SOCIAL CIRCLE, GA. — Cushman & Wakefield has brokered the sale of General Mills Distribution Center, a 1.5 million-square-foot facility located in the I-20 corridor in Social Circle, about 44 miles east of Atlanta. The Class A facility is fully leased to General Mills. An affiliate of Welsh Property Trust purchased the asset from Rockefeller Group Development Corp. and Reus GM Inc. for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers in the transaction.
Southeast
COCKEYSVILLE, MD. — Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop the property’s 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.
CAPITOL HEIGHTS, MD. — Terreno Realty Corp. has purchased a 139,000-square-foot distribution center in Capitol Heights for $18.1 million. A single tenant fully occupies the asset, located at 1000 Hampton Park Blvd., about four miles east of Washington, D.C. The distribution center features 18 dock-high and two grade-level loading areas, parking for 210 cars and 32-foot clear ceiling heights.
OLNEY, MD. — Finmarc Management Inc. has sold Silo Inn Shopping Center, a 28,072-square-foot neighborhood retail center in Olney, about 20 miles north of Washington, D.C. Finmarc sold the center to Taylor Georgia LLC for approximately $17.4 million. The property, located at 16800 Georgia Ave., is fully leased to tenants such as Roots Market, Wells Fargo, Starbucks Coffee, a pet supply store, hair and nail salon and boutique restaurant.
ATLANTA — Outlet center specialists Lisa Quier Wagner and David Hinkle have joined Avison Young as principals. In their new roles, the two will focus on outlet-center strategic direction, marketing and management, as well as leasing guidance and tenant advisory expertise. Wagner and Hinkle bring 50 years of combined commercial real estate experience to Avison Young. Wagner and Hinkle most recently served as partners of the Outlet Resource Group, a specialty retail consultancy firm which they co-owned and co-founded. Additionally, Jacquelin Young has joined Avison Young as a marketing implementer working with Wagner. Young has 20 years of experience in shopping center and outlet marketing and management and will apply that marketing expertise to the team's outlet center clients.
ATLANTA — Inland American Communities Group Inc. has broken ground on University House Midtown, a student housing project located adjacent to the Georgia Institute of Technology (Georgia Tech) in Atlanta. The 20-story, 268-unit project will be located at 930 Spring St. at the corner of Spring and 8th streets. The property will feature more than 10,000 square feet of retail space. Pre-leasing will begin in the summer with opening scheduled for August 2015. The 700-bed property will feature a resort-style pool on an elevated terrace, parking garage, business center, study rooms and fitness centers and a lounge on the top floor, which offers views of Midtown, downtown Atlanta and the Georgia Tech campus. The project team includes architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin.
RALEIGH, N.C. — Dominion Realty Partners LLC will partner with Prudential Real Estate Investors to develop Wade III, a 105,000-square-foot, Class A office building in Raleigh’s PNC Arena district. Dominion is set to break ground on the four-story office building in mid-summer, with completion slated for summer 2015. The office building is designed to achieve LEED Gold certification. Features of Wade III include card access control systems, an outdoor plaza courtyard, underground parking, park amenities, green building efficiencies and an on-site restaurant. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young.
DECATUR, GA. — Lennar Commercial Investors LLC and Sterling Organization have teamed up to acquire North DeKalb Mall, a 622,297-square-foot shopping mall in the northeast Atlanta suburb of Decatur. Lennar and Sterling, along with developer Hendon Properties, plan to convert the enclosed portion of the mall into an open-air concept. Sterling will manage North DeKalb Mall. The current tenants of North DeKalb Mall include AMC Theatres, Burlington Coat Factory, Macy’s, Marshalls and Ross Dress for Less.
WASHINGTON, D.C. — Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.’s Shaw neighborhood. The City Market at O is 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.
GAITHERSBURG, MD. — JBGR Retail has signed two leases for restaurants in Downtown Crown, a 26-acre neighborhood in the Gaithersburg master-planned community of Crown. Matchbox Food Group will open a Ted’s Bulletin, and Bottleneck Management will open an Old Town Pour House. With the two new leases, Downtown Crown now has six restaurants new to Montgomery County: Coastal Flats, Venti Tre Modern Italian, Asian Nine and &pizza are the other four restaurants. Ted’s Bulletin and Old Town Pour House are set to open later this fall.