CORAL SPRINGS, FLA. — Hollywood, Fla.-based MG3 Developer Group has purchased the former Target building, which is located at 6250 W. Sample Road in Coral Springs. The 100,000-square-foot property sold for $7 million. Dan Lynch and Ross Waters of Atlantic Retail Properties brokered the transaction. The seller was not released.
KENNESAW AND GRAYSON, GA. — NorthMarq Capital's Atlanta Regional office has arranged combined first mortgage financings of $47.05 million for two multifamily communities in Georgia. The 450-unit Trees of Kennesaw community, which is located at 1925 Old Highway 41 N.W. in Kennesaw, received a $24.05 million loan. The 414-unit Tree Corner, which is located at 1525 Grayson Highway in Grayson, received a $23 million loan. Both loans were based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the loans for the borrowers, Trees of Kennesaw LLC and Tree Corners LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
OCOEE, FLA. — 320 Enterprise Street LLC has acquired a 46,448-square-foot industrial property in Ocoee. The property is situated on 4 acres at 320 Enterprise St. The buyer plans to use the property for its Central Florida recycling operations. Ray Romano of CB Richard Ellis represented the seller, Cox Lumber Co., in the transaction. Gosselin Realty represented the buyer.
TAMPA, FLA. — Sage Partners is developing Metro 510, a 120-unit workforce housing facility in downtown Tampa. The project will incorporate the re-use of St. Paul AME Church as the community's clubhouse and amenity building. The project will feature an outdoor spray ground, an indoor play court, a “tween” room, a fitness center, a business center and elevated exterior courtyards. Tampa-based Urban Studio Architects is providing architectural services for the project.
MARIETTA AND DEKALB COUNTY, GA. — Atlanta-based Cortland Partners has acquired two multifamily properties in the Atlanta metro area. In the first transaction, the company purchased Harbour Oaks Apartments, an 80-unit property located at 1565 Cider Road in Marietta, for $3.3 million. The acquisition price includes a planned renovation of the property. North Carolina-based Self-Help Venture Fund is financing the project using federal stimulus funds from the Neighborhood Stabilization Program. Cortland originally purchased the delinquent note for Harbour Oaks from JP Morgan/Chase in June. In the second transaction, Cortland acquired Woodhaven Apartments, a 276-unit apartment community located at 3800 Brockett Trail Road in DeKalb County, for an undisclosed price. Cortland plans to renovate the property, which offers a mix of one-, two- and three-bedroom units.
ALACHUE, FLA. — Construction is currently under way for the new headquarters of National Center for Construction Education and Research in Alachue. The two-story, 31,000-square-foot facility will feature a modern, contemporary design housing several office suites and a multi-purpose conference center. Additionally, the building was designed to achieve LEED Silver certification. The Haskell Company provided architectural services for the project. Completion is slated for fall 2011.
JACKSON, MISS. — Mississippi-based StateStreet Group has purchased the Pepper Mill Apartments, located at 5155 Keele St. in Jackson. Built in 1972, the 116-unit property offers a mix of one- and two-bedroom units with an average unit size of 1,046 square feet. Brad Barham of Marcus & Millichap represented the buyer. Terms of the transaction were not disclosed.
ATLANTA — An affiliate of Harbor Group International has acquired Barrington Mill Apartments, a multifamily property in Atlanta, for $36.65 million. Built in 1984 and 1985, the community offers studio, one- and two-bedroom units, controlled access gates, a resident activity center, four swimming pools, four lighted tennis courts, two fitness centers, a resident business center, four laundry facilities, picnic areas with grills, two car-care facilities and 20 detached garages. At the time of acquisition, the property was 89 percent leased. The buyer plans to invest approximately $1.85 million for interior and exterior improvements. The seller was a joint venture between Transwestern and Jupiter Communities.
ROCKY MOUNT, VA. — Trinity Packaging Corp. has purchased an industrial property in Rocky Mount. Located at 160 Industrial Dr., the 177,190-square-foot facility sold for $1.6 million. Richard Wellford of Poe & Cronk Real Estate Group represented the undisclosed seller in the transaction.
NEWPORT NEWS, VA. — Vienna, Va.-based Sage Real Estate Partners has partnered with Keane Enterprises to acquire an office building in Newport News. Located at 2600 Washington Ave., the 141,000-square-foot property was purchased for approximately $2.25 million or $16 per square foot. The property is currently leased a variety of tenants, including Bank of America, the City of Newport News and the Commonwealth of Virginia General Services Administration.