WASHINGTON, D.C. — Washington-based Urban Investment Partners will spend $2 million to renovate the century-old Absecon, a foreclosed 21-unit apartment complex located at 1706 T St. N.W. in Washington. The firm purchased the building last year for $60 million and will deliver the property, which is to be renamed The Shelby, next June. In addition to expanding the building’s capacity to 24 units, UIP will install wireless Internet capabilities and security cameras. Renovations are about to get underway on the 63-unit Shelburne complex, located on 17th Street in Washington. When it delivers at the end of this month, the building will feature a new lobby, a new front door with an awning, hallway improvements and a laundry room.
DULUTH, GA. — American Security Insurance Co. has leased a 70,393-square-foot, Class B office building from Magnolia Norcross for an undisclosed amount. American will use the building, located at 2975 Breckinridge Blvd. in Duluth, as a call center. Doug Wise and Eric Carlton of Grubb & Ellis represented Magnolia Norcross.
VIRGINIA BEACH AND WILLIAMSBURG, VA. — An affiliate of Harbor Group International has purchased Mariner’s Cove Apartments and Steeplechase Apartments from an affiliate of AIMCO for $69.2 million. The 458-unit Mariner’s Cove, located in Virginia Beach, is 95 percent occupied. Harbor Group will invest $2.3 million in the 38-year-old apartment, which was renovated in 2002. Located in Williamsburg, the 220-unit Steeplechase was built in 1986 and renovated in 2006. Harbor Group will invest $1.3 million in the property for renovations. Steeplechase is 98 percent occupied. Dan Johnson, Hank Hankins and Sean Cunningham of CB Richard Ellis brokered the transaction.
ANNE ARUNDEL COUNTY, MD. — St. John Properties will commence construction on its 260,000-square-foot BWI Technology Park II this fall. Located at the interchange of MD 295 and Nursery Road in Anne Arundel County, the park will include four flex research and development buildings totaling 190,000 square feet. A 61,200-square-foot office building and 13,000 square feet of retail space round out the project. The facility is being constructed on reclaimed land that was previously littered with spent and discarded car and truck tires. St. John will pursue Silver LEED certification for the new buildings, which will join an existing 600,000-square-foot property at the interchange. Delivery of the first flex building is expected by next summer.
COLUMBIA, S.C. — Michigan-based KIRCO has broken ground on Innovista Holdings’ 110,000-square-foot Horizon II office building. The property, part of downtown Columbia’s Innovista center, will cost between $20 and $25 million. A health research building and two parking decks have already been built at the site, with the five-story Horizon I office building and the five-story Discovery I slated for completion next year. Horizon II, which will also deliver next year, will serve as office space for companies that are collaborating with University of South Carolina researchers.
FLAGLER BEACH, FLA. — North American Properties has broken ground on the 88,000-square-foot Beach Village shopping center, located at the intersection of State Road 100 and Roberts Road in Flagler Beach. Anchored by a 45,600-square-foot Publix, the property features 18,000 square feet of retail space and five outparcels. The 16.86-acre development is expected to generate 250 jobs. The center is slated to deliver by next summer. North American Properties is also developing Publix-anchored shopping centers in Sarasota and Vero Beach, Fla., which will open in 2009 and 2010, respectively.
NAPLES, FLA. — PLL Development has sold 37,882 square feet of retail and office space to Charleston Square of Naples LLC for $10.7 million. The property is located at 1400 Gulfshore Blvd. in Naples. Investment Properties Corp.’s David J. Stevens brokered the transaction.
ATLANTA — BPG Properties has purchased the 494-unit Post Woods from Post Apartment Homes for $52.75 million. The Class B+ community, located 1 mile from the interchange of Interstates 75 and 285 in Atlanta, spans 50 acres and encompasses walking trails and two lakes. BPG Properties will invest $6 million for interior and exterior renovations to the property.
FREDERICK, MD. — Bechtel Corp. has renewed 10-year leases for 325,879 square feet of space in multiple buildings in its Frederick campus. Further details of the leases were not released. CB Richard Ellis’ Meredith LaPier and Andy Cole represented Bechtel in the transaction. The property’s owner, California-based Gateway Franklin, was represented by TA Associates.
VIRGINIA BEACH, VA. — Virginia Beach-based ADS has purchased 81,000 square feet of warehouse space on Aviator Drive in Virginia Beach from an undisclosed seller for an undisclosed price. The warehouse will serve as the firm’s primary kitting, assembly and storage operations center. ADS has also acquired 13 acres adjacent to the property for a 160,000-square-foot expansion and plans on hiring up to 15 more employees. Finally, the company will invest $26 million to buy land, buildings, equipment and inventory in the city.