POMPANO BEACH, FLA. — CASH4GOLD has purchased the 39,000-square-foot Harris Computers warehouse from an undisclosed party for $3.45 million in cash. The 38-year-old building spans 3.4 acres at 2800 Gateway Dr. in Pompano Beach. Les Byron of Sperry Van Ness’ Fort Lauderdale office represented the seller, and Brenner Real Estate’s Jeffrey Scott represented the buyer.
Southeast
DORAVILLE, GA. — Creative Corporate Strategists has sold a 15,000-square-foot warehouse to Camana Holdings for $1.9 million. The property is located at 3535 Best Friend Rd. in Doraville. Grubb & Ellis’ Dave Watson and Darren Ross represented the seller, and Vantage Realty Partners represented the buyer.
DULUTH, GA. — WEG Electric Corp. has leased 250,000 square feet at the Business Park at Sugarloaf, located at 6655 Sugarloaf Parkway in Duluth, from an undisclosed party. The company, which currently houses its headquarters in Suwanee, Ga., will occupy 50,000 square feet of the new building in 2010. Grubb & Ellis’ Dave Watson and Darren Ross represented WEG, and Brian Sutton of Duke Realty represented the landlord.
BIRMINGHAM, ALA. — Warren Higgins of Capmark Finance’s Horsham, Pa., office has secured a $19.5 million loan for Rodman Properties’ acquisition of the 315-unit Stonecrest Apartments. The loan was financed through Capmark’s Fannie Mae DUS program. The 26.5-acre property, located at One Stonecrest Dr. in Birmingham, features a clubhouse, a pool and tennis, volleyball and basketball courts. Stonecrest is 92 percent occupied.
MAITLAND, FLA. — The Morgan Group has completed vertical construction on the first phase of its 450-unit Village at Lake Lily mixed-use project. The property, located at 921 S. Orlando Ave. in Maitland, will also include 40,000 square feet of office, retail and restaurant space. Construction began in December 2007, and the first phase will deliver in early 2009, with a 2010 completion date set for the second phase.
WASHINGTON, D.C. — Washington-based Urban Investment Partners will spend $2 million to renovate the century-old Absecon, a foreclosed 21-unit apartment complex located at 1706 T St. N.W. in Washington. The firm purchased the building last year for $60 million and will deliver the property, which is to be renamed The Shelby, next June. In addition to expanding the building’s capacity to 24 units, UIP will install wireless Internet capabilities and security cameras. Renovations are about to get underway on the 63-unit Shelburne complex, located on 17th Street in Washington. When it delivers at the end of this month, the building will feature a new lobby, a new front door with an awning, hallway improvements and a laundry room.
DULUTH, GA. — American Security Insurance Co. has leased a 70,393-square-foot, Class B office building from Magnolia Norcross for an undisclosed amount. American will use the building, located at 2975 Breckinridge Blvd. in Duluth, as a call center. Doug Wise and Eric Carlton of Grubb & Ellis represented Magnolia Norcross.
VIRGINIA BEACH AND WILLIAMSBURG, VA. — An affiliate of Harbor Group International has purchased Mariner’s Cove Apartments and Steeplechase Apartments from an affiliate of AIMCO for $69.2 million. The 458-unit Mariner’s Cove, located in Virginia Beach, is 95 percent occupied. Harbor Group will invest $2.3 million in the 38-year-old apartment, which was renovated in 2002. Located in Williamsburg, the 220-unit Steeplechase was built in 1986 and renovated in 2006. Harbor Group will invest $1.3 million in the property for renovations. Steeplechase is 98 percent occupied. Dan Johnson, Hank Hankins and Sean Cunningham of CB Richard Ellis brokered the transaction.
ANNE ARUNDEL COUNTY, MD. — St. John Properties will commence construction on its 260,000-square-foot BWI Technology Park II this fall. Located at the interchange of MD 295 and Nursery Road in Anne Arundel County, the park will include four flex research and development buildings totaling 190,000 square feet. A 61,200-square-foot office building and 13,000 square feet of retail space round out the project. The facility is being constructed on reclaimed land that was previously littered with spent and discarded car and truck tires. St. John will pursue Silver LEED certification for the new buildings, which will join an existing 600,000-square-foot property at the interchange. Delivery of the first flex building is expected by next summer.
COLUMBIA, S.C. — Michigan-based KIRCO has broken ground on Innovista Holdings’ 110,000-square-foot Horizon II office building. The property, part of downtown Columbia’s Innovista center, will cost between $20 and $25 million. A health research building and two parking decks have already been built at the site, with the five-story Horizon I office building and the five-story Discovery I slated for completion next year. Horizon II, which will also deliver next year, will serve as office space for companies that are collaborating with University of South Carolina researchers.