STOCKBRIDGE, GA. — Embassy Group has purchased the 128-unit Cobblestone Village apartment complex from Brad Bradford Realty for $4.56 million. The property, which was built in 1989, is located at 5220 N. Henry Blvd. in Stockbridge. Cobblestone Village features a swimming pool, tennis courts and a fitness center spread across its 12.79 acres. David Gutting, Mike Kemether, Larry Orr, Chris Spain, Nathan Swenson, David Wagner, Steve West and David Whitesell of Cushman & Wakefield’s Atlanta office represented both parties in the transaction.
Southeast
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties has created a business development team to focus on expanding the firm’s third-party management client base. The new division is led by Vice President Jay Wiseman. The company is currently developing two malls in the Southeast: The Pavilion at Port Orange in Florida and The Promenade in D’Iberville, Miss.
ORLANDO, FLA. — Twin Med has signed a 54,250-square-foot lease renewal with GE Real Estate for space in an Orlando warehouse. Located at 2126 W. Landstreet Rd., the space will be used for the company’s recently expanded operations. William Bradford and Tom McFadden of Orlando-based Southern Commercial Real Estate Advisors represented the landlord. Twin Med was represented by Deborah Mickler and Forrest Askew of Colliers Arnold’s Orlando office.
KEY WEST AND TAVERNIER, FLA. — Orlando-based Cuhaci & Peterson Architects has started design work on two Winn Dixie renovations in Florida. A 54,000-square-foot store, located at 2778 N. Roosevelt Blvd. in Key West, and a 45,598-square-foot store, located at 92100 Oversees Hwy. in Tavernier, will receive upgrades.
FARMERVILLE, LA. — Pilgrim’s Pride Corp. has agreed to sell its Farmerville chicken complex to Foster Farms for $80 million. The sale, which is expected to close in 30 days, is subject to a price adjustment for inventory and a $40 million contribution from the state of Louisiana. The property includes a processing facility, a cook plant and a protein-conversion plant. Sale of the complex was prompted by Pilgrim’s Pride Co.’s bankruptcy filing last December.
HANOVER, MD. — White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide and Chesapeake, Va.-based LTD Management Co. have opened two new hotels on Teague Road in Hanover. The 142-room Aloft Arundel Mills, located at 7520 Teague Rd., includes wireless Internet and a 42-inch HDTV in each unit. Other amenities include a lobby bar, a fitness center, a pool and a 24-hour convenience store. Located at 7522 Teague Rd., each unit in the 147-room Element Arundel Mills features a full kitchen with energy-efficient appliances. A fitness center, a chlorine-free pool, a library and 500 square feet of meeting space is also housed in the hotel.
GAITHERSBURG, MD. — Broad Street Ventures has received a $7.8 million loan to fund its acquisition of a 50,000-square-foot office building from an undisclosed party. The Class A property is located on 4.9 acres of land at 950 Wind River Lane in Gaithersburg. The 5-year loan carries a 25-year amortization. Walker & Dunlop secured the loan. The borrower has also leased the entire building to Gaithersburg-based MedImmune for 10 years.
VIRGINIA BEACH, VA. — Capital Finance has purchased the 5,680-square-foot Lynnhaven Quarters retail complex from Lynnhaven Quarters LLC for $1.09 million. The property is located at 800 S. Lynnhaven Rd. in Virginia Beach. Natalie Hucke and Kevin O’Keefe of Thalhimer’s Virginia Beach office brokered the sale.
DORAVILLE, GA. — The Beltmann Group, a moving services company, has signed a lease renewal with American Realty Advisors for 96,160 square feet of industrial space. The property is located at 7030 Buford Highway in Doraville. With 1 year still left on its lease, the company decided to make a new commitment in order to take advantage of the current market. A tenant improvement allowance was included in the new deal. John Crawford and Ray Dankberg of Grubb & Ellis Co.’s Atlanta office brokered the deal.
LAKE MARY, FLA. — West Palm Beach, Fla.-based Mariner Asset Management Services will break ground on the 72,400-square-foot The Hills of Lake Mary Professional Centre, a LEED Platinum office campus, later this year. In addition to its green status, the property, which is located at 4903 CR 46A in Lake Mary, will be 100 percent carbon neutral. Green features include solar energy generation and storage, an energy efficient HVAC system and power usage monitoring. The architecture firm Gensler designed the property.