MARIETTA, GA. — Atlanta-based Lane Co. and Griffin Realty Advisors have acquired River Heights Apartments, located off Columns Drive in Marietta, for $40.7 million from Waterton Associates. This is the first investment for Griffin Realty Advisors value-added fund. The community includes 384 one-, two- and three-bedroom apartments. Renovation of the first group of apartments should be complete by first quarter 2008 with work continuing through November 2009.
Southeast
KNOXVILLE AND MARYVILLE, TENN. — Bob Thornton of Baker Realty Co. has brokered two industrial sales in the Knoxville area, totaling approximately 220,000 square feet, for $3.4 million. The 162,500-square-foot Silver Furniture building in Knoxville, situated on 15.5 acres, sold for $2.25 million, while Klote International’s 54,000-square-foot industrial property in Maryville, situated on 10 acres, sold for $1.2 million.
TAYLORS, S.C. — Calder Brothers Corp. is expanding its operations in the Greenville County, S.C., including the acquisition of a 120,000-square-foot manufacturing facility in Taylors for $4.9 million. Additionally, Calder Brothers has acquired Pavement Services Inc., a South Dakota-based manufacturer of specialty equipment for asphalt paving. Members of the pavement services team will relocate from South Dakota to Calder Brothers’ expanded Greenville County headquarters facility in Taylors. Calder Brothers manufactures and sells a range of asphalt pavers, rollers and sprayers under the Mauldin brand name.
ATLANTA — McShane Construction Corp. has completed Park View at Coventry Station on behalf of developer The Shelter Group. The 166-unit affordable senior housing project is located on a 5.75-acre site at 3381 Greenbriar Pkwy. in Atlanta. Park View at Coventry Station is part of a 138-acre, mixed-use development by master planner Priske-Jones Southeast Co., featuring single-family and multifamily residences with retail and office space. McShane’s assignment included the construction of a four-story residential building that features 66 one-bedroom units and 100 two-bedroom units.
CONCORD, N.C. — Charlotte, N.C.-based Beacon Partners has purchased land in the International Business Park in Concord. The firm has closed on 11 acres in Phase II of the park and plans to launch a multi-building speculative development program. CB Richard Ellis brokered the transaction. The Nolim Group, owners of the business park, intended for lots 10 and 11, which Beacon Partners purchased, to become speculative building sites.
STERLING, VA. — Rob Faktorow, Bruce Strasburg, Marc Rampulla and Tom Cleaver of CB Richard Ellis have represented Boston Properties in the sale of the Loudoun County Portfolio, consisting of the 337,227-square-foot Orbital Sciences Corp. Campus and Broad Run, Building E, a 127,000-square-foot single-story office/flex building in Sterling. Located 3 miles north of the Washington/Dulles International Airport, the Orbital Sciences Corp. Campus features a conference center, a cafeteria, a fitness center, basketball and volleyball courts and direct access to the Washington & Old Dominion Trail. Meanwhile, Broad Run is situated in the 1 million-square-foot master-planned Broad Run Office Park.
BIRMINGHAM, ALA. — Birmingham-based Arlington Properties has broken ground on the $37 million Phase I of Hallman Hill, a mixed-use development in the Birmingham suburb of Homewood, Ala. Phase I includes 9,000 square feet of retail space and 72 condominiums. Completion of Phase I is scheduled in spring 2009. The 5.4-acre project is located on the site of the former Homewood Gardens at the intersection of Oxmoor Road and 19th Street. The Garrison Barrett Group is the project architect.
WINSTON-SALEM, N.C. — DBR & Associates has represented DIM Vastgoed, N.V., a Dutch publicly traded real estate fund, in the $12.8 million acquisition of Whitaker Shopping Center in Winston-Salem. Anchored by a 51,890-square-foot Harris Teeter grocery store, the 82,741-square-foot Whitaker Shopping Center is 100 percent occupied. Whitwood, LLC, represented by Berkeley Capital Advisors, sold the retail property. DBR will manage the property for DIM Vastgoed, N.V.
GAINESVILLE, VA. — Bavar Properties Group, in a joint venture with George Webb of the Airston Group, has broken ground on the $20 million Wellington Center, an office/flex campus in Gainesville. Located at the intersection of Limestone and Wellington roads, the project is designed by Herring & Trowbridge Architects and constructed by L.F. Jennings, Inc. Wellington Center will include three buildings with dock and drive-in loading. Building A will be 41,280 square feet; Building B will be 40,120 square feet; and Building C will be 53,120 square feet.
GREENSBORO, N.C. — An affiliate of Norfolk, Va.-based Harbor Group International (HGI) has sold the 127-room Hampton Inn Hotel in Greensboro to an affiliate of Medalist Properties for $15.5 million. Doug Henkel of CB Richard Ellis brokered the transaction.