GAINESVILLE, FLA., AND ATHENS, GA. — St. Augustine-Fla.-based FortGroup Development sold four student housing properties, totaling 1.3 million square feet, 1,212 units and 3,409 beds, to Chicago-based Excelsior LaSalle Property Fund for $148.5 million. The portfolio includes two properties in the Southeast; the 504-unit Cabana Beach at 1601 SW 51st Terrace in Gainesville and the 240-unit Lodge of Athens at 211 North Ave. in Athens. Also, the sale involved a property in Texas and one in Missouri. Average prices for the portfolio were $122,525 per unit, $43,561 per bed and $114.59 per square foot. Marcus & Millichap’s Peter Katz, based in the Phoenix office, and Dorothy Jackman, of the Tampa office, represented both the seller and the buyer in conjunction with Kansas City, Mo.-based Laurel Wallerstedt, John Brigle in Tampa and Joe Dowdle of the Austin, Texas office.
Southeast
KISSIMMEE, FLA. — Boca Raton, Fla.-based Southeast Centers is developing The Villages of Bellalago, a 103,000-square-foot upscale retail center on 19 acres in Kissimmee, for $25 million. The project will be divided into two retail centers flanking Bellalago, a 1,330-acre gated, lakeside community being developed by Coral Gables, Fla.-based Avatar Properties, on Pleasant Hill Road. The south center will feature 75,000 square feet of retail space on 13 acres and will be anchored by a 46,031-square-foot Publix. Other tenants include Buffalo Wings & Rings restaurant, Citrus Garden Chinese Restaurant, McDonald’s, Fifth/Third Bank and Jazzy Nail Salon. On the north side, a 28,000-square-foot retail center will feature a Walgreens Drug Store and SunTrust Bank. Phased delivery of the first tenants, including Publix, is scheduled for August. The project will employ a Mediterranean architectural theme.
BIRMINGHAM, ALA. — Nashville, Tenn.-based WexTrust Equity Partners sold a 294,000-square-foot, Class A industrial building in Birmingham for $14.4 million to an undisclosed buyer. The bulk distribution and light manufacturing facility, located in the Jefferson Metropolitan Industrial Park near Interstate 20, is 100 percent leased to Plastech Romulus, a manufacturer of plastic injection molded automotive components. Don Albright and Douglass Johnson of CB Richard Ellis’ Nashville office brokered the sale.
MIRAMAR, FLA. — Falcon Real Estate Investment Co. and their Kuwaiti-based partner sold a Class A, 49,650-square-foot office building for $14 million in Miramar to an undisclosed New York-based private investor. Sole tenant Royal Caribbean Cruise Lines recently signed a 10-year lease for the two-story, 8.2-acre property. The seller was represented by John Crotty and David Metalonia of Colliers Abood Wood-Fay in Coral Gables, Fla.
HALLANDALE, FLA. — Parsippany, N.J.-based ESS Prisa II sold Extra Space Storage, a 119,217-square-foot, 1,051-unit self-storage facility, to Newport Beach, Calif.-based Westport Properties for $7.7 million in Hallandale. Charles LeClaire and Mike Mele of Marcus & Millichap represented both the buyer and seller. The property is located at 450 Ansin Boulevard.
HENRY COUNTY, GA — Panattoni Construction broke ground on a $50 million, 1.5 million-square-foot distribution center in Henry County for Benton Harbor, Mich.-based Whirlpool Corporation. The project is located at 1350 SR Highway 42 on 91 acres and will feature 12,000 square feet of office space. Panattoni also developed the project, and the facility was designed by Irvine, Calif.-based Ware Malcomb. Construction is slated for completion in June 2009.
ATLANTA — Deloitte & Touche has agreed to lease 260,000 square feet of space at One Ninety One Peachtree with Cousins Properties. The new deal renews Deloitte’s 100,000-square-foot lease and expands its office 160,000 square feet. Not included in the long-term lease are 24,000 square feet leased to Deloitte on a temporary basis. One Ninety One Peachtree Tower is currently 87 percent leased.
LEE COUNTY, FLA. — The third phase of Gulf Coast Town Center, featuring 79,000 square feet of retail space, has broken ground in Lee County, Fla. The project will initially feature a 70,000-square-foot Dick’s Sporting Goods and 9,000 square feet of specialty retail. Two junior anchors, as well as additional specialty shops and restaurants, will commence construction at a later date. Dick’s Sporting Goods is scheduled to open in October. Gulf Coast Town Center is a joint venture by Cleveland-based Richard E. Jacobs Group and CBL Associates, headquartered in Chattanooga, Tenn.
ROME, FITZGERALD AND CORDELE, GA. — Atlanta-based RCG Ventures recently acquired West Towne Square located in Rome, a 87,378-square-foot shopping center anchored by Big Lots, and Colony Square, a 55,160-square-foot center anchored by Dollar Tree, in Fitzgerald from North Miami-based Equity One for an undisclosed price. Parker Blanchard of RCG Ventures brokered the sale. The seller was represented by Brad Peterson of the Staubach Company’s Orlando office and Richard Reid in the Atlanta office. Represented by Jim O’Donnell in-house, RCG Ventures also purchased Cordele Corners in Cordele. from Rockville, Md.-based CW Capital for an undisclosed price. The 51,678-square-foot property is anchored by Tractor Supply Co. Bob Ison of Dallas-based United Corners represented the seller.
ALEXANDRIA, VA. —Trammel Crow Residential and Olayan America Corp.’s New York office are developing Alexan Carlyle in a joint venture for $94 million in Alexandria, Va. The 280-unit, five-story luxury apartment building will be located on a 2.8-acre parcel at 800 John Carlyle St., two blocks from the new 2 million-square-foot U.S. Patent and Trademark Office. The property will feature resort-style amenities including a pool, clubhouse, exercise room, billiards room and business center. Architects Cubellis DCA designed three distinct portions of the building to reflect the classic Federal architecture of the nearby Old Town Alexandria, the art-deco period and an urban lofts look, respectively. The Alexan Carlyle is part of the 77-acre master planned urban mixed-use center. The first units are expected to deliver in the third quarter of 2009.