MORRISVILLE AND RALEIGH, N.C. — Jim Allaire of Raleigh-based Colliers Pinkard has brokered three land acquisitions for future hotel and multifamily developments, totaling more than $9 million, in Morrisville and Raleigh. Indianapolis-based Lodgeworks acquired 6 acres at Perimeter Park in Morrisville from Duke Realty for $1.9 million. Lodgeworks will develop a 140-suite Hotel Sierra on the property. Allaire represented the buyer, and Duke Realty was represented by Barry Bowling of CB Richard Ellis’s Raleigh office. Raleigh-based Steven Enterprises has sold two properties in Raleigh to Grand Prairie, Texas-based Fairfield Residential and Atlanta-based HJH Associates. Fairfield purchased 25 acres at Corporate Center Drive in West Raleigh for $5.7 million. The site will be developed as a Class A apartment community. HJH Associates acquired 4 acres in Raleigh Corporate Center for $1.5 million, where it will develop a Hyatt Place hotel. Allaire was the sole broker in both transactions.
Southeast
CONORD, N.C. — MV Residential, a division of Miller-Valentine Group’s Columbia office, has broken ground on the Reserve at Stone Hollow, a 194-unit garden-style apartment community, in Concord. The community will feature one-, two- and three-bedroom plans, ranging from 829 to 1,200 square feet. Amenities include a fitness center, swimming pool and community center. The property is in close proximity to Interstate 85 and Concord Mills shopping mall.
COLUMBIA, S.C. — Salt Lake City, Utah-based Cottonwood Realty has acquired Arbors at Windsor Lake, a 228-unit apartment complex in Columbia, from New York-based Sterling American Property for an undisclosed price. Stephen Griffin of Cushman & Wakefield’s Atlanta office represented the seller. The property is located at 8720 Windsor Lake Blvd.
FORT PIERCE, FLA. — Atlanta-based IDI has acquired 129 acres of land in Fort Pierce from St. Andrews Episcopal Church for $17 million. IDI will develop the site into Crossroads Business Center, a 1.3 million-square-foot Class A warehouse and distribution space located in Crossroads Park of Commerce near Interstate 95 and the Florida Turnpike. The property will feature buildings ranging from 140,000 to 400,000 square feet. Construction on the first building will begin this summer. Ron Kent of Coldwell Banker Commercial NRT’s Boca Raton, Fla. office was the sole broker.
JACKSONVILLE, FLA. — Jacksonville-based Newcom Development broke ground on the Greenland Commerce Center, a 215,000-square-foot mixed-use center in Jacksonville’s Mandarin district, located on Greenland Chase Blvd. The LEED-certified project will be comprised of seven buildings featuring retail, office, industrial and flex space. Wakefield Beasley’s Jacksonville office designed the project.
CHARLOTTE, N.C. — Brynn Brooks of Medalist Capital’s Charlotte office has arranged a $20 million fixed-rate land loan for a 23-acre property in Charlotte’s historic South End district. Owners Cherokee Investment Partners and GreenHawk Partners of Raleigh, N.C. are developing the property.
ORLANDO, FLA. — Bank of America has purchased Pinehurst Park, a 296-unit apartment community in Orlando, from N.J.-based RCP Management for $16.3 million. The complex features studio, one-, two- and three-bedroom units, and is located on the north shore of Lake Ellenor at the intersection of Texas Rd. and Oak Ridge Rd. Joseph Brecher of Gebroe-Hammer Associates and Lucky Commercial Realty, both of Miami, represented the seller. Leigh Fletcher of Tampa, Fla.-based Stearns Weaver Miler Weissler Alhadeff & Sitterson represented the buyer.
ANCHORAGE, ALASKA — Capmark Finance Inc. has originated a total of $9.97 million in fixed-rate financing for the acquisition of two single-tenant General Services Administration (GSA) office properties in Anchorage. The properties are 100 percent occupied by the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). Each property is a two-story, Class A, built-to-suit GSA facility, with the first story being utilized as covered parking and the second story as office space. The 75,000-square-foot FBI property was constructed in 1994 and the 30,000-square-foot DEA facility was built in 2001. Marvin Hill and Greg Ciambruschini of Capmark’s Washington D.C. office secured a $6.95 million loan for the FBI building and an approximately $3 million loan for the DEA facility. Dexia Real Estate Capital Markets funded the loans, which have 10-year terms and 30-year amortizations. Together the loans covered 73 percent of the acquisition costs of the two properties.
CHARLOTTE, N.C. — Crescent Resources is developing Belgate, a 400,000-square-foot lifestyle retail center in Charlotte. The development is located on more than 200 acres at the intersection of Interstate 85 and City Blvd. Construction began last year, and IKEA will open in spring 2009.
NEWPORT NEWS, VA. — An affiliate of Norfolk, Va.-based Harbor Group has acquired Waterman’s Crossing Apartments, a 260-unit complex in Newport News, from Waterman’s Associates, Waterman’s Gardens and Orchard Court Waterman’s LLC for $29.7 million. The apartment community consists of one-, two- and three-bedroom units, and amenities include a swimming pool, tennis and volleyball courts and a fitness center. Andrew Boyer of CB Richard Ellis’ McLean, Va. office and Dan Johnson of its Norfolk office were the sole brokers.