Southeast

540-UNIT ST. CROIX APARTMENTS SOLD FOR $38.35 MILLION

by admin July 23, 2008

TAMPA — New York City-based Sentinel Real Estate Corp. recently sold the 540-unit St. Croix Apartments, located at 14535 Bruce B. Downs Blvd. in Tampa, to a joint venture of New York City-based Sterling American Property and The Collier Companies for $38.35 million. The complex, built in 1988, features two swimming pools and spas, three tennis courts, a car wash station and a fitness center. Sterling’s Jeff Smith handled his firm’s acquisition, and Sentinel was represented by James Bobbitt and John Selby of CB Richard Ellis’ Tampa office.

July 23, 2008

SPECTRUM PARTNERS ACQUIRES SHOPPING CENTERS IN VIRGINIA AND MARYLAND

by admin July 23, 2008

GARRISONVILLE AND RICHMOND, VA.; MILLERSVILLE, MD. — Bethesda, Md.-based Spectrum Partners and Finmarc Management recently acquired a portfolio of seven shopping centers from Regency Centers for $108.1 million. Four centers are located in Virginia and Maryland. The 78,494-square-foot Glen Lea Centre and the 64,992-sqaure-foot Laburnum Park Shopping Center are located in Richmond. The 97,872-square-foot Brafferton Center is in Garrisonville, and the 98,016-sqaure-foot Northway Shopping Center is in Millersville. The acquisition was part of a joint venture with New York City-based Angelo, Gordon & Co. and Bethesda-based Potomac Capital Advisors. Spectrum represented itself in the transaction. Transwestern, CB Richard Ellis, Kelly, Drye & Warren and Duval & Stachenfeld were also involved in the transaction.

July 23, 2008

Office Southeast

MONDAY PROPERTIES TO DEVELOP OFFICE TOWER IN WASHINGTON, D.C., AREA

by admin July 23, 2008

ROSSLYN, VA. — New York City-based Monday Properties will develop a 580,000-square-foot, 35-story office tower in Rosslyn, with expected delivery in 2011. Located at 1812 N. Monroe St., the building will be constructed to Platinum LEED specifications. Monday purchased the site last year and demolished the existing property, an 11-story office building, in July.

July 23, 2008

Multifamily Southeast

JRD MANAGEMENT SELLS ROYAL BREEZE APARTMENTS FOR $11.75 MILLION

by admin July 23, 2008

CLEARWATER, FLA. — JRD Management has sold the 204,140-square-foot Royal Breeze Apartments, located at 21227 U.S. 19 North in Clearwater, to Hachem Investments for $11.77 million. Byron Moger, Luis Elorza and Patrick Kinnan of Cushman & Wakefield’s Tampa office brokered the transaction.

July 23, 2008

Industrial Southeast

CUSHMAN & WAKEFIELD BROKERS TWO INDUSTRIAL PROPERTIES FOR $5 MILLION

by admin July 23, 2008

TAMPA — Cushman & Wakefield’s Tampa office has brokered Masonite Corp.’s sale of a 77,821-square-foot warehouse, located at 5110 W. Clifton St. in Tampa, to Roth Investment Partnership for $3.89 million. Cushman & Wakefield’s Rian Smith, Mike Davis, Jim Paladino and John Fish worked on the sale.

July 23, 2008

Multifamily Southeast

$47 MILLION BUYS TWO METRO ATLANTA APARTMENT COMPLEXES

by admin July 22, 2008

SANDY SPRINGS AND DECATUR, GA. — Atlanta-based Apartment Realty Advisors recently represented the Centerville, Ohio-based Connor Group in two multifamily sales totaling $47 million. The 29.89-acre, 270-unit Glen Lake complex, located at 6901 Glenlake Pkwy. in Sandy Springs, has sold to West Palm Beach, Fla.-based Ceebraid-Signal Corp. Atlanta-based A. Porter Lummus bought the 4.13-acre, 120-unit Orleans at Decatur, located at 2676 Milscott Dr. in Decatur. The two properties are 92 percent and 98 percent occupied, respectively.

July 22, 2008

Office Southeast

LITCHIN SELLS PROSPERITY PLACE FOR $25.6 MILLION

by admin July 22, 2008

CHARLOTTE, N.C. —Litchin Corp. recently sold the 215,226-square-foot, three-building office park Prosperity Place, located at 10130, 10150 and 10200 Mallard Creek Rd. in Charlotte, to Lancaster, Pa.-based High Associates for $25.6 million. Ryan Clutter, Patrick Gildea and Adam Basch of CB Richard Ellis’ Charlotte office represented the seller.

July 22, 2008

Retail Southeast

MARCUS & MILLICHAP BROKERS MARKET SQUARE SHOPPING CENTER

by admin July 22, 2008

DUBLIN, GA. — Mac McCall of Marcus & Millichap’s Atlanta office represented both parties in East Dublin Associates’ sale of the 35,794-square-foot Market Square Shopping Center in Dublin to Georgia-based Sea 103, LLC, for $1.15 million. The center, which is anchored by Southern Family Markets, has 6,000 square feet of vacant space.

July 22, 2008

Office Southeast

7,000-SQUARE FOOT MEDICAL OFFICE BUILDING CHANGES HANDS

by admin July 22, 2008

WEST PALM BEACH, FLA. — Aventura, Fla.-based Sara CCMC Holdings has sold a 7,190-square-foot medical office building, located at 4475 Medical Center Way in West Palm Beach, to the local firm PBD&P for $1.17 million. Robert Smith and Warren Sears of CB Richard Ellis represented the seller. The buyer plans to turn the space into a dermatology practice.

July 22, 2008

Civic Southeast

THREE-PHASE FLORIDA OCEANFRONT DEVELOPMENT COMPLETED

by admin July 22, 2008

HOLLYWOOD, FLA. — Fort Lauderdale, Fla.-based Stiles Construction recently completed a three-phase, 151,341-square-foot oceanfront redevelopment project for the City of Hollywood, located at Garfield Street midway between Hollywood Boulevard and Sheridan Street. The project includes a 148,000-square foot parking garage and the 3,341-square-foot Garfield Community Center. An additional part of the development, Charnow Park, features four beachfront pavilions and an interactive fountain.

July 22, 2008

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