LAKE MARY, FLA. — Heathrow Land Holdings has purchased a 36,556-square-foot Class A office building from RS Group Holdings for an undisclosed amount. The property is located on Business Park Lane in Lake Mary. Miguel de Arcos and Ajy Babbar of Sperry Van Ness’ Paradigm Commercial Real Estate Group in Lake Mary represented the seller, and Providence One Partners represented the buyer.
ARNOLD, MD. — Columbia, Md.-based Manekin Construction has finished construction of a 53,000-square-foot Safeway at 1451 Governor Ritchie Highway in Arnold. In-store retailers include Starbucks Coffee, Bergmann’s Dry Cleaners and SunTrust Bank. The property, which features an underground parking deck, was designed by Richmond, Va.-based Freeman & Morgan Architects.
BETHESDA, MD. — Bethesda-based Green Park Financial has added $102.89 million to an existing credit facility for Milestone Multifamily Investors that was first completed in 2005. The loan addition is derived from cross-defaulted and cross-collateralized mortgages and is secured by multifamily properties in Arizona, Florida and Texas. The eight Class B properties encompass 3,000 units. The current 5-year loans carry the option for a 5-year extension.
TALLAHASSEE, FLA. — Feldman Mall Properties has arranged with the first mortgage lender of the company’s Tallahassee Mall to place the property into a receivership. This action releases Feldman from further obligations associated with the 966,000-square-foot mall. On June 30, Feldman recorded a $45.7 million impairment charge on the property, which is located at 2415 N. Monroe St. in Tallahassee, and the mall carries a non-recourse first mortgage of $44.2 million. The receiver will operate the property on the lender’s behalf.
CHANTILLY, VA. — CB Richard Ellis Realty Trust has purchased a two-building office portfolio totaling 143,011 square feet from an undisclosed party for $41.5 million. The buildings, Avion Midrise III and IV, are located at 14550 and 14560 Avion Parkway in Chantilly and are fully leased. The U.S. General Services Administration occupies Avion Midrise III, and Avion Midrise IV is home to Lockheed Martin Corp. The Class A buildings are outfitted with systems that meet federal security regulations.
BATON ROUGE, LA. — Inland Real Estate Acquisitions has purchased the 156,228-square-foot Siegen Plaza in Baton Rouge from Weingarten Realty Investors for an undisclosed amount. The center, which is shadow-anchored by Super Target, is 98 percent leased. Tenants include Ross Dress For Less, Petco, Rack Room Shoes, Olive Garden and Chick-fil-A.
RICHMOND, VA. — The Democratic Party of Virginia has purchased a 15,000-square-foot office building from Tinsman Holdings for $1.15 million. The property is located at 1710 E. Franklin St. in Richmond. Kathy Ivins and Mac Wilson of Thalhimer’s Richmond office brokered the sale.
NEW ORLEANS — 201 St. Charles Place LLC has purchased Place St. Charles, a 52-story Class A office tower, from the investment partnership of Loeb Partners Realty and J.S. Karlton Co. for an undisclosed amount. The New Orleans property boasts 1.4 million square feet of office space and 58,000 square feet devoted to retail. St. Charles Place LLC will assume an existing loan on the building, which is currently serviced by Wells Fargo. Michael Siegel of New Orleans-based Corporate Realty brokered the sale.
MIAMI — Miami-based Rilea Group’s 1450 Brickell, a 586,000-square-foot office tower in downtown Miami, has achieved LEED Gold pre-certification. When completed in January 2010, the property will feature a slew of environmentally friendly features, including high impact-resistant glass and special parking for fuel-efficient cars. The office project’s electricity will come from renewable energy sources and 75 percent of the construction waste will be recycled. The Weston, Fla.-based Spinnaker Group provided environmental consulting services for 1450 Brickell, and NBWW & Associates of Coral Gables, Fla., designed the building.
VIERA, FLA. — Chicago-based Lillibridge will break ground in February on a 76,000-square-foot medical office building in the 50-acre Viera Health Park in Viera. Completion of the project, which is being built for the non-profit group Health First, is slated for early 2010. The three-story building will feature a comprehensive imagining and diagnostic center. Viera Health Park is home to the 100-bed Viera Hospital and the 70,000-square-foot Pro-Health Fitness Center.