parking lot and adding a plaza area. New tenants will include a 52,000-square-foot Harris Teeter, a 7,000-square-foot Green Turtle Sports Bar and Grille and a 1,600-square-foot Fancier Nails and Spa. Delivery is expected during the fall of 2011.