Property Type

CONSTRUCTION BEGINS ON FLA. MIXED-USE PROJECT

by admin March 16, 2012

PLANTATION, FLA. — A joint venture between Stiles and Prudential Real Estate Investors has commenced construction on the 321-unit One Plantation, a luxury apartment community located at the intersection of University Drive and Interstate 595 in Plantation. The partnership obtained $40.6 million in construction financing from PNC Bank for the project, which Stiles Construction is building. Amenities will include a pool, spa, fire pit, fitness center and an entertainment area with game rooms, a movie theater and a lounge. Cohen Freedman Encinosa designed the complex. In addition, Stiles has plans to renovate its 65,000-square-foot University Shoppes, which is adjacent to One Plantation. Construction is slated to begin later this spring. Both projects are scheduled for completion in the third quarter of 2013.

March 16, 2012

DUKE REALTY TO BUILD $30M TAMPA VA CLINC

by admin March 16, 2012

TAMPA, FLA. — The Department of Veterans Affairs (VA) has selected Duke Realty to develop and serve as general contractor for a $30 million, 106,000-square-foot primary care clinic, located at Hidden River Corporate Park in Tampa. The two-story facility will offer primary care services, radiology, women's wellness and mental health services, as well as a pharmacy. Construction is slated to begin in August 2012, with completion expected in December 2013. The VA will rent the space from Duke Realty and will fully occupy the building by February 2014. Minneapolis-based HGA is the architect for the project.

March 16, 2012

Multifamily Southeast

INSIGHT BREAKS GROUND ON $25M APT. BUILDING

by admin March 16, 2012

ARLINGTON, VA. — Insight Property Group has broken ground on the $25 million, 67-unit Grayson Flats Arlington, a 67-unit luxury apartment building located at 1200 N. Rolfe St. in Arlington. Amenities will include a courtyard with open cabanas, a fire pit, bocce lawn, fitness center, lounge with a kitchen and bar, a cyber cafe, Wi-Fi, and a billiards area. Completion is slated for October 2012. Bethesda, Md.-based Buevermo Investments is the equity partner for the project, Clark Builders Group is the general contractor, and Lessard Design and Preston Partnership designed it. Cardinal Bank provided a $19 million construction loan. Bozzuto Management will lease and manage the property upon completion.

March 16, 2012

Mixed-Use Southeast

BOARD APPROVES SITE PLAN FOR MIXED-USE DEVELOPMENT

by admin March 16, 2012

ARLINGTON, VA. — The Arlington County Board has approved the site plan for a 200,000-square-foot mixed-use development, located at 3901 N. Fairfax Dr. in Arlington. The property will include retail and office space, as well as a 13,000-square-foot performing arts theater and a conference center. Avison Young has been selected to lease the property, which is slated for completion in early 2014.

March 16, 2012

Retail Southeast

AUTO DEALERSHIP SELLS FOR $2.17M

by admin March 16, 2012

LONGWOOD, FLA. — A 62,198-square-foot auto dealership, located at 2925 N. Hwy. 17-92 in Longwood, has sold for $2.17 million. Bill Parke of Colliers International's Orlando, Fla., office represented the seller, FLTVT Dealership Property, in the transaction, and Sher Tolan of Orlando-based Southern Commercial Real Estate represented the buyer, Ramy Properties.

March 16, 2012

Industrial Midwest

MICROMATIC BUYS PROPERTY IN ILLINOIS

by admin March 16, 2012

ADDISON, ILL. — Micromatic Spring and Stamping Co. has purchased a 72,000-square-foot industrial building at 45 N. Church St. in Addison. Micromatic, which manufactures springs, wireforms and stamped products, is moving to the property from 9325 King St. in Franklin Park, Ill. Phil Reiff and Phil Reiff, Jr. of Paine/Wetzel/TCN Worldwide represented the buyer. Dan Brown and Mike Antonelli of Brown Commercial Group represented the seller, Lillypad Development. The purchase price was undisclosed.

March 16, 2012

Midwest Office

DUKE COMPLETES NAVISTAR'S NEW HEADQUARTER'S CAMPUS

by admin March 16, 2012

LISLE, ILL. — Duke Realty Corp.'s Chicago office has completed construction of Navistar Inc.'s new corporate headquarters campus in Lisle. The project involved renovating 1.2 million square feet of interconnected buildings and new construction totaling 27,000 square feet. Crews upgraded electrical systems, refurbished building exteriors and added a 15,000-square-foot technology design center. The Navistar project was completed in 12 stages over a one-year period.

March 16, 2012

Midwest Office

ARIES ARRANGES $5.8M LOAN FOR CLASS B OFFICE PROPERTY

by admin March 16, 2012

ST. LOUIS — Jeff Bucaro of Aries Capital has arranged a $5.8 million permanent loan for Sunset Commons, a Class B office property in St. Louis. An undisclosed life company provided the 10-year loan to the borrower, an affiliate of Arthur Hill & Co. of Evanston, Ill. The loan will replace a maturing CMBS loan issued in 2005. The 77,000-square-foot office property is located east of the I-270 and I-44 Interchange.

March 16, 2012

Mixed-Use Northeast

MANZO CO. BUYS 1 MILLION-SQUARE-FOOT PORTFOLIO IN MASSACHUSETTS

by admin March 16, 2012

TAUNTON, NORTH DIGHTON, WALPOLE, MASS. — The Manzo Co. has purchased a portfolio of four properties totaling more than 1 million square feet in Massachusetts for $25 million. The properties include a 396,765-square-foot industrial property in Taunton and a 400,000-square-foot manufacturing, warehouse and distribution facility in North Dighton. The third property is a 315,000-square-foot office, retail and flex building in Walpole. Doug Jacoby and Scott Dragos of NAI Hunneman represented the seller, New Jersey-based Rubenstein Properties, in the transaction. Dragos, Jacoby and Dan Jacobson of Hunneman Capital Group represented the buyer.

March 16, 2012

Northeast Office

THEOREM CLINICAL SIGNS LONG-TERM LEASE AT VALLEY FORGE PARK PLACE

by admin March 16, 2012

PRUSSIA, PA. — Theorem Clinical Research has signed a 29,000-square-foot lease for its new corporate headquarters at Valley Forge Park Place. The building is located at 1061 W. Ninth St. in Prussia. Theorem will move into the new office Aug. 1 from its current location at 630 Allendale Rd. Jim Dugan and Elaine Battaglia of Grubb & Ellis represented the landlord, an affiliate of Keystone Property Group, in the transaction. Taylor Young of Beacon Commercial Real Estate represented the tenant.

March 16, 2012

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