CHESAPEAKE, VA. — Transnational Foods has renewed its industrial lease for 141,050 square feet at the Diamond Hill Distribution Center in Chesapeake. The company, which has several distribution centers across the U.S., provides supermarkets, wholesalers, dollar stores and convenience stores a range of products through its own brands and private labels. Diamond Hill Distribution Center includes four buildings totaling more than 712,500 square feet, and is approximately 97 percent occupied. The property is located off Route 64 in the Bainbridge submarket.
JACKSONVILLE, FLA. — Parkway Properties has completed its purchase of eight office properties totaling 1 million square feet in the Deerwood submarket of Jacksonville for $130 million. The properties were developed in phases from 1996 through 2005 and are a combined 93.7 percent occupied. With this acquisition, Parkway now owns approximately 1.4 million square feet and also manages or leases another 2 million square feet, which total 3.4 million square feet in Jacksonville.
KNOXVILLE, TENN. — Developer CHM LLC has broken ground on University Commons, Knoxville's first urban, vertical retail complex. The property will be situated on 12 acres near the University of Tennessee and will include 211,000 square feet of retail space and parking. The shopping and dining development is located on the former Fulton Bellows site. Walmart and Publix will anchor the property and more than 40,000 square feet will be dedicated to smaller retailers and service providers once the project is completed. The complex is expected to fill a grocery and retail void in the downtown and university areas, in what is considered a federally designated “food desert,” says Mike Griffin, a partner with CHM. The Walmart and Publix are slated to open in the summer of 2014.
NASHVILLE, TENN. — Florida-based real estate firm Stiles and developer Ray Hensler have partnered to develop an $80 million apartment building in Nashville's Gulch District. The Gulch is a 22-block redevelopment district located on the edge of downtown, which has experienced a spike in urban development and an influx of trendy restaurants and retail. Construction of the 312-unit luxury high-rise is set to begin immediately. The project, located at 12th Avenue and Laurel Street, is designed to achieve LEED Silver certification. The 327,000-square-foot project is expected to be complete by summer 2014 and amenities will include a heated saline pool, fitness center and resident lounge. The property will also feature a 7,000-square-foot restaurant on the ground floor.
AUGUSTA, GA. — Home2 Suites by Hilton, the mid-tier hotel designed for business travelers and extended stay guests, has opened its 15th U.S. hotel at 3606 Exchange Lane in Augusta. The four-story, 123-room hotel is located within the Augusta Exchange, an 87-acre regional power center close to the Augusta National Golf Course. Generation Suites of Augusta owns the property, which is managed by The Generation Cos. The property includes an outdoor saline swimming pool, a three-hole putting green and a walking trail.
MONROEVILLE, ALA. — A joint venture between Bright Interest and Timber Development is developing Monroeville Marketplace Shopping Center, a 40,000-square-foot property adjacent to a Walmart Supercenter in Monroeville. Tenants at the $4.5 million center will include Dollar Tree, Cato, Shoe Show and Verizon Wireless. The center is expected to open this summer.
CUMMING, GA. — Marcus & Millichap has brokered the $10.5 million sale of Lanier Crossing, an 111,000-square-foot retail center located on Atlanta Road in Cumming. The sales price for the Hobby Lobby-anchored property equates to $96 per square foot. Hobby Lobby is in the middle of its first five-year lease, with one five-year option remaining. The property was built in 1964 and most recently renovated in 1989. During the past 10 years, the center has had an average occupancy rate of more than 90 percent. Other tenants at Lanier Crossing include Subway, Sally Beauty Supply, Weight Watchers and Cici's Pizza. Howard Bregman and Brandon Rex, both with Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Infinity Property Fund, as well as the Northeast-based buyer.
MONROEVILLE, ALA. — Timber Development, in a joint venture with Bright Interest Inc., is developing the approximately 40,000-square-foot Monroeville Marketplace Shopping Center. The $4.5 million center is located adjacent to a Walmart Supercenter on Alabama Avenue in Monroeville, about 90 miles northeast of Mobile. The project, which will open in the summer of 2013, will feature tenants Dollar Tree, Cato and Verizon Wireless. Other tenants will include a Mexican restaurant, china buffet and beauty supply store.
NOKOMIS, FLA. — The Sembler Co. is redeveloping the Nokomis Village Shopping Center, located at 1091 Tamiami Trail in Nokomis, about 50 miles south of St. Petersburg, Fla. The redevelopment of the 143,697-square-foot center will include improvements to the entire property from landscaping to building facade upgrades. Publix, which anchors the shopping center, will be torn down and rebuilt. Other tenants include Anthony’s ladies apparel, Village Pharmacy, Ophelia’s Pasta restaurant and Saltwater Café.
MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado in Hialeah Gardens; Clewiston Town Center in Clewiston; Polo Grounds Mall in West Palm Beach; #1 Marketplace, Tropical Plaza and The Shops of Bird Road in Miami; and Gables Grand Plaza and Red Road Commons in Coral Gables. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.