CHARLOTTE, N.C. — The multifamily division of Crescent Resources has closed on a $68 million transaction on a 360-unit apartment community and 8,000 square feet of retail space in Charlotte’s historic South End submarket. Located on South Boulevard, adjacent to Bland Street Station, the community will feature one-, two- and three-bedroom apartments ranging in size from 550 to 1,650 square feet. The retail space will accommodate restaurants, coffee shops and other service-oriented businesses. Leasing is set to begin in spring 2009, with a completion date set for fall 2009.
Southeast
MIAMI — Viktoria Telek of ComReal Miami’s industrial division has represented Costex Corp. in its acquisition of 17 acres of industrial land, located at 5800 N.W. 74th Ave. at the intersection of the Palmetto Expressway and 58th Street in Miami. The property consists of several office/warehouse buildings and was purchased for $21 million. Costex plans to keep the existing office building on the site and custom-build an additional 200,000 square feet of distribution warehouse space. Costex’s current distribution center in Miami houses one of the largest inventories of new replacement parts for Caterpillar equipment in the United States.
JACKSONVILLE, FLA. — Birmingham, Ala.-based BP Graham has acquired a 220,000-square-foot office building in Jacksonville for $22.3 million. The 14-story, Class A building is located at 550 Water St. and features a deli, on-site parking and views of downtown and the St. Johns River. Tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI. Peter Crolius of Hollywood, Fla.-based Graham & Co./CORFAC International represented the buyer. Lou Nutter of CB Richard Ellis represented the undisclosed seller.
MIAMI — Adler Group is developing Airside International Business Park at Opa-locka Executive Airport in Miami. The approximately $200 million upgrade will include facilities and services to primarily aviation-related companies, including new build-to-suit office, industrial and retail space, hangers, hotel and parking. Opa-locka Executive Airport is owned by Miami-Dade County and is the largest of the five general regional airports in the county.
NASHVILLE, TENN. — InterContinental Hotels Group (IHG) has opened the first Hotel Indigo property in Tennessee. The 11-story Hotel Indigo Nashville West End features 139 rooms and seven suites. The boutique hotel is located at 1719 West End Ave., approximately one mile from downtown Nashville. Amenities include The Golden Bean restaurant, Phi Bar, meeting space and a fitness studio. The property is owned by 1719 West End Holdings and managed by Wesley Hotels & Resorts.
SAVANNAH, GA. — Frederick, Md.-based Investment Property Exchange Services has acquired Cobblestone Apartments in Savannah for $15.4 million from Birmingham, Ala.-based Cobblestone Apartments LLC. The property features 220 units totaling 180,712 square feet of living space. Amenities include a swimming pool and hot tub, tennis courts, a picnic area and a laundry facility. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors brokered the transaction.
DAYTONA BEACH, FLA. — John Wickert of NAI Realvest has negotiated the $9.52 million sale of a 151-room Holiday Inn Express in Daytona Beach. Embassy Investments XI LLC, an affiliate of Ormond Beach, Fla.-based Elite Hospitality, acquired the property from Destin, Fla.-based Indigo Lakes Resorts. The hotel is located at 2620 W. International Speedway Blvd. near Interstate 95. The buyer plans an approximately $1 million upgrade to the building’s interior.
FORT MYERS, FLA. — East Lansing, Mich.-based Strathmore Development Co. is developing Alico Lakes Village, a 300,000-square-foot mixed-use project in Fort Myers. The project will consist of approximately 200,000 square feet of retail, restaurant and office space, together with a 172-room Holiday Inn and a conference center. City Furniture and Ashley Furniture, which are the result of a sale/leaseback transaction, will anchor the project and will occupy 115,000 square feet. Alico Lakes Village will be located at Interstate 75 and the Alico Road interchange. Completion is slated for third quarter 2008.
CLAYTON, N.C. — Crown West Realty has acquired Carolinas Distribution Center in Clayton for $61.25 million from JER Clayton, a joint venture between JER Clayton c/o J.E. Robert Co. and Fulcra Enterprises. The five building, Class A industrial warehouse and cold storage facility consists of 1.1 million square feet. It is 98 percent leased to Hallmark Cards, Smithfield Foods, Kuehne+Nagel and HBI Priority Home Freight. The former Winn-Dixie distribution center is located at 1053 Shotwell Rd. Rob Cochran, Chris Norvell, Jim Allaire and Phil Iglehart of Colliers Pinkard represented the seller in the transaction.
MACON, GA. — New York-based Time Equities has acquired Summit at the Mall Shopping Center in Macon for $8.7 million. The 90,000-square-foot strip shopping center is 97 percent leased and tenants include Big Lots, Olive Garden and Hancock Fabrics. It is located across from Colonial Mall. Jeff Rosenblum and Ashish Dua represented the buyer, and Baxter Evans of Bloomfield Retail Properties represented the undisclosed seller.