CHESTER AND RICHMOND, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has purchased two multifamily communities in Chester and Richmond, respectively, from The Bogese Companies, for $75 million. River Forest Luxury Apartment Homes is a 240-unit property located in Chester at 5701 Quiet Pine Circle. The Belvedere Apartments is a 296-unit property located in Richmond at 11900 Bellaverde Circle. Both properties feature a business center, 24-hour fitness facility, clubhouse and resort-style swimming pool. River Forest is a part of a 100-acre mixed-use project under development by The Bogese Companies, and The Belvedere is a part of a 30-acre project being developed by Bogese. Drew White of Cushman & Wakefield’s Washington, D.C. office represented the seller in the transaction.
JACKSONVILLE, FLA. — Georgia-based Oakmont Real Estate has acquired the development rights for New Berlin Commerce Park, a 75-acre parcel zoned for industrial use in Jacksonville, from Farmington Hills, Mich.-based Schafer Development. Oakmont will build a 386,000-square-foot LEED-certified facility on the property, which is slated for completion this year.
BRUNSWICK, GA. — MAP International (Medical Assistance Programs) is building a 55,000-square-foot warehouse and office complex in Brunswick. The LEED-certified facility is projected to complete in October. Randall-Paulson is the project architect.
CHARLOTTE, N.C. — Flagship Capital Partners has acquired a 38,000-square-foot medical office building in Charlotte, from 309 South Sharon Amity LLC, for an undisclosed amount. The three-story, Class A building was 96 percent occupied at the time of sale. Tenants include Cotswold Family Medicine and Charlotte Cardiology Associates. The property is situated on 2.1 acres at 309 South Sharon Amity Rd., located within 3 miles of two hospitals. Jim Rogers of Flagship Capital Partners and Tiffany Slayden of Trinity Partners, both of Charlotte, represented the buyer. The seller was represented by Reed Griffith of Charlotte-based Brackett Company.
BREVARD, N.C. — Charter One Hotels has purchased a 63-room Holiday Inn Express Hotel & Suites in Brevard, from KSS Holdings, for $4.4 million. Atlanta-based Hodges Ward Elliott brokered the transaction on behalf of the seller. The property will undergo renovations and continue its affiliation with Holiday Inn Express.
MIAMI — Bilzin Sumberg Baena Price & Axelrod LLP has signed an 115,000-square-foot, 10-year lease at Brickell Financial Centre, a 1.5-million-square-foot LEED-certified office, hotel and retail project in downtown Miami. The new office will expand Bilzin Sumberg’s space by 30,000 square feet. Danet Linares of Miami-based Foram Group represented the landlord, and the tenant was represented by Barbara Liberatore Black and Matthew Goodman of CRESA Partners’ Miami office.
ATLANTA — Ponce Park, the $375 million, 2-million-square-foot redevelopment of Atlanta’s City Hall East/Sears building, will feature The Medici Center. Residents will be comprised of scholars, researchers and artists that will address the four academies of Health and Science, Sustainability and the Environment, Globalism and Cultural Understanding and the Arts and Humanities. The project is being developed by Lawrenceville, Ga.-based The Morsberger Group and Adams & Co. and will also include 182,000 square feet of retail, 154,000 square feet of office space and 1,100 residential units, in addition to 40 units for the physically disabled. Construction is slated to begin in second or third quarter 2009, and initial occupany is scheduled for 2011.
CONCORD, N.C. — Orlando, Fla.-based Cuhaci & Peterson is designing a 62,000-square-foot addition at Christenbury Corners in Concord. The project is being developed by Safety Harbor, Fla.-based Paradise Development and includes a 38,000-square-foot Bloom grocery store and 24,000 square feet of retail shops.
ST. AUGUSTINE, FLA. — Weingarten Realty and St. Augustine Retail Holdings are developing Epic Village at St. Augustine, a 23-acre theatre-anchored shopping center, adjacent to St. Augustine Market. The project will feature a 16-screen Epic Theatre and 17,896 square feet of retail space with four outparcels. Construction is slated to begin this month and complete in spring 2009.
SMYRNA, GA. —Panattoni Development has acquired a 103,000-square-foot business/distribution facility at the Highlands Ridge Business Park in Smyrna, from California-based Kelley Capital, for an undisclosed amount. National Services Industries will continue to occupy the property, which is located at 1325 Highland Ridge. Bob Burdell of Atlanta-based NAI Brannen Goddard represented the buyer in the transaction.