TAMPA, FLA. — EastGroup Properties has purchased a 16-property, 1.1 million-square-foot industrial portfolio, located in Tampa, from an undisclosed seller. After disposing of six non-core buildings, the company will retain 1.07 million square feet with a projected total investment of approximately $55.4 million. The core portfolio is currently 92 percent leased.
BOCA RATON, FLA. — Archstone has purchased the 252-unit Vinings at Town Center, an apartment community located at 5881 Town Bay Dr. in Boca Raton, from AEW Capital Management for $42 million. The buyer plans to renovate the amenities and units during the next year, and the property will be renamed Archstone Boca Town Center. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented the seller in the transaction.
CUMMING, GA. — Choate Construction Co. has broken ground on the first phase of the $27 million Villas at Canterfield, a seniors housing community located 745 Atlanta Rd. in Cumming. The first phase includes 91 assisted living units, and the second phase will include 84 free-standing independent living villas and senior apartments. Amenities will include a library, salon, parlor, exercise room, transportation, arts and crafts room and a multi-purpose theater and presentation center. Medical Development Corp. is developing the property and The Corcoran Ota Group is the architect.
MACON, GA. — McShane Construction Co. has completed the $9.5 million redevelopment and renovation of the 100-unit Felton Homes Apartments, an affordable housing community located at Felton Avenue and Sessions Drive in Macon, for Felton Parters LP on behalf of the Macon Housing Authority. The renovation included new entryways, porches, roof lines, energy efficient windows and new siding. The interiors received low-flow plumbing fixtures, energy efficient heating and air conditioning and Energy Star rated light fixtures and appliances. The project was constructed in compliance with Enterprise Green Communities standards. HUD funded the project through the American Reinvestment and Recovery Act. Private revenue from a bond issuance and LIHTC supplemented the funding for the project. Brittain Thompson Bray Brown provided architectural services.
MORROW, GA. — DDRTC, a joint venture between DDR Corp. and TIAA, has sold the 530,000-square-foot Southlake Pavilion Shopping Center, located at 1912-1947 Mount Zion Rd. in Morrow, to U.S. Properties Group. Tenants include Ashley Furniture, Shoppers World, LA Fitness, Ross Dress for Less, hhgregg, Sears, Staples, Barnes & Noble and Old Navy. Target, The Home Depot and an AMC 24-screen theater shadow-anchor the center. CBRE represented the seller in the transaction.
CHAPEL HILL, N.C. — Madison Marquette has sold the 113,000-square-foot Rams Plaza, a shopping center located at 1728 Fordham Blvd. in Chapel Hill, to a joint venture in a direct deal for $13.25 million. Food Lion and CVS/pharmacy anchor the center. A joint venture entity known as Rams Plaza Associates, headed by The Kalikow Group, the buyer, plans to renovate the center, spending a minimum of $1.5 million on the façade and improving the overall site and tenant spaces. Argus Development Group, a partner through its ARGUS RAMS PLAZA, LLC subsidiary, is responsible for the approval process, renovations and management of the property. BCP RAMS PLAZA, LLC, a Florida-based limited liability company, is the third member of the joint venture acquisition team. Retail Strategies is the leasing agent for Rams Plaza.
VIRGINIA BEACH, VA. — Stihl has plans to expand its U.S. headquarters, located in Oceana West Corporate Park at 536 Viking Dr. in Virginia Beach, by 53,256 square feet. The $10.3 million project will create 52 new jobs within 36 months. The company currently occupies more than 1 million square feet of industrial space in eight buildings at the property. Completion for the expansion is slated for the spring of 2012.
AVENTURA, FLA. — The 117,000-square-foot Aventura Optima Plaza, a Class A office and medical development located at 21500 Biscayne Blvd. in Aventura, has topped off. The property includes a nine-story office tower and a four-story medical building, and was designed by Arquitectos Brom Asociados and Behar Font & Partners to meet LEED Gold standards. The property is on track to be completed in July 2012.
BRANDON, FLA. — Marcus & Millichap has brokered the $2.12 million sale of the 52,465-square-foot Brandon Mini Storage, located at 203 Providence Rd. in Brandon. Michael Mele of Marcus & Millichap's Tampa, Fla., office represented the seller, a Brandon-based private investor, in the transaction and procured the buyer, a California-based partnership.
TUSCALOOSA, ALA. — The 56-unit Chastain Manor, an affordable housing senior community located at 381 34th Ave. E. in Tuscaloosa, has re-opened. The property was destroyed in the tornado that touched down in Tuscaloosa in April. Although the first residents have moved back in, full completion is slated for early 2012.