PANAMA CITY BEACH AND CLEARWATER, FLA. — ECI Capital of Atlanta has purchased the 268-unit Cabana West Apartments in Panama City Beach from an undisclosed seller for $20.5 million. ECI will invest more than $2.5 million to convert the condominiums to rental properties. The complex is 50 percent occupied. John W. Stone and Jason Stanton of Colliers Arnold’s Clearwater office represented the buyer. Stone and Stanton also represented Denver-based New South at Longbranch I & II in its sale of the 184-unit Longbranch Apartments in Clearwater to Tampa, Fla.-based Wisco I for $6.99 million. Wisco will spend $1 million to upgrade the property, which is 60 percent occupied. NAI Tampa Bay’s John Burpee represented the buyer.
Southeast
GREENSBORO, N.C. — Durham, N.C.-based The Dilweg Cos. has purchased the 332,934-square-foot South Elm Center from the Lincoln Financial Group for an undisclosed price. The 13-building office park spans 28.93 acres of land near Interstates 40 and 85 in Greensboro. Amenities include high ceilings, heavy-load flooring and freight docks. The property is 92 percent occupied by Werner Co., Verizon, Professional Presort, Specialty Products and Lincoln Financial.
COLUMBIA, S.C. — The Miller-Valentine Group has broken ground on the 176,400-square-foot Midway Logistics warehouse. The property sits in the Lexington County Industrial Park, located at the intersection of Interstates 26 and 77 in Columbia. The facility’s anchor, JanPak, will occupy 50,400 square feet of space. Facility amenities include energy-efficient T-5 lighting, an ESFR sprinkler system and a clear height of 28 feet.
WASHINGTON, D.C. — Chicago-based Lillibridge has purchased two medical office buildings in Washington, totaling 101,000 square feet, from Ascension Health System for an undisclosed amount. The 69,000-square-foot DePaul Professional Building and the 32,000-square-foot Providence Medical Building are both located on the Providence Hospital campus at 1160 Varnum St. N.E. During the next 12 to 18 months, Lillibridge plans a major remodel to the buildings.
NASHVILLE, TENN. — Warren D. Smith, III, a more than 20-year industry veteran, has joined Nashville Commercial|Cushman & Wakefield Alliance as CEO and shareholder. He previously served as principal of Mid South Financial Corp. and will bring the company’s property management services to Nashville Commercial. Smith has no brokerage responsibilities in his new position and focuses on developing the firm’s portfolio and directing growth. Smith will retain his involvement with Q10/Vista Commercial Mortgage Group, cultivating its relationship with Nashville Commercial.
WILTON MANORS, FLA. — LG Wilton Park has broken ground on Gables Wilton Park, a mixed-use development encompassing 19,000 square feet of retail space and 72 apartments. The property, which is located at the intersection of N.E. 21st Court and Wilton Drive in Wilton Manors, was designed by Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture. Delivery is slated for the third quarter. Also planned on the site are 10 residential buildings containing 73 three-story apartments.
LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.
ORLANDO, FLA. — IKON Office Solutions has signed a 2-year lease renewal with Orlando Warehouse Portfolio for 171,876 square feet in the Beeline Distribution Center. The space is located at 2507 Investors Row in Orlando. Kevin Hoover of CB Richard Ellis’s Orlando office represented the tenant, and the firm’s Erik W. Schwetje represented the landlord.
SCOTTSVILLE, KY. — A.O. Smith Corp. has sold a 229,000-square-foot manufacturing facility to American Materials for $1.85 million. The buyer intends to lease the property, which spans 43 acres at 636 Holt Dr. in Scottsville. Bart Hardison of Philadelphia-based New Hart Corp. brokered the transaction.
KISSIMMEE, FLA. — Tampa, Fla.-based DSS Investments has purchased the 94-unit Econo Lodge Kissimmee from a Greenwich, Conn.-based hedge fund for $1.7 million. Located at 2934 Polynesian Isles Blvd., the units are spread across two three-story buildings. Robert Taylor, Lisa Zaranek, Richard Langhorne and Oren Cytrynbaum of CB Richard Ellis represented the seller.