RALEIGH, N.C. — Continental Capital Management has acquired a three-story, Class A office building at 1500 Sunday Dr. in Raleigh for $8.3 million. Built in 2000, the 61,412-square-foot property is located near PNC Center and Carter Finley Stadium. The building is 97 percent leased and tenants include Hughes, Pittman & Gupton and First Point Management Resources. J. Scott Adams, Ben Kilgore and Brian Carr of CBRE | Raleigh represented the seller, CBL & Associates, in the transaction.
FORT MYERS, FLA. — J.L. Wallace Inc. has been selected to construct the Seven Lakes Tee Room, Pro Shop and Cart Barn on Augusta Drive in Fort Myers. The $1.2 million project will include the construction of two dining rooms with a full commercial kitchen, bar, exterior covered porch seating area, pro shop and bag and cart storage. Gary D. Foreman will provide the architectural services and Hole Montes is the civil engineer for the project. Construction is scheduled for completion in mid-September.
MT. PLEASANT, S.C. — Pastime Amusement Co. has acquired a retail property that is fully leased to Goodyear Auto Service Center in Mt. Pleasant for $2.3 million. The building is located at 1406 Ben Sawyer Blvd. Terry Ansley and Glenn Goodwin of Landmark Enterprises Brokerage Group represented the seller, Palmetto Development of Columbia Inc. Leonard Way of The Beach Co. represented the buyer.
SAVANNAH, GA. — Choate Construction Co. has started work on a science and technology expansion for Arizona Chemical's Savannah campus. The single-story building, with an elevated mechanical penthouse area, will total 23,269 square feet. Unlike conventional laboratories, the space will bring the outdoors inside with panoramic windows and nature-hued finishes. Adjacent to the research laboratory space will be a lab support area that will include an oven room, freezer room, humidity room and storage. The Savannah Science & Technology Center currently employs 51 chemists. Jones Lang LaSalle is the project manager and Perkins + Will is designing the project, which is slated for completion in December.
PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.
GREENVILLE, S.C. — The Crown Group, a company that provides automotive coating and non-automotive services, has signed an industrial lease for 98,200 square feet at 101 Milledge Road in Greenville. Michael Greer and John Baldwin of NAI Earle Furman represented the landlord in the transaction.
POMPANO BEACH, FLA. — EMC Aerospace has acquired a 40,000-square-foot manufacturing building at 1711 Bount Road in Pompano Beach. The property is located off Coconut Creek Parkway and the Florida Turnpike, and includes 20-foot clear ceiling heights, heavy power and 88 parking spaces. Tony Hoover and Allen Lindow of CBRE represented the seller, CJJ Properties, in the transaction. They also represented the buyer.
The Atlanta metro has been named one of the top cities for job growth and the population is rising at one of the fastest paces in the country, creating high demand for rental housing that will persist. Last year, an average of 200 residents per day moved into the area, and nearly 21 percent of the entire metro population falls within the prime renter cohort, which includes people between 20 and 34 years old. Uncertainty in the housing market is driving up the age of the first-time homebuyer. As many young adults form rental households in lieu of ownership, they will likely choose to live in modern, luxury apartments near entertainment and business districts. Meanwhile, in the single-family market, permitting activity remains well below prerecession levels and sales of existing single-family homes are just 57 percent of peaks reached before the recession, confirming that many of these new residents are looking for rentals. Apartment construction is at an all-time low this year, and demand for units will outpace new supply by more than seven times. As a result, vacancy will fall to the lowest point in over a decade, allowing operators to boost rents and match prerecession peaks. Looking at …
WASHINGTON, D.C. — Work is complete on the new 160,000-square-foot building for the U.S. General Services Administration in Washington D.C. The property, designed by Cooper Carry, will house the Armed Forces Retirement Home. The project included the demolition of the existing Scott Building and the construction of a new building, also named Scott. The new building features 36 skilled nursing rooms for long-term care and 24 rooms for memory support, arranged in five “small house” groupings. The property also includes a kitchen, health and wellness center and auditorium. The project is located off North Capital Street at the Historic Armed Forces Retirement Home Campus, which was established in 1851. Contractor Hensel Phelps provided design and construction services for the project.
WINCHESTER, VA. — NVRetail has started development of Phase II of its Rutherford Crossing Shopping Center in Winchester. Located at the intersection of U.S. Route 11 and I-81, the second phase will include 140,000 square feet of retail and office space. NVRetail is actively seeking tenants including drug store chains, restaurants, oil companies and banks. Phase I of the project is currently 98 percent leased and is anchored by Target and Lowe's Home Improvement. Rutherford Crossing is adjacent to the Federal Emergency Management Agency (FEMA) facility, and approximately 2,500 new homes are slated for construction within one mile of the center.
