BALTIMORE — Ober|Kaler has signed a 94,213-square-foot lease with an affiliate of Lexington Realty Trust in Baltimore. Located at 100 Light St., the office space is situated in a 35-story skyscraper formerly known as the Legg Mason building. The tenant will move in April 1, 2011. The lease, which expires in 2026, will bring the building's occupancy to 44 percent. Lexington Realty Trust is currently undertaking $43.1 million worth of upgrades to the building, including the construction of a $23.3 million parking garage. Jones Lang LaSalle's Elizabeth Cooper, Jeff Groh and Michael Singer represented Ober|Kaler. Cassidy Turley's David Downey, Matt Seward and John Schulze represented the landlord.
Southeast
PALM COAST, FLA. — Colbert Lane LLC of Ormond Beach, Fla., has sold a 46-acre tract of land to Coral Gables, Fla.-based Gold Royal Asset for $4 million. The acreage, located on Colbert Lane in Palm Coast, is fully entitled and ready for more than 300,000 square feet of mixed-use development. This sale was the first part of a workout that includes an additional 32 acres. NAI Realvest's Chris Butera and Paul Partyka represented the seller.
ATLANTA — Greg Duvall of NorthMarq Capital's Kansas City office has secured a $7.23 million loan for Highland Ridge Apartments in Atlanta. The 219-unit property is located on Northside Circle. The 10-year loan carries a 30-year amortization and a 2-year, interest-free term. NorthMarq financed the loan through Freddie Mac's CME program.
WINSTON-SALEM, N.C. —Shree HariKrishna has purchased a three-story Sleep Inn from Quality Oil Co. for an undisclosed amount. The 12-year-old property is located on Interstate 40 near Hanes Mall in Winston-Salem. The buyer will retain the Sleep Inn brand, but will undertake cosmetic renovations. David Mumford and Steve Kirby of Mumford Co. represented the seller in the transaction.
CHARLOTTE, N.C. — Norcross, Ga.-based Pax Industries has leased 105,625 square feet of warehouse space from TA Associates Realty in Charlotte. The 436,000-square-foot facility is located at 11701 Goodrich Drive. Adam Eason of Trinity Partners represented the tenant, and the firm's Bill Wood and Tony Brennan represented the landlord.
BELTSVILLE, MD. — Vocus, a public relations and corporate communications software provider, has signed a 10-year lease with First Potomac Realty Trust in Beltsville. The tenant will occupy a 93,000-square-foot building at 12051 Indian Creek Court in Beltsville, making the property its new headquarters. Brian Liss of UGL Equis' Washington, D.C., office represented the tenant. Jeb Boland and Michele Salvino served as in-house representation for First Potomac Realty Trust.
CASSELBERRY, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed a 46,000-square-foot Publix at Casselberry Commons. The $3 million store, which is located at the intersection of State Road 436 and Howell Brach Road in Casselberry, replaces a smaller adjacent Publix. Orlando-based Cuhaci & Peterson Architects designed the store.
SANFORD, FLA. — Sanford-based Spolski Construction is beginning work on a $5 million airplane hangar project for the Sanford Airport Authority. The 53,351-square-foot development, located at 2551 Hellcat Lane in Sanford, will include offices, 44,000 square feet of hangar space and 4,000 square feet of maintenance space. The facility, which will be leased to Avocet Capital under a 20-year agreement, is expected to deliver in January.
SUMMERFIELD, FLA. — Edwards Construction Services has broken ground on an 18,000-square-foot Trinity Lutheran Church in Summerfield. The property will feature a sanctuary and additional areas for classrooms and choir space. Delivery is slated for December.
ORANGE PARK, FLA. — Trigild Inc., acting as a receiver, has traded the 232-unit Blanding Place Apartments to a Canada-based purchaser for $51,724 per unit. Located on Burwick Road in Orange Park, the 24-year-old property is spread across 19 acres. The buyer assumed the restructured CMBS loan provided by the special servicer, Midland Loan Services. Steve Lear and Bart Walchle of Walchle Lear Multifamily Advisors brokered the sale of the property, which is 81 percent occupied.