ATLANTA — Briggs Equipment, a provider of materials handling equipment, has acquired a 122,800-square-foot warehouse at 4695 Aviation Parkway in Atlanta for $5.9 million. The property is located within the International Airport Park, a master-planned industrial campus totaling nine buildings. Briggs will fully occupy the facility once the build-out is complete. The property features 24-foot clear ceiling heights, 31 dock-high doors and 215 parking spaces. Julian Brown and Brent Datson of Transwestern represented the seller in the transaction. James Wiant of Wiant Commercial Real Estate represented the buyer.
FRANKLIN, TENN. — Kite Realty Group Trust has acquired the 224,000-square-foot Cool Springs Market in Franklin for $37.5 million. The center is 95 percent occupied and anchored by Dick's Sporting Goods, Marshalls, JoAnn Fabrics, Staples and a non-owned Kroger. It is located near the intersection of I-65 and Cool Springs Boulevard. The average household income within a five-mile radius of the center is $124,000 per year, and the population density is 85,200. The purchase is part of Kite's strategy to grow its portfolio in cities in the Southeast, Midwest and Texas.
LAKE WORTH, FLA. — Wells Fargo has sold a three-property office portfolio, totaling 198,000 square feet, in Florida for $12.55 million. The properties include the 92,000-square-foot Wellington Commons in Lake Worth, the 60,427-square-foot Vista Park Commons in West Palm Beach and the 46,000-square-foot Stuart Commons in Stuart. Developed by Crexent Business Centers in 2007, the properties include state-of-the-art telecommunications, meeting/conference rooms, personal mail delivery and a private gym. Douglas Mandel of Marcus & Millichap represented the seller in the transaction. Mandel and Benjamin Silver, also of Marcus & Millichap, represented the buyer.
ARLINGTON, VA. — An affiliate of Lowe Enterprises has secured a $130 million renovation and bridge loan for two office buildings, 1400 Crystal Drive and Jefferson Plaza, in Arlington. The properties total 578,372 square feet. Wells Fargo and M&T Bank provided the financing, which will be used for the redevelopment of 1400 Crystal Drive into a trophy-quality office building. Funds will also be used for the renovation and leasing costs at Jefferson Plaza. Lowe Enterprises acquired the properties on behalf of an investment client in 2008. Cary Abod and Jordan Lex led the HFF team that arranged the loan.
CHARLOTTESVILLE, VA. — A new Fresh Market grocery store has opened at Albemarle Square, located at 100 Albemarle Square in Charlottesville. The grand opening took place Feb. 6. Albemarle Square is located 70 miles west of Richmond, Va., along Route 29 North, and is home to a mix of local and national restaurants and retailers. Dumbarton Properties manages the property.
ALPHARETTA, GA. — Cynergy Data, a payment services provider, has signed a 13,309-square-foot lease at 4800 N. Point Parkway in Alpharetta. The new deal brings the 75,000-square-foot property to 95 percent occupancy. Cynergy is relocating and expanding from another North Fulton location. Glenn Aspinwall of Jones Lang LaSalle represented the owner, Glenfield Capital, in the transaction.
WASHINGTON, D.C. — Cassidy Turley has arranged a $124 million permanent loan for Paramount Group's 425 Eye St. N.W. in Washington, D.C. The 365,800-square-foot Class A office building is 86 percent leased. The Board of Veterans Affairs is occupying a large portion of the space on a long-term basis. The property underwent a major renovation in 2010. Christian Miles, Philip Mudd and Bradley Geiger of Cassidy Turley arranged the five-year, floating-rate loan.
WASHINGTON, D.C. — Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million. Located in the Kalorama and Dupont neighborhoods, the acquisition brings Modus' portfolio to 13 hotels, with seven in the metro D.C. area. The hotel recently underwent a $6 million renovation.
FORT LAUDERDALE, FLA. — Waypoint Residential has acquired Cypress Club at Woodmont, located on University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is 95 percent occupied. Cypress Club is located about six miles west of I-95.
ARLINGTON, VA. — A partnership between Silverwood Cos. and Freedom Development has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington. The buyers plan to shift the property to condominium ownership. Sales at The Avery will open in May and the first residents are expected to move in this summer. Insight Property Group developed the building, located at 1200 N. Rolfe St. Amenities include a lobby and front desk, fitness center, garage parking and bike storage. Units range from 750 square feet to 1,750 square feet.