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.
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired a Class A apartment community located in Ashburn. The 464-unit property will now be known as Westwind Farms. Built in 2006, the property is currently 96 percent occupied. The seller and acquisition price were not disclosed.
TALLAHASSEE, FLA. — Agree Realty Corp. has purchased a retail property, which is ground leased to Kohl's Department Stores, in Tallahassee. Located at the intersection of Apalachee Parkway and Blair Stone Road, the property sold for approximately $2.2 million. Kohl's has approximately 17 years remaining on the base term of the lease. The seller was not released.