MIAMI — Regional Properties has acquired a 22,000-square-foot office property in Miami from Burger King Corp. for $3.5 million. Nicknamed “The Burger King Bunker” after employees used the site to wait out Hurricane Andrew, the property is located at 11975 SW 140th Terrace. The seller plans to lease the property to The Sunrise Group, a health care company. Edward Redlich and Viktoria Telek of ComReal Miami represented the seller in the transaction.
Southeast
VIRGINIA BEACH, VA. — Samuel Walker and Samuel Scott of Thalhimer have brokered the sale of a 15,000-square-foot office/warehouse in Virginia Beach. DRBX2-600 N. Witchduck LLC acquired the property from Witchduck Properties for $1.61 million. The building is situated on 2.4 acres at 600 N. Witchduck Rd.
ORLANDO, FLA. — South Florida-based Skyrise Development Group has received final site approval from the Orlando City Council to build World Trade Center Orlando, a $200 million International Commerce Center. It will comprise two multi-use towers zoned for more than 500,000 square feet of commercial mixed-use including Class A office space with executive suites, retail space, banking, restaurants and a health club. Phase I, which entails Tower I, is scheduled for early 2008 with completion estimated for mid-2009.
CHATTANOOGA, TENN. — A joint venture between CORE Real Estate Services and Birmingham, Ala.-based Broder & Sachse Real Estate Services has acquired Mountain Creek Apartments, a 296-unit apartment and townhome community located at the intersection of Mountain Creek Road and North Runyan Drive in Chattanooga for $13.25 million. The property was secured with a non-recourse Fannie Mae loan from Prudential. An out-of-state owner sold the 93 percent occupied multifamily property.
ATLANTA — MCL Cos. has purchased the Connie Rose Apartments, located adjacent to Skyline at Lindbergh. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The multifamily property stands as the tallest building in the area and will include 220 one-, two- and three-bedroom units priced from the $190,000s to the $600,000s. Completion is set for spring 2009.
DORAL, FLA. — The Easton Group has completed Phase I of International Corporate Park Center, a $30 million, 14-acre industrial condominium project in Doral. Phase I consists of three buildings totaling 112,000 square feet. When completed, The Business Center at International Corporate Park will have eight buildings totaling 220,000 square feet.
MOBILE, ALA. — Tarrytown-based DLC Management Corp. has acquired a portfolio consisting of 16 shopping centers throughout the Southeast and the Mid-Atlantic. The acquisition spans seven states and represents 1.5 million square feet of retail space. The properties include Gulfdale Plaza in Mobile, Ala.; Shields Plaza in Huntsville, Ala.; Marketplace at Ocala in Ocala, Fla.; Marketplace at Palm Bay in Palm Bay, Fla.; Crossroads South in Jonesboro, Ga.; Fulton Crossing in Corinth, Miss.; South Square Marketplace in Charlotte, N.C.; Swift Creek Plaza in Garner, N.C.; Armstrong Plaza in Fountain Inn, S.C.; Broad River Centre in Columbia, S.C.; Butler Square in Maudlin, S.C.; Cypress Point in Virginia Beach, Va.; Ridgewood Farm in Salem, Va.; The Village Courts in Lynchburg, Va.; Southwest Plaza in Roanoke, Va.; and West Broad Commons in Richmond, Va.
BRANDON, FLA. — Embassy Suites Hotels has opened a 147-suite hotel at 10220 Palm River Rd. in Brandon, near Tampa, Fla. The property is owned by Whiteco Industries and is operated by White Lodging. The hotel offers 3,000 square feet of meeting space, a swimming pool and spa, an on-site fitness center and a 24-hour business center.
NASHVILLE, TENN. — Atlanta-based Wells Real Estate Funds has acquired the CMT headquarters building in downtown Nashville. CMT, Country Music Television, is a company of Viacom. The building sits atop a nine-story parking facility. Wells acquired the office building the top two parking levels from Ferrari Partners. Wells will market approximately 29,000 square feet in available office space.
MILTON, GA. — Sembler has begun construction on Phase II of its 430,000-square-foot Deerfield Place development in Milton. Completion of Phase I is expected by mid-summer of 2008 and will include major tenants such as PETCO, Staples and SuperTarget, while completion of Phase II is expected by late 2008 or early 2009. Phase II will feature Kohl’s, some smaller retailers and several restaurants.