SENECA, S.C. — Companion at Crescent Pointe, a 144-unit apartment complex in Seneca, has sold for $10.3 million. The Class A property, built in 2005, is 95 percent occupied. Investors from California, teamed with a regional management company, purchased the property. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.
ALRINGTON, VA. — MRP Realty and Angelo, Gordon & Co. have selected Cassidy Turley to market The Paramount, a 135-unit apartment property located at 1425 S. Eads St. in Arlington. The 137,010-square-foot tower is located near the Pentagon City and Crystal City Metro stations and Ronald Reagan National Airport. Amenities include a residents lounge, fitness center, yoga studio, gaming center and teleconferencing business center. The property also features 3,610 square feet of retail space. The ownership has completed approximately $4 million in renovations to the common areas and units in the past 48 months. Christopher Doerr, Bill Collins and Rachel Ley of Cassidy Turley will lead the sales efforts.
JACKSONVILLE, FLA — Mercury Investment Co. has acquired the 117-room Hampton Inn and Suites Ponte Vedra in Jacksonville. Originally built in 2000, the Hampton Inn recently underwent a major renovation, including upgrades to the lobby, fitness facility and guestrooms. The new owner plans to make additional enhancements, including the addition of a shuttle and manager's reception. Integral Hospitality Solutions will manage the property. CBRE Hotels represented the seller in the transaction.
JESSUP, MD. — A joint venture between New York Life and Mosaic Realty Partners has acquired Maryland's largest warehouse — the Maryland Wholesale Food Center, located at 7600 Assateague Drive in Jessup. The 775,000-square-foot property is situated on 60 acres and is minutes from I-95. The new owners are currently leasing the property. The project includes a main building with loading on three sides and truck courts, a vehicle maintenance building and a guard shack with full perimeter fencing. Cris Abramson, Brian Kruger, Nick Signor, Michael Elardo, Jared Ross and Michael Kimmel of Cushman & Wakefield represented the seller in the transaction.
TAMPA — Benderson Development has purchased the headquarters of Tampa Electric Co. in downtown Tampa for $22 million. The 277,454-square-foot office property comprises an entire city block at 702 N. Franklin St. Tampa Electric has supplied the area with electricity since 1989, servicing approximately 2,000 square miles of West Florida. Camille Renshaw of Stan Johnson Co. represented the seller, a partnership managed by a subsidiary of a multinational financial services company, in the transaction.The property received more than 20 bids from potential buyers, resulting in a sales price with a 5.78 percent cash-on-return to the buyer, according to Stan Johnson Co.
CHESAPEAKE, VA. — Cloud9 Trampoline Park has leased 18,802 square feet in Chesapeake to develop an entertainment, fitness and sports facility, scheduled to open this July. The facility will be located at 825 Greenbrier Circle Corporate Center. The site will feature a trampoline dodgeball stadium, a foam pit and numerous trampolines. On weekend nights, the facility will include laser lights and disc jockeys. Perry Frazer of CBRE|Hampton Roads represented the landlord in the transaction. Matt Wilbricht, also of CBRE|Hampton Roads, represented the tenant.
ATLANTA — LA Fitness has finished remodeling five of its health clubs in the Atlanta area, which together total 219,500 square feet. The remodeling work was completed on a rolling schedule in March, with the average club closure being four days. All five of the facilities now feature pieces of new cardio and strength equipment, and dumbbells. Each club also received some or all of the following work: new and updated lighting, new carpet, paint, graphic wall coverings and refinished wood floors in the aerobics room and basketball and racquetball courts. The upgraded locations include 1860 Duluth Highway in Lawrenceville; 2995 Cobb Parkway in Atlanta; 3755 Carmia Drive S.W. in Atlanta; 11720 Medlock Bridge Road in Duluth; and 5330 Windward Parkway in Alpharetta.
ATLANTA — Carroll Organization has acquired two Atlanta-area apartment communities for a combined $46 million. The sale includes the 396-unit Chattahoochee Landing in Roswell and the 200-unit Abbey at East Cobb in Marietta. Chattahoochee Landing, which is 97 percent occupied, is located on 28 acres along the Chattahoochee River. Floor plans average 1,309 square feet. Carroll plans to invest $1 million in upgrades to the property. The Abbey at East Cobb, which is 98 percent occupied, was upgraded in 2005 and 2008. Carroll plans to transform the current clubhouse into a fitness center, while the current gym will serve as a resident lounge.
ATLANTA — Coro Realty Advisors LLC has acquired the 18,537-square-foot retail portion of The Brookwood, an 18-story condominium tower in South Buckhead. The street-level retail space is currently leased to Watershed restaurant, which recently relocated to the tower from Decatur, Ga., and the Saltyard gastropub, scheduled to open later this spring. The Class A tower is located at 1820 Peachtree Road. Joe Montgomery, Tony D'Ambrosio and Coleman Morris of Colliers International represented the seller, ST Residential, in the transaction. Coro Realty Advisors was self-represented.
SAVANNAH, GA. — Choate Construction has been selected to build One West Victory, a 124,000-square-foot, $18 million mixed-use development in Savannah. The project will feature 114 apartments targeting students and a four-level parking deck. Crews will also reposition two historic buildings, formerly occupied by Savannah Ice Co., to include a restaurant with a rooftop space, a fitness center, leasing office, study hall and student lounge. Jamestown Properties is the project developer and Onsite Civil Group is the civil engineer. HKS Inc. will design the apartments; Tim Haahs will design the parking deck; and Gunn, Meyerhoff, Shay will design the renovation of the Savannah Ice buildings. Construction will begin in late May, with completion scheduled for summer 2014.