ATHENS, GA. — CBRE’s Atlanta Private Capital Group has arranged the sale of the West Washington Building, a 40,818-square-foot mixed-use property in downtown Athens, two blocks north of the University of Georgia campus. The property is LEED Gold certified and features 12,882 square feet of ground-level retail space, 27,936 square feet of penthouse office space and five levels of deck parking in between the office and retail components. The parking portion is owned by the city of Athens was not included in the sale. The 88 percent-leased property sold to a private investor based in the Southeast.
Southeast
CUMMING, GA. — Prudential Mortgage Capital Co. has provided a $25.3 million Fannie Mae loan for Preston Pointe at Windmere, a 346-unit apartment community in Cumming. The apartment community is in the Alpharetta/Cumming submarket and is located near the Windermere Golf Club. Brian Salyards of Prudential’s Boston office arranged the seven-year loan with a fixed interest rate for Milestone Apartments REIT.
OCOEE, FLA. — Morgan Property Group LLC has acquired a 20-acre lot at the southwest corner of Ocoee Apopka Road and Ocoee Crown Point Parkway in Ocoee. The site will house a proposed mixed-use development that will consist of residential and retail components. Morgan Property purchased the land through affiliate Ocoee Land Trust from Redus Florida Land LLC, an affiliate of Wells Fargo.
Hampton Roads, the grouping of cities clustered around the meeting of the Atlantic Ocean, the Chesapeake Bay and the Intracoastal Waterway, is long known for its huge and vital military installations, and its tremendous maritime/shipping industries. The Port of Virginia is one of the busiest ports on the Eastern Seaboard, and is about to become even busier. At the end of the second quarter of 2012, the port posted a 7.2 percent year-over-year increase in cargo. Furthermore, with the widening of the Panama Canal, there will be a new breed of container ships carrying vastly more cargo than conventional ships. Only a few ports will be able to handle those ships, and Hampton Roads is the first to be ready. This increase in container shipments through our 55-foot, ice-free harbor will be an economic boon for Hampton Roads. The military has had, and will continue to have, a major impact on the local economy. However, there has been a concerted effort among all the cities of Hampton Roads to diversify the economic base. Technology-driven industries, including healthcare, modeling and simulation and research and development are all growing industries in the region. Seven of the world’s 10 largest aerospace and defense …
MARATHON, FLA. — Carey Watermark Investors Inc. has purchased Hawks Cay Resort, which includes 177 guestrooms and more than 250 villas, for $133.8 million. The resort is located in Marathon, part of the Florida Keys. The resort features several restaurants and bars, a marina and a spa. HWE Florida Inc., an affiliate of Hodges Ward Elliott Inc., represented the seller in the transaction.
BOWLING GREEN, KY. — Meridian Design Build has broken ground on a new 72,500-square-foot, 108-room Hyatt Place Hotel in Bowling Green. The new hotel will be located adjacent to Western Kentucky University’s Augenstein Alumni Center. The four-story hotel will feature an outdoor pool, fitness center and meeting rooms. The hotel is expected to open in the fall of 2014. Dellisart LLC will oversee operations of the hotel, Adkisson & Associates Architects Inc. will provide architectural services and Arnold Consulting Engineering Services Inc. will provide civil engineering services.
DESTIN, FLA. — Baltimore-based Continental Realty Corp. has acquired Plantation Commons, a 121,402-square-foot neighborhood shopping center located at 4495 Commons Drive W. in Destin. The asset sold for approximately $13.3 million. Fresh Market anchors the shopping center, whose other tenants include Marshalls, Destin Health and Fitness Club and HomeGoods. The center was 70 percent leased at the time of sale. Continental Realty purchased the center from Plantation Plaza at Kelly Plantation LP through CRC Fund III LP. Casey Rosen and Cliff Taylor of CBRE represented the seller in the transaction. Continental Realty was self-represented.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of Spring Valley Flats, a six-building, 28-unit apartment community located in Spring Valley, an upscale neighborhood in Washington, D.C. The asset, located at 4000-4013 47th St. N.W., sold for approximately $7.6 million. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the sellers, Urban Investment Partners and Stonebridge Investments, in the transaction. The buyer was 47th Street LLC.
MEMPHIS, TENN. — Austin, Texas-based World Class Capital Group LLC has acquired Memphis Mini Storage, a 474-unit self storage facility in Memphis. The 60,000-square-foot facility is located at 3961 Lamar Ave. World Class Capital will rebrand the asset under its Great Value Storage brand. The seller was C-III Asset Management, a special servicer that foreclosed the facility on the previous owner.
ORLANDO, FLA. — CBRE has arranged the $42.3 million sale of a four-property apartment portfolio in Central Florida. The acquired assets include Millenia West in Orlando, as well as Berkshires of West Melbourne, Lake Landing and Atlantis Cove in Fort Pierce. The apartment communities have an average occupancy rate of 94 percent. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. Freddie Mac provided acquisition financing for the buyer.