DECATUR, ALA. — Cambridge Investors has purchased the 145,277-square-foot Beltline Plaza from Chase Properties for $9.1 million. The shopping center, which is located on Route 67 in Decatur, was last renovated in 2003. Piggly Wiggly anchors the property, which is fully occupied by Office Depot, T.J. Maxx and Dollar Tree. Jim Koury and Nathaniel Heald of Jones Lang LaSalle’s Boston office brokered the transaction.
Southeast
DAVENPORT, FLA. — Addison, Texas-based Mattress Giant has leased 83,864 square feet of space in the 396,740-square-foot Park 27 Distribution Center II from an undisclosed party for $5.4 million. Mattress Giant has made Park 27, located on Deen Still Rd. in Davenport, the distribution center for its 123 retail stories throughout Florida. The building, located in the 1.2 million-square-foot Park 27 Distribution Center, is 92 percent leased. York Property Co.’s Jeff York and Dallas-based Jackson & Cooksey’s Reggie Beavan represented Mattress Giant. Kyle Armentrout of Duke Realty represented the landlord.
MULBERRY, FLA. — The Polk County School Board has purchased 19.65 acres of land from Journey Development for $1.32 million. The Mulberry site will be the future location of an 825-student elementary school. The new facility is being built to relive overcrowding in five area schools. Construction is planned for 2011 or 2012. David Hitchcock and Clay Taylor of Coldwell Banker Commercial Saunders Real Estate in Lakeland, Fla., brokered the transaction.
SANDY SPRINGS, GA. — The Sandy Springs City Council has voted 5-1 to purchase an 89,000-square-foot former Target store from an undisclosed seller for $8 million. The 7.75-acre site, located at the corner of Johnson Ferry Road and Sandy Springs Circle, will serve as the new city hall building. Before voting to purchase the property, city officials completed a 60-day due diligence, and the council solicited input from residents. No construction or move-in plans have been made.
LAUDERDALE LAKES, FLA. — UrbanAmerica has sold the 254,690-square-foot Lakes Mall to RMS Properties for $9.4 million. The shopping mall is located at the intersection of State Road 7 and U.S. 441 in Lauderdale Lakes. The property is anchored by Office Depot and includes the tenants Ross Dress For Less, Burger King and Anna’s Linens. Paco Diaz of CB Richard Ellis’ Miami office represented the seller.
LAKE MARY, FLA. — Heathrow Land Holdings has purchased a 36,556-square-foot Class A office building from RS Group Holdings for an undisclosed amount. The property is located on Business Park Lane in Lake Mary. Miguel de Arcos and Ajy Babbar of Sperry Van Ness’ Paradigm Commercial Real Estate Group in Lake Mary represented the seller, and Providence One Partners represented the buyer.
ARNOLD, MD. — Columbia, Md.-based Manekin Construction has finished construction of a 53,000-square-foot Safeway at 1451 Governor Ritchie Highway in Arnold. In-store retailers include Starbucks Coffee, Bergmann’s Dry Cleaners and SunTrust Bank. The property, which features an underground parking deck, was designed by Richmond, Va.-based Freeman & Morgan Architects.
BETHESDA, MD. — Bethesda-based Green Park Financial has added $102.89 million to an existing credit facility for Milestone Multifamily Investors that was first completed in 2005. The loan addition is derived from cross-defaulted and cross-collateralized mortgages and is secured by multifamily properties in Arizona, Florida and Texas. The eight Class B properties encompass 3,000 units. The current 5-year loans carry the option for a 5-year extension.
TALLAHASSEE, FLA. — Feldman Mall Properties has arranged with the first mortgage lender of the company’s Tallahassee Mall to place the property into a receivership. This action releases Feldman from further obligations associated with the 966,000-square-foot mall. On June 30, Feldman recorded a $45.7 million impairment charge on the property, which is located at 2415 N. Monroe St. in Tallahassee, and the mall carries a non-recourse first mortgage of $44.2 million. The receiver will operate the property on the lender’s behalf.
CHANTILLY, VA. — CB Richard Ellis Realty Trust has purchased a two-building office portfolio totaling 143,011 square feet from an undisclosed party for $41.5 million. The buildings, Avion Midrise III and IV, are located at 14550 and 14560 Avion Parkway in Chantilly and are fully leased. The U.S. General Services Administration occupies Avion Midrise III, and Avion Midrise IV is home to Lockheed Martin Corp. The Class A buildings are outfitted with systems that meet federal security regulations.