WASHINGTON, D.C. — J Street Cos. has represented Saints Constantine and Helen Greek Orthodox Church in the sale of its church and school building at 4115 16th St. in Washington, D.C., to Iglesia Ni Cristo (Church of Christ) for $9.2 million. Saints Constantine and Helen Greek Orthodox Church plans to build a new church in Silver Springs, Md. Andy Wolf of J Street Cos. and Tony Lofrumento of Summit Commercial represented the sellers, and Arlene Fernandez of Allison James Estates & Homes represented Iglesia Ni Cristo.
Southeast
HERNDON, VA. — Navy Federal Credit Union, the world’s largest credit union, has signed an 80,582-square-foot lease at 12851 Worldgate Dr. in Herndon. The entity’s membership includes all U.S. Department of Defense (DOD) military personnel, civilians and contractors, other U.S. personnel assigned or stationed at DOD installations and family members. Gene Martin and Damon Rothman of The Ezra Company represented Navy Federal Credit Union. Oak Brook, Ill.-based Inland American Real Estate Trust owns 12851 Worldgate Dr., which is part of the fourbuilding, 322,325-square-foot Worldgate Plaza complex.
FORT LAUDERDALE, FLA. — 110 Tower, a LEED Gold-certified Class A office building located in downtown Fort Lauderdale, was named Renovated Building of the Year at the BOMA Fort Lauderdale/Palm Beaches 2012 TOBY Awards. 110 Tower’s comprehensive $15 million interior and exterior renovation program included upgrades to the ground-floor lobby, renovated ground-floor retail space and common areas. Dallas-based GenCap Partners owns the office property and Transwestern manages it.
NASHVILLE, TENN. — The Carothers Building, a four-building, 509,000-square-foot office park in Nashville’s Cool Springs submarket, has traded for $96.1 million. It was built in 1994 for Ford Motor Credit and is now 100 percent leased with tenants Cybera, Community Health Systems and Nissan as well as Ford Motor Credit. J.P. Morgan Asset Management sold the office property to Houston-based The Lionstone Group, a private real estate investment firm. Stewart Calhoun and David Meline of Cushman & Wakefield’s Atlanta office and Don Albright of its Nashville office represented seller J.P. Morgan Asset Management, which purchased the office property in 2006 for $69.75 million.
ORLANDO, FLA. — Demolition and construction on the redevelopment planned for the 25-year-old University Shoppes retail center, which is located across from the University of Central Florida’s main entrance in Orlando, will commence this week. Austin, Texas-based American Campus Communities Inc. plans to bring 1,313 student housing beds, 60,000 square feet of new retail space and a 10-level parking structure to Orlando’s Northeast Orange County submarket. Bobby Palta of CBRE is marketing the retail space.
JACKSONVILLE, FLA. — The 205,696-square-foot Regency Plaza shopping center, which is located on Atlantic Boulevard directly across from Regency Square Mall in Jacksonville, has sold. Tenants include Burlington Coat Factory, OfficeMax, dd’s Discounts, Chuck E. Cheese’s, Baby Depot and Carrabba’s Italian Grill. Kimco Realty represented the unlisted seller, while DLC Management Corp. represented the unlisted buyer.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas in Fayetteville. It is the first property in Arkansas to be awarded LEED Platinum certification. Green design elements include solar-heated water, landscaping with native plants, innovative heating and cooling systems, and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. Alan Tapie of Grandbridge Real Estate Capital’s Atlanta office originated the permanent fixed-rate loan for Eco Modern Flats. Fannie Mae provided funding for the loan, which was structured with a 10-year term and 30-year amortization schedule.
ORLANDO, FLA. — A former Toys “R” Us location at 724 Herndon Ave. near Fashion Square Mall in Orlando has sold for $3.25 million. Tennessee-based UP Development LLC purchased the 42,000-square-foot big box retail space from Toys “R” Us. Scott Corbin of Colliers International Central Florida represented the buyer, while James Avallone of DJM Realty Inc. represented Toys “R” Us. The buyer also purchased the adjacent front parcel on Herndon Avenue to complete a retail assemblage for redevelopment, which is expected to begin in the first quarter of 2013 and be completed by the first quarter of 2014.
ORLANDO, FLA. — A joint venture between West Palm Beach, Fla.-based McCraney Property Co. (MPC) and New York-based Clarion Partners will develop three industrial buildings on 25.3 acres at Orlando Central Park in Orlando. A 150,000-square-foot building for Dade Paper is already under construction and two additional buildings will be built on spec with 225,000 square feet of rentable space. Construction of the first spec building is expected to break ground in the first quarter of 2013.
HOPE MILLS, N.C. — Traemoor Village, a 76,325-square-foot shopping center, has opened in the Stoney Point community of Hope Mills. A 53,365-square-foot Harris Teeter grocery store anchors the retail property. McDonald’s will break ground in approximately one month on an outparcel. Other tenants include Mellow Mango, Viva the Bean, High Cotton Consignments, Naturally Unleashed, Great Clips and Hallmark Cards. Greenville, S.C.-based Fox Commercial Properties developed Traemoor Village.