CHARLOTTE, N.C. — Chicago-based The Laramar Group has acquired Waterford Lakes, a 694-unit, 43-acre lakeside property in Charlotte, from an undisclosed buyer. The property is located at 8000 Waterford Lakes Dr., and features one-, two- and three-bedroom apartments as well as tennis courts, two swimming pools, a fitness center, indoor racquetball court and a cinema room. Laramar plans to upgrade the property with $4 million in improvements. Prior to purchasing Waterford, Laramar managed it for the previous owner.
Southeast
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
UNION CITY, GA. — Harman International has signed a long-term lease with Majestic Realty for 305,000 square feet of space at Majestic Airport Center II, a master-planned industrial park in Union City, located at 4475 S. Fulton Pkwy. Harman manufactures audio, video and electronic products for home, vehicle, portable and computer applications. The property, which is fully leased, is also occupied by American Building Supply. Bayne Porter of CB Richard Ellis negotiated the lease on behalf of the tenant.
ARLINGTON, VA. — The United States Patent and Trademark Office has signed a 10-year lease for a 168,468-square-foot office space at Randolph Square in Arlington from Transwestern Monument Randolph Square LLC, a joint venture of Washington, D.C.-based Monument Realty and Chicago-based Transwestern Investment Co. Randolph Square, a 9-story, 208,000-square-foot office complex, is located at 2800 S. Randolph St. and expected to deliver in April. Matt Bundy and Joshua Masi of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the landlord. Todd Valentine of Studley’s represented the tenant.
LAKELAND, FLA. — South Florida-based Skyrise Development Group will develop Lakeland First Business Park, a 58,700-square-foot office and warehouse facility in Lakeland, located at 1485 W. 10th St. The project is situated on 5 acres near Interstate 4 and I-75, and will feature offices and 20 retail-warehouse spaces. Construction is slated to begin in April.
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
CREEDMOOR, HOLLY SPRINGS AND WAKE FOREST, N.C. — Raleigh, N.C.-based Trademark Properties, an affiliate of Coldwell Banker Commercial, has brokered three transactions, totaling $13 million, in North Carolina. A private investor acquired 501 Preta Court, an 86-unit complex in Creedmoor, from South Granville Development for $4 million. The community is comprised of 23 two-story buildings on more than 16 acres, and was 90 percent occupied at the time of sale. Les Brouillard of Trademark Properties represented the seller, and Becky Martin of Stoney Realty represented the buyer. The buyer plans to convert the property to condominiums. IPG/Stonemont LLC purchased a land parcel for future residential use from a private investor for $3.5 million in Holly Springs, located on Avent Ferry Rd. John Abood of Trademark Properties represented the seller, and Harold Fowler of The Tarheel Company represented the buyer. LRC Siena Investors acquired Siena Crossings, a 30-acre parcel of land in Wake Forest from Siena Crossing LLC for $5.4 million. The properties zoning allows for office, institutional, retail and residential development on one 16-acre parcel, with the additional 14 acres zoned for retail use only. LRC Siena will build a speculative office building on 8 acres, while exploring additional development …
CLAY COUNTY, FLA. — Jacksonville, Fla.-based Capitol Development International, sister-company to Business Condos USA, will develop Mayfield Commerce Center, a 14-acre business center at the intersection of Blanding Blvd. and Old Jennings Rd. in Clay County. The project will include one- and two-acre parcels available for office, industrial, business, hotel and retail merchants. Construction is slated to begin this spring and complete in September.
Goose Creek, S.C. — The Charleston-based Medical Society of South Carolina has acquired 66 acres of land in Goose Creek for a medical office building and future medical services from Charleston-based Carnes Crossroads Associates, for $9 million. The property is located at Highway 17-A and 176. Chris Fraser of Charleston-based Grubb & Ellis | Barkley Fraser represented the buyer, and Eric Meyer of Meyer Kapp and Associates represented the seller.