WILLIAMSBURG, VA. — GATS has purchased a 4,780-square-foot Applebee’s restaurant from DBAPPLE for $1.87 million. The property, which was purchased as an investment, is located at 1640 Richmond Rd. in Williamsburg. Thomas Dana of Thalhimer’s Virginia Beach, Va., office brokered the sale.
CHEROKEE, N.C. — Turner Construction Co. has been tapped to build the 500,000-square-foot Harrah’s Cherokee Hotel Tower III, a 21-story extension to the casino. The property is located on Casino Drive in Cherokee. The $120 million tower will include 68 hotel suites and 454 rooms. Completion is slated for December 2010.
ZEPHYRHILLS, FLA. — Primerica Group One has completed the development of its 104,477-square-foot Zephyr Commons Shopping Center. The $7.5 million property is located on Highway 301 in Zephyrhills. Publix anchors the shopping center, which was constructed by Tampa Bay, Fla.-based Hawkins Construction.
COVINGTON, LA. — Stirling Properties will break ground in September on the 60,000-square-foot Medical Arts Pavilion at Lakeview Medical Center. The $14 million, two-building property is located at the intersection of Highway 190 and Fairway Drive in Covington. Construction of the first building should be complete by the fall of 2010. Gensler designed the space, and Central Progressive Bank is financing the project.
OLDSMAR, FLA. — Hawkins Construction of Tampa, Fla., has completed a 25,000-square-foot Goodwill Superstore at 3929 Tampa Rd. in Oldsmar. The $3 million property was built for Goodwill Industries-Suncoast. St. Petersburg, Fla.-based The Sembler Company will manage the development, and Lyman Davidson Dooley of Tampa designed the property.
LOUISVILLE, KY. — Columbus, Ga.-based Flournoy Development has sold the 328-unit Terraces at Forest Springs apartment complex to St. Louis-based Michelson Realty Co. for $22.87 million. The complex, which is 92 percent occupied, is located at 3501 Terrace Springs Dr. in Louisville. Terraces at Forest Springs features a fitness center, a car wash center and lighted tennis courts. Cushman & Wakefield’s Nathan Swenson, Mike Kemether, David Gutting, David Wagner, Chris Spain, Larry Orr, Brandon Whitesell and Steve West brokered the sale.
HAMMOND, LA. — Target has opened a 127,380-square-foot store at the Hammond Square development on U.S. 51 Business in Hammond. The store features Target’s new P-Fresh concept, which highlights produce, meat and bakery offerings. Also included in the property are a pharmacy and a Starbucks Coffee. When complete, the 860,000-square-foot Hammond Square power center will also include JC Penney, Dillard’s, Sears, AMC Theatre, Best Buy, Books-A-Million and Rite Aid, among other national tenants.
MOREHEAD, KY. — Morehead State University has purchased a 60,000-square-foot warehouse from Barhorst Property for $1.3 million. The building spans 7 acres at 160 Old Cranston Rd. in Morehead. Lexington, Ky.-based NAI Isaac Commercial Properties’ Bruce Isaac represented the seller.
MIAMI AND ORLANDO, FLA. — Fort Lauderdale, Fla.-based Morgan Property Group has completed construction of two Walgreens stores in Florida. One store is located at the intersection of Bird Road and Hibiscus Street in Miami, and the other new property is located at the intersection of Semoran Boulevard and Auvers Boulevard in Orlando. Both developments are relocations of nearby stores.
SILVER SPRING, MD. — U.S. Retail Partners has borrowed a $7.5 million loan for its 65,000-square-foot Woodmoor Shopping Center. Tenants in the property, which is located on Colesville Road in Silver Spring, include CVS/pharmacy, Tuesday Morning, Bank of America, Starbucks Coffee and Subway. RiverSource Life Insurance Co. financed the 10-year loan, which carries a 25-year amortization schedule. Christopher Feeley and Jason Smith of NorthMarq Capital’s Washington, D.C., office and Joel Coykendall of the firm’s Jacksonville, Fla., office arranged the loan.