ROCKVILLE, MD. — The Realty Associates Fund IV has sold the 135,664-square-foot Montrose Office Park to a private party for $22.5 million. The three-building property is located at 3202, 3204 and 3206 Tower Oaks Blvd. in Rockville. McShea & Co.'s Brian McCarthy, Bob Dickman and Bob Wrightson represented the seller.
LAKE MARY, FLA. — Remington Administrative Services has purchased a 75,860-square-foot office building from an undisclosed party for $10 million. The property, which houses the administrative headquarters for Remington Colleges, is located at 500 International Parkway in Lake Mary. Realvest Capital Advisors arranged financing for the purchase. George Livingston and Christie Alexander of NAI Realvest brokered the sale.
ROCKVILLE, MD. — SunTrust Bank and Thomson Reuters have leased a total of 90,516 square feet from The Realty Associates Fund VIII in Rockville. Thomson Reuters signed a new 5-year lease for 69,686 square feet; SunTrust renewed its 20,839-square-foot lease for 7 years. Located at 1445 Research Blvd. in Rockville, the property is currently 90 percent leased. McShea & Co.'s Bob Dickman and Brian McCarthy represented the landlord in the transaction.
HARFORD COUNTY, MD. — St. John Properties has broken ground on more than 135,000 square feet of office and flex space as part of the Government and Technology Enterprise (GATE) project at Aberdeen Proving Ground in Harford County. The one-story office building and two flex buildings will be built to silver LEED standards and will represent the completion of the GATE project's first phase. Delivery is expected this summer, and the second phase of construction will begin in May.
POOLER, GA. — H.J. High Construction Co. and Batson-Cook Co. are gearing up to break ground on the $16.9 million second phase of the Mitsubishi Power Systems Americas Savannah Machinery Works development in Pooler. The phase includes a 75,000-square-foot manufacturing bay and a mile-long rail line. Delivery is expected in April 2011.
WASHINGTON, D.C. — Quality Housing Partners has sold the 28-unit Truman House apartment complex to an undisclosed buyer for $4.2 million. The property is located at the intersection of 14th Street NW and N Street NW in Washington. Marcus & Millichap's Firoozabadi Group represented the seller in the transaction.
JACKSON, MISS. — Jackson-based Southeast Industrial Properties I, a joint venture between Hines Investments and Duckworth Realty, will deliver a seed research facility for the Monsanto Co. by late this year. The 26,100-square-foot property will be located in Jackson's Flora Industrial Park. Flowood, Miss.-based Peoples Construction Corp. is serving as the general contractor.
DULLES, VA. —Northwestern Investment Management Co. has leased 64,539 square feet of warehouse space to San Antonio-based Ward North America, a moving and storage company, for the next 10.5 years. The property is located at 23000 Ladbrook Drive in Dulles. Adam Schindler and Paul Schweitzer represented the tenant in the $8 million lease, which is expected to bring 50 jobs to the area. The firm's Caulley Derringer and Stephen Beggs represented the landlord.
SUMMERVILLE, S.C. — The owner of Cobblestone Village Apartments, a 320-unit multifamily complex in Summerville, has received a $20 million loan, which will replace existing construction financing. The 10-year loan carries a 5.88 percent interest rate and a 30-year amortization schedule. Arbor Commercial Funding arranged the loan.
CLEVELAND, TENN. — Deutsche Bank Berkshire Mortgage has arranged a $15.7 million construction loan for The Retreat at Spring Creek apartment complex. The 199-unit property will be part of Cleveland's The Spring Creek Development, a mixed-use neighborhood. The 40-year, fixed-rate loan was financed through HUD's Section 221(d)(4) Mortgage Insurance Program.