DALTON, GA. — Engineered Floors LLC, a Dalton-based carpet manufacturer, will invest $450 million and create 2,000 new jobs during the next five years through the construction of new facilities in northwest Georgia. The company will build manufacturing and distribution plants in Whitfield County and a manufacturing facility in Murray County. “The exemption of sales tax on energy in the manufacturing process that the Legislature put in place under Gov. Deal's leadership during the 2012 legislative session makes a significant difference to manufacturers looking to grow and succeed,” says Robert E. Shaw, chairman and CEO of Engineered Floors. The Georgia Department of Economic Development (GDEcD) partnered with Dalton-Whitfield County Joint Development Authority and Dalton-Whitfield Chamber of Commerce to manage the expansion. Carl Campbell, regional project manager at GDEcD, led the expansion project for the state. Georgia Quick Start, a workforce training program, will provide assistance to the company.
ALPHARETTA, GA. — Construction is underway on the 25-acre Alpharetta City Center in Alpharetta. The development will include a City Hall building, municipal parking deck and a five-acre park, along with five development sites for future retail. The project is scheduled for a late July 2015 completion. Alpharetta City Center aims to transform Alpharetta's historic downtown into a blend of commercial, residential and community uses. Jones Lang LaSalle is managing the development of the project. Smallwood, Reynolds, Stewart and Stewart is the master architect for the project with primary architectural design services provided by David M. Schwarz Architects of Washington, D.C.
VIDALIA, GA. — Meadows Healthcare Alliance has acquired a former manufacturing complex in Vidalia, totaling 187,000 square feet. The new owner plans to demolish the building and use the 44.2-acre site, which is adjacent to the newly completed Meadows Regional Hospital, for medical development. The facility was previously a Westinghouse/Thomas & Betts motor manufacturing complex, which closed in 1990. Arthur Barry III of Macon, Ga.-based Coldwell Banker Commercial Eberhardt & Barry Inc. represented the seller in the transaction. The Temples Co. represented the buyer.
HILLSBOROUGH, N.C. — Skanska and University of North Carolina Hospitals recently topped out the new 256,000-square-foot UNC Hillsborough. Including land acquisition costs, the total project cost is $180 million for the hospital. The LEED-designated UNC Hillsborough will include 50 acute care beds, a 15-bed intensive care unit, six operating rooms and two procedure rooms. The project will also feature an emergency department, as well as outpatient medical and surgical services. The healthcare facility is slated for a September 2014 completion, while the 60,000-square-foot medical office building adjacent to the property will open in July 2013. Portland, Ore.-based Zimmers Gunsul Frasca Architects LLP and Raleigh-based BJAC formed an architectural joint venture that worked with Skanska on the development.
APEX, N.C. — Faris Lee Investments has arranged the $7.3 million ground lease sale of a triple net-leased property occupied by Kohl's in Apex. Built in 2007, the 101,360-square-foot property is situated on nearly 10 acres at 1301 Beaver Creek Commons Drive. Kohl's has 15 years remaining on its lease. Matt Mousavi and Jeff Conover of Faris Lee Investments represented both the buyer, Los Angeles-based Rhyal Apex LLC, and seller, Kentucky-based First Capital Realty Ltd., which was also the developer of the property.
LOUISVILLE, KY. — In its first-quarter earnings release, Campus Crest Communities announced that it has begun construction on two joint venture projects with Harrison Street Real Estate Capital at the University of North Carolina-Greensboro and the University of Louisville. Both projects will deliver for the 2014-2015 academic year and have a total estimated cost of $65.5 million. The Grove at Greensboro will consist of 584 beds using Campus Crest's ninth generation of its apartment building prototype. The Grove at Louisville will offer 654 beds. These two properties, along with The Grove at Cira Centre South, a Philadelphia high-rise, joint venture development with Brandywine Realty Trust and HSRE, comprise the company's 2014-2015 deliveries.
RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.
ISLAMORADA, FLA. — NWCL LLC, an affiliate of Northwood Investors, has secured an $85 million loan for the Cheeca Lodge & Spa, a luxury resort in the Florida Keys. Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. The resort includes 214 units (a mix of hotel rooms and third-party owned condos), 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing pier. The property also maintains the rights to develop 28 new units through an approved site plan. Dan Peek, Chris Drew, Max Comess, Cyrus Vazifdar and Scott Wadler led the HFF team that arranged the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011.
WASHINGTON, D.C. — A joint venture between Federal Capital Partners and Self Storage Zone has broken ground on the redevelopment of 645 Taylor St. N.E. in Washington, D.C., formerly the Capital Area Food Bank. The property will be converted into a three-story, 78,600-square-foot self-storage facility. The fully climate-controlled property will include 1,034 units in the city's Brookland submarket, one block from Catholic University. The facility is scheduled for completion in the first quarter of 2014.
OLIVE BRANCH, MISS. — LEGACY Supply Chain Services Inc. has signed a lease for 117,181 square feet of industrial space at Crossroads Distribution Center Building B in Olive Branch. The third-party logistics provider is securing the space as a distribution center for a manufacturer of baseball-related equipment. The lease brings the property to full occupancy. As a result, the property owner, IDI, has broken ground on Building L “to meet market demand,” according to Tim Moore, vice president of leasing for IDI Memphis. Crossroads L is slated to be 241,994 square feet and is scheduled for completion in October 2013. Fully developed, Crossroads Distribution Center will contain approximately 7 million square feet of Class A distribution buildings. Ken Parker and Mike Demperio of Fischer & Co. represented the tenant in the transaction. Moore represented IDI.