JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Eastside Garden and Eastside Village, a 96-unit multifamily property located at 1212 E. 1st St. and 1230 E. 7th St. in Jacksonville, for $2.41 million. The Section 8 housing property was renovated between 2001 and 2003. Tal Frydman of Marcus & Millichap’s Ft. Lauderdale, Fla., office and Patrick Skinner of the firm’s Orlando, Fla., office listed the property on behalf of the seller, Eastside Garden Apartments, Ltd., and represented the buyer, Eastside Apartments LLC.
Southeast
FORT LAUDERDALE, FLA. — New Boston Fund has acquired AtlanTech Tower, a 12-story, Class A office building located at 6451 N. Federal Hwy. in Fort Lauderdale, for an undisclosed price. Developed in 1973, the 413,390-square-foot property is currently 89 percent leased to tenants such as AT&T, CompHealth, Matria Healthcare, Holy Cross Home Health, Wachovia Mortgage Corp., Conseco Services, Whole Foods Market Regional headquarters and Tropical Financial Credit Union. The property recently underwent a $15 million renovation, which included an upgrade to the lobby and elevators, the installation of a new cooling tower and retrofitting HVAC units, and the addition of a five-story parking structure. Rick Egitto and Bill Balkovatz of Crimson Services LLC represented the seller, an entity controlled by Grosvenor Investment Management on behalf of a large pension fund client.
HOT SPRINGS, ARK. — Savannah, Ga.-based David Garfunkel & Co. has purchased Cornerstone Market Place, a 149,802-square-foot retail center in Hot Springs, for $18.4 million. Located at 200-500 Cornerstone Blvd., the property is anchored by Office Depot, Goody’s Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland’s and T.J. Maxx.
PADUCAH, KY. — InterContinental Hotels Group is developing an 85-suite Candlewood Suites property in Paducah. The $5 million, 50,000-square-foot extended-stay hotel will feature 69 studio suites, 16 one-bedroom suites, wireless Internet access, a fitness center, a business center and a meeting room. Construction is slated to begin this spring, with completion scheduled for spring 2009.
ORLANDO, FLA. — HJ High Construction has been selected as design/build contractor for Mitsubishi Power Systems America Inc.’s’ new manufacturing facility in Orlando. The fully air-conditioned 111,500-square-foot facility will feature two five-ton bridge cranes; 20,000 square feet of office space; and a rooftop observation land overlooking an array of photovoltaic solar panels, which will be installed at a later date. The facility will be constructed on a 10-month fast-track schedule.
JACKSONVILLE, FLA. — Farmington Hills, Mich.-based Schafer Development has received approval to develop New Berlin Commerce Park, which will be located just northeast of the Port of Jacksonville. The park will offer 1 million square feet of industrial, distribution and commercial space. Located adjacent to the newly constructed Mitsui O.S.K. Terminal, the project within close proximity to interstates 95 and 295, which provides accessibility by land and sea.
ORLANDO, FLA. — A partnership between Orlando-based Tower Realty Partners and New York-based DRA Realty Advisors has acquired the Ocwen Building for $24.5 million. The 125,000-square-foot office building is located within the Central Florida Research Park in Orlando, and is fully leased on a long-term basis to Ocwen Financial Corp., which originally developed the building in 1999.
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
SILVER SPRING, MD. — A partnership between Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential has closed funding for the development of Cameron House, a 15-story, Class A apartment building located in Silver Spring. The high-rise building will consist of 325 apartments in a mix of one- and two-bedroom units, as well as a clubhouse, a rooftop pool and 7,330 square feet of ground-floor retail space.