ATLANTA — MCL Cos. has purchased the Connie Rose Apartments, located adjacent to Skyline at Lindbergh. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The multifamily property stands as the tallest building in the area and will include 220 one-, two- and three-bedroom units priced from the $190,000s to the $600,000s. Completion is set for spring 2009.
Southeast
DORAL, FLA. — The Easton Group has completed Phase I of International Corporate Park Center, a $30 million, 14-acre industrial condominium project in Doral. Phase I consists of three buildings totaling 112,000 square feet. When completed, The Business Center at International Corporate Park will have eight buildings totaling 220,000 square feet.
MOBILE, ALA. — Tarrytown-based DLC Management Corp. has acquired a portfolio consisting of 16 shopping centers throughout the Southeast and the Mid-Atlantic. The acquisition spans seven states and represents 1.5 million square feet of retail space. The properties include Gulfdale Plaza in Mobile, Ala.; Shields Plaza in Huntsville, Ala.; Marketplace at Ocala in Ocala, Fla.; Marketplace at Palm Bay in Palm Bay, Fla.; Crossroads South in Jonesboro, Ga.; Fulton Crossing in Corinth, Miss.; South Square Marketplace in Charlotte, N.C.; Swift Creek Plaza in Garner, N.C.; Armstrong Plaza in Fountain Inn, S.C.; Broad River Centre in Columbia, S.C.; Butler Square in Maudlin, S.C.; Cypress Point in Virginia Beach, Va.; Ridgewood Farm in Salem, Va.; The Village Courts in Lynchburg, Va.; Southwest Plaza in Roanoke, Va.; and West Broad Commons in Richmond, Va.
BRANDON, FLA. — Embassy Suites Hotels has opened a 147-suite hotel at 10220 Palm River Rd. in Brandon, near Tampa, Fla. The property is owned by Whiteco Industries and is operated by White Lodging. The hotel offers 3,000 square feet of meeting space, a swimming pool and spa, an on-site fitness center and a 24-hour business center.
NASHVILLE, TENN. — Atlanta-based Wells Real Estate Funds has acquired the CMT headquarters building in downtown Nashville. CMT, Country Music Television, is a company of Viacom. The building sits atop a nine-story parking facility. Wells acquired the office building the top two parking levels from Ferrari Partners. Wells will market approximately 29,000 square feet in available office space.
MILTON, GA. — Sembler has begun construction on Phase II of its 430,000-square-foot Deerfield Place development in Milton. Completion of Phase I is expected by mid-summer of 2008 and will include major tenants such as PETCO, Staples and SuperTarget, while completion of Phase II is expected by late 2008 or early 2009. Phase II will feature Kohl’s, some smaller retailers and several restaurants.
MILTON, FLA. — Mel Moss of NAI Capital’s Los Angeles office has represented Milton-based AESTRUST in the purchase of a 94,841-square-foot K-Mart situated on 10 acres in Milton. The transaction was to complete a 1031 Exchange and was valued at $5.9 million. Milton Associations, represented by Drew Fleming of Shane Investments, sold the retail property.
ATLANTA — Cortland Partners has begun building Avalon Ridge Apartments in South Atlanta. Located at 183 Mt. Zion Rd., the $26.6 million mixed-income community will have 222 one-, two- and three-bedroom apartments. The first residents are expected to move in next summer, with full completion the following winter. Amenities will include a park-like central courtyard with a swimming pool, a playground and picnic areas.
RINCON, GA. — Auburn, Ala.-based McShane Construction Corp. has been selected by Continental Properties Co. to build Springs at Effingham, a 352-unit apartment complex. The project is situated on a 32-acre site located at 617 Towne Park West Dr. in Rincon. McShane will provide final completion of the new apartment development in April 2009 with initial occupancy slated for summer 2008.
OSCEOLA COUNTY, FLA. — NAI Realvest has started construction on Poinciana CommerCenter, an approximately 200,000-square-foot commerce center, in Osceola County. The first buildings will include an industrial dock-high building totaling 50,000 square feet and two grade-level buildings totaling 25,000 square feet. Also included will be two retail outparcels totaling 2 acres. In addition, Small Bay Partners is developing a 125,000-square-foot industrial facility in two phases at Poinciana CommerCenter. Phase I will include 60,000 square feet and will begin construction first quarter 2008. Phase II will begin construction in 2009. The property is located on the south side of U.S. 17-92 off Poinciana Boulevard.