MILTON, FLA. — Mel Moss of NAI Capital’s Los Angeles office has represented Milton-based AESTRUST in the purchase of a 94,841-square-foot K-Mart situated on 10 acres in Milton. The transaction was to complete a 1031 Exchange and was valued at $5.9 million. Milton Associations, represented by Drew Fleming of Shane Investments, sold the retail property.
Southeast
ATLANTA — Cortland Partners has begun building Avalon Ridge Apartments in South Atlanta. Located at 183 Mt. Zion Rd., the $26.6 million mixed-income community will have 222 one-, two- and three-bedroom apartments. The first residents are expected to move in next summer, with full completion the following winter. Amenities will include a park-like central courtyard with a swimming pool, a playground and picnic areas.
RINCON, GA. — Auburn, Ala.-based McShane Construction Corp. has been selected by Continental Properties Co. to build Springs at Effingham, a 352-unit apartment complex. The project is situated on a 32-acre site located at 617 Towne Park West Dr. in Rincon. McShane will provide final completion of the new apartment development in April 2009 with initial occupancy slated for summer 2008.
OSCEOLA COUNTY, FLA. — NAI Realvest has started construction on Poinciana CommerCenter, an approximately 200,000-square-foot commerce center, in Osceola County. The first buildings will include an industrial dock-high building totaling 50,000 square feet and two grade-level buildings totaling 25,000 square feet. Also included will be two retail outparcels totaling 2 acres. In addition, Small Bay Partners is developing a 125,000-square-foot industrial facility in two phases at Poinciana CommerCenter. Phase I will include 60,000 square feet and will begin construction first quarter 2008. Phase II will begin construction in 2009. The property is located on the south side of U.S. 17-92 off Poinciana Boulevard.
OSCEOLA COUNTY, FLA. — NAI Realvest has started construction on Poinciana CommerCenter, an approximately 200,000-square-foot commerce center, in Osceola County. The first buildings will include an industrial dock-high building totaling 50,000 square feet and two grade-level buildings totaling 25,000 square feet. Also included will be two retail outparcels totaling 2 acres. In addition, Small Bay Partners is developing a 125,000-square-foot industrial facility in two phases at Poinciana CommerCenter. Phase I will include 60,000 square feet and will begin construction first quarter 2008. Phase II will begin construction in 2009. The property is located on the south side of U.S. 17-92 off Poinciana Boulevard.
MIAMI — Iron Mountain, a Boston-based information protection and storage company, has signed a 130,000-square-foot warehouse lease in Miami. John Vaught and Elsa Heredia with CB Richard Ellis’ Miami Airport office represented the tenant, and Industrial Group Realty represented the landlord, 114th Street Property LLC. The facility is located at 3355 NW 114th St. near Interstate 75 and the Miami International Airport.
MIAMI — Iron Mountain, a Boston-based information protection and storage company, has signed a 130,000-square-foot warehouse lease in Miami. John Vaught and Elsa Heredia with CB Richard Ellis’ Miami Airport office represented the tenant, and Industrial Group Realty represented the landlord, 114th Street Property LLC. The facility is located at 3355 NW 114th St. near Interstate 75 and the Miami International Airport.
STERLING, VA. — Construction is complete on the Hampton Inn & Suites Washington-Dulles Airport. The five-story property features 170 rooms and approximately 3,000 square feet of meeting space. Amenities include wireless Internet access, an indoor pool, a fitness center and a business center. The property is located two miles from the Dulles International Airport and a variety of local attractions.
STERLING, VA. — Construction is complete on the Hampton Inn & Suites Washington-Dulles Airport. The five-story property features 170 rooms and approximately 3,000 square feet of meeting space. Amenities include wireless Internet access, an indoor pool, a fitness center and a business center. The property is located two miles from the Dulles International Airport and a variety of local attractions.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.