CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
Southeast
ATLANTA — A joint venture between Clarion Partners and Seefried Industrial Properties is developing a 285,600-square-foot distribution facility at SouthPark Distribution Center near Hartsfield-Jackson International Airport in Atlanta. The property is being constructed for Pittsburgh-based PPG Industries, a global supplier of paints, coatings, optical products, chemicals, glass and fiberglass. PPG Architectural Finishes Inc., a subsidiary of PPG Industries, will be the tenant and will use the facility as its Southeastern distribution center. The industrial project will be completed in December. Trevor Ragsdale, Paul Roeser and Alan Clayton of Jones Lang LaSalle represented PPG Industries. “As the existing Class A space is leased, coupled with limited new development, companies like PPG who desire to increase their operating efficiencies by leasing a facility with modern building specifications need to enter into build-to-suit transactions like this one,” says Tom Flanigan, senior vice president of Clarion Partners.
WINTER PARK, FLA. — CNL Construction Real Estate has begun construction on an 85,000-square-foot Class A office building in Winter Park. The office building, called Heritage Park, will be home to Brasfield & Gorrie’s regional headquarters in Florida. CNL Bank will also be a tenant. Heritage Park will be completed in late 2013.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
TAMPA, FLA. — Sun Pointe Lake, a 350-unit multifamily community at 14200 Bruce B. Downs Blvd. in Tampa, has traded for $14.2 million. A Miami-based private investor sold the property to an Alabama-based student housing operator. Sun Pointe Lake was built in 1981 and is situated on approximately 21 acres near the University of South Florida. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Tampa-based Franklin Street Real Estate Services represented both parties. “The buyer saw the opportunity to redevelop this apartment community into a fully furnished, master-metered student property,” says Goldfinger. “They will spend significant capital to modernize the property allowing it to compete with newer construction community around the University of South Florida.”
MURRELLS INLET, S.C. — Flagship Capital Partners, the investment affiliate of Charlotte, N.C.-based Brackett Flagship Properties, has acquired the 17,694-squarefoot Inlet Medical & Dental Center office building in Murrells Inlet. Flagship purchased the property through Flagship Healthcare Real Estate Fund, its recently launched private equity fund. Inlet Medical Associates, an affiliate of Roper Saint Francis physician practice, anchors the building that is 100 percent leased. Other tenants include Adult & Children’s Dentistry, Bio Identical Hormones, Clinical Research Authority and Myers Podiatry Clinic.
STAFFORD COUNTY, VA. — A 5,200-square-foot loft-style apartment building with a ground-floor restaurant in the Historic Falmouth District in Stafford County has traded. 103 West Cambridge LLC purchased the property from Hugh Arthur Mooney as an owner-occupied investment. Paul Eakin of Cushman & Wakefield/Thalhimer represented the buyer.
WASHINGTON, D.C. — Raymond Hubbard III has been hired as an account manager for Skanska USA’s Washington, D.C., office. He has 34 years of experience and previously served as senior vice president for Clark Construction in the Washington, D.C., region. Hubbard served as the project director and senior vice president in constructing the 82-acre National Geospatial Intelligence Facility in Fort Belvoir, Va., for the U.S. Army Corps of Engineers.
MIAMI — Miami-based Blanca Commercial Real Estate, which provides brokerage and advisory services to owners and users of commercial real estate, has promoted Andres del Corral to vice president and Alexander Cahlin to associate vice president. del Corral specializes in office leasing and land sales, while Cahlin specializes in tenant and landlord representation as well as market research and analysis.
WASHINGTON, D.C. — Greenebaum & Rose Associates has sold an 11-story, 298,533-square-foot building at 820 First St. in Washington, D.C., to an affiliate of Harbor Group International for $107 million. The Class A office property is 100 percent leased and is situated within Union Center Plaza adjacent to Union Station. It is leased to a variety of tenants, including CNN, Accenture and the U.S. General Services Administration (GSA). Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented Greenebaum & Rose Associates in the transaction.