BRADENTON, FLA. — An Ohio-based private investor has purchased Cortez Self Storage, a 59,734-square-foot facility in Bradenton, from Ronald and Michael Calleja for $6.5 million. The property is located at 8915 West Cortez Rd. Michael Mele, Scott Rutherford and Ricardo Bovero of Marcus & Millichap’s Tampa office were the sole brokers.
Southeast
MIRAMAR, FLA. — An affiliate of Rutherford, N.J.-based The Morris Co. has acquired the Fountains of Miramar, a 139,380-square-foot shopping center in Miramar, from joint venture partners Ross Matz Investments and Newman Realty for $39.5 million. Tenants include Marshalls, Ross Dress For Less, Office Depot, Pet Supermarket, Starbucks Coffee, Panera Bread, Pearle Vision and Payless ShoeSource. Dennis Carson and Casey Rosen of CB Richard Ellis’ Miami office represented the sellers. The center is located at the Interstate 75 and Miramar Parkway interchange.
MIAMI — Miami-based Apex DMG has secured a $30 million loan from Mellon Bank for the acquisition and renovation of One Flagler, a 145,000-square-foot, 15-story office tower in downtown Miami. The Morris Lapidus designed building will feature office condominiums, for-lease office and more than 15,000 square feet of retail space. Additional amenities include high-tech security upgrades and dedicated jewelry floors with industry-specific technical improvements. The building is located at the corner of Flagler St. and NE First Ave., and is scheduled for completion in mid-2008. Miami-based Cabo Construction is the general contractor.
WASHINGTON, D.C. — New York-based Louis Dreyfus Property Group and Fisher Brothers are developing 700 Second Street NE, a 10-story, 515,000-square-foot office building near Capitol Hill in Washington. The Class A, LEED-certified building is the third phase of Station Place, a state-of-the-art three-building office complex totaling 1.6 million square feet on a 5.5-acre site. CB Richard Ellis is the exclusive leasing agent for the project, expected to deliver in the fall of 2009.
VIRGINIA BEACH, VA. — Virginia Beach-based Winner’s Real Estate has acquired Bloom’s Brothers Furniture, located at 5070 Virginia Beach Blvd., from Chesterfield, Va.-based M.T.C. Holdings for $7.5 million. John T. Watkins of Thalhimer, a member of the Cushman & Wakefield Alliance’s Virginia Beach office was the sole broker.
STOCKBRIDGE, GA. — An undisclosed Ga.-based buyer has purchased two hotel properties in Stockbridge, the Sleep Inn and Magnolia Inn, from Atlanta-based Kasandas Properties for $6 million. Steve Kirby and Burton Brooks of the Mumford Company’s Atlanta office arranged the sale. The buyer intends to retain the Sleep Inn franchise and continue to operate the Magnolia Inn as an independent hotel.
RALEIGH, N.C. — Duke Realty and Raleigh based-Kane Realty are developing CAPTRUST Tower at North Hills, a 17-story, 302,400-square-foot mixed-use office tower in Raleigh. The building will feature 274,000 square feet of Class A office space and 28,400 square feet of retail space. Lead tenant, CAPTRUST Financial Advisors, will occupy 51,000 square feet. Additional tenants include Ogletree, Deakins, Nash, Smoak & Stewart law firm and CB Richard Ellis. Executed leases total more than 100,000 square feet. The building will be located in North Hills, a 100-acre mixed-use district, at Six Forks Rd. and Interstate 440. Feature restaurants and retail shops will inhabit the first floor. Completion is scheduled for the first quarter of 2009.
CHARLOTTE, N.C. — Charlotte-based Codgell Spencer has executed a merger valued at $247 million to acquire Marshall Erdman & Associates, effective in late February. The venture allows Codgell Spencer to broaden its healthcare real estate services and expand their clientele. Erdman, a design-build firm specializing in planning, designing and building healthcare facilities, will operate as a subsidiary and remain at their headquarters in Madison, Wis. Scott Ransom will continue to lead Erdman as President and CEO.
ALEXANDRIA, VA. — Regent University sold a five-story, 28,045-square-foot office building to The American Academy of Otolaryngology Head and Neck Surgery Foundation (AAOHNSF) for $10.2 million in Alexandria. Manny Fitzgerald of CB Richard Ellis’ Washington, D.C. office represented the buyer. AAOHNSF will relocate from their headquarters in Old Town Alexandria to the property, located at 1650 Diagonal Road, in July 2008.
SHEPHERDSVILLE, KY. — Indianapolis based-Lauth Property Group has broken ground on a speculative 936,000-square-foot bulk warehouse at Saltwater Business Park II in Shepherdsville. The Class A, master-planned park is located on Interstate 65, 16 miles south of the Louisville International Airport and UPS Worldport, the third largest air-cargo hub in the country. Commercial Kentucky, an alliance partner of Cushman & Wakefield, is representing Lauth on the leasing of the building. The project is scheduled for completion in the third quarter of 2008.