ATLANTA — Hypo Real Estate Capital Corp., a member of Hypo Real Estate Group, has closed a $393 million construction loan for Phase II of 12th & Midtown, a luxury two-tower mixed-use property located at 1075 Peachtree St. in Atlanta. The sponsors of the deal are Daniel Corp., Selig Enterprises and MetLife. The property will consist of a 725,000-square-foot Class A office tower, more than 60,000 square feet of flagship retail space, the 414-room Loews Atlanta Hotel and 60 luxury residences.
Southeast
LEXINGTON, KY. — Marty O’Connell, Sean Fogarty, Dave Nachison and Matthew Lawton of Holliday Fenoglio Fowler’s (HFF) Chicago office have represented Northwestern Mutual in the $28.5 million sale of The Fountains of Andover, located at 3200 Todds Rd. in Lexington. B&M Management Co. purchased the multifamily property. Completed in 1998, the property features 318 units that average 861 square feet. Amenities include a clubhouse, a business center, a pool, a fitness center, a tennis court and a car wash area.
NEWNAN, GA. — Two Atlanta-based firms, Diplomat Cos. and Kennedy Capital Group, have entered into a joint venture partnership to develop the 1 million-square-foot, $150 million multi-use development known as Newnan Village Crossing on a 125-acre tract in Newnan. The development will consist of three hotels, numerous restaurants, medical offices, an assisted living facility and retail space. Construction will begin by the end of 2007, with the first buildings scheduled for occupancy within 1 year.
DAVIE AND PLANTATION, FLA. — Scott O’Donnell and Dominic Montazemi of CB Richard Ellis’ Boca Raton, Fla., office were the sole brokers in the $21.5 million sale of the 254,076-square-foot Rand Industrial portfolio situated in Davie Park of Commerce in Davie and Plantation Technology Park in Plantation. Matecumbe Capital Management acquired the property from Rand Industrial Realty No. 101, LP. The nine-building portfolio was 91.1 percent occupied at the time of the transaction.
CHARLOTTE, N.C. — The multifamily division of Crescent Resources has closed on a $68 million transaction on a 360-unit apartment community and 8,000 square feet of retail space in Charlotte’s historic South End submarket. Located on South Boulevard, adjacent to Bland Street Station, the community will feature one-, two- and three-bedroom apartments ranging in size from 550 to 1,650 square feet. The retail space will accommodate restaurants, coffee shops and other service-oriented businesses. Leasing is set to begin in spring 2009, with a completion date set for fall 2009.
MIAMI — Viktoria Telek of ComReal Miami’s industrial division has represented Costex Corp. in its acquisition of 17 acres of industrial land, located at 5800 N.W. 74th Ave. at the intersection of the Palmetto Expressway and 58th Street in Miami. The property consists of several office/warehouse buildings and was purchased for $21 million. Costex plans to keep the existing office building on the site and custom-build an additional 200,000 square feet of distribution warehouse space. Costex’s current distribution center in Miami houses one of the largest inventories of new replacement parts for Caterpillar equipment in the United States.
JACKSONVILLE, FLA. — Birmingham, Ala.-based BP Graham has acquired a 220,000-square-foot office building in Jacksonville for $22.3 million. The 14-story, Class A building is located at 550 Water St. and features a deli, on-site parking and views of downtown and the St. Johns River. Tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI. Peter Crolius of Hollywood, Fla.-based Graham & Co./CORFAC International represented the buyer. Lou Nutter of CB Richard Ellis represented the undisclosed seller.
MIAMI — Adler Group is developing Airside International Business Park at Opa-locka Executive Airport in Miami. The approximately $200 million upgrade will include facilities and services to primarily aviation-related companies, including new build-to-suit office, industrial and retail space, hangers, hotel and parking. Opa-locka Executive Airport is owned by Miami-Dade County and is the largest of the five general regional airports in the county.
NASHVILLE, TENN. — InterContinental Hotels Group (IHG) has opened the first Hotel Indigo property in Tennessee. The 11-story Hotel Indigo Nashville West End features 139 rooms and seven suites. The boutique hotel is located at 1719 West End Ave., approximately one mile from downtown Nashville. Amenities include The Golden Bean restaurant, Phi Bar, meeting space and a fitness studio. The property is owned by 1719 West End Holdings and managed by Wesley Hotels & Resorts.
SAVANNAH, GA. — Frederick, Md.-based Investment Property Exchange Services has acquired Cobblestone Apartments in Savannah for $15.4 million from Birmingham, Ala.-based Cobblestone Apartments LLC. The property features 220 units totaling 180,712 square feet of living space. Amenities include a swimming pool and hot tub, tennis courts, a picnic area and a laundry facility. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors brokered the transaction.