MEMPHIS, TENN. — Spartanburg, S.C.-based Johnson Development Associates Inc. (JDA), a developer of large-scale distribution and warehouse projects across the central and eastern United States, has selected Jones Lang LaSalle (JLL) to market Aerotropolis Logistics Park, a 113-acre site in Memphis that can accommodate two or more speculative or build-to-suit facilities of up to 1.2 million square feet. Russ Westlake and Jack Wohrman of Jones Lang LaSalle will lead the marketing efforts. Aerotropolis Logistics Park is within three miles of Memphis International Airport, the FedEx Express Global Super Hub, the United Parcel Service (UPS) Regional Sorting Hub and the United States Postal Service (USPS) Sorting Center.
Southeast
BATESVILLE, MISS. — St. Louis-based ElmTree Funds, a private equity investment firm, has closed on the sale of General Electric (GE) Aviation’s facility in Batesville as well as provided equity for two new GE Aviation facilities currently under construction in Auburn, Ala., and Ellisville, Miss. The total asset value for the three GE Aviation facilities is $87 million. All three of the projects are advanced manufacturing, warehousing and distribution facilities for GE, where the company will manufacture components for aircraft engines and systems. The Batesville facility is a recently expanded 330,000-square-foot warehouse and distribution facility with 27,500 square feet of office space on 87 acres. The project in Auburn will include a 279,000-square-foot warehouse and distribution facility with 24,000 square feet of office space on approximately 45 acres. Finally, the Ellisville project will include a 341,700-square-foot industrial facility with 30,000 square feet of office space on approximately 43 acres.
DULLES, VA. — Cambridge Holdings LLC has structured the $25 million sale of a 163,110-square-foot industrial building at 1501 Moran Road in Dulles on behalf of its seller, 1501 Moran Road LLC. Cambridge assisted in the building’s acquisition in December 2010 as well as its leasing to Cuisine Solutions, a regional food manufacturer that occupies the entire facility on a 20-year triple net lease basis. Marcus & Millichap represented the building’s buyer, W.P. Carey, a real estate investment trust (REIT).
HINESVILLE, GA. — A 53-room former Quality Inn at 706 E. Oglethorpe Highway in Hinesville has traded. Jonathan Ruprai of Marcus & Millichap’s Tampa, Fla., office represented the seller, a financial institution, and the buyer, a Georgia-based limited liability company. John Leonard is Marcus & Millichap’s broker of record in Georgia. The former Quality Inn was built in 1995.
ATLANTA — Chicago-based First Industrial Realty Trust, an owner and operator of industrial real estate and provider of supply chain solutions, has completed five lease agreements totaling 606,411 square feet in the Atlanta market in the third quarter of this year. First Industrial leased 111,435 square feet to Porex Corp., a developer and manufacturer of porous plastic products, at 4071 Southmeadow Parkway in Atlanta as well as 98,483 square feet at the facility to NGL Warehouse LLC, a provider of supply chain and logistics services. First Industrial also leased 38,493 square feet to a leading automotive parts and accessories company at 80 Liberty Industrial Parkway in south Atlanta. A national third party logistics provider signed a 252,000-square-foot lease renewal with First Industrial at 3060 South Park Blvd., which brought the bulk distribution facility to 76 percent occupancy. Finally, an automotive compressor manufacturer leased 106,000 square feet at First Industrial’s Valentine Farms Distribution Center at 596 Bonnie Valentine Way.
RIVERDALE, GA. — JW Realty Capital has arranged an $11 million construction loan for the second phase of Old National Marketplace, a 299,000-square-foot power center located on Old National Highway in Riverdale, a few miles south of Hartsfield Jackson International Airport. The project is anchored by Marshalls, Burlington Coat Factory, Beauty Masters and LA Fitness. Inland Atlantic Development Corp., an affiliate of The Inland Group, completed the first phase of the project last year and is now developing the second phase. The center shares access with a Walmart Supercenter.
GAINESVILLE, FLA. — The design-build team of Charles Perry Partners Inc., Ponikvar & Associates Inc. and Causseaux, Hewett & Walpole Inc. will break ground this month on the City of Gainesville’s $33 million Regional Transit System (RTS) Bus Fleet Maintenance & Operations Facility. The 140,000-square-foot project is funded by federal grants from the Federal Transit Administration. It will be located on Veitch Street and include dispatch, administrative and maintenance facilities.
GREENVILLE, S.C. — A joint venture between Atlanta-based Kaufman Realty Group LLC (KRG); Charlotte, N.C.-based Lat Purser & Associates Inc. (LPA); and Ray Jones, an apartment development veteran also based in Charlotte, will develop The Rhett Street Apartments in downtown Greenville. The mid-rise, luxury apartment complex will include 150 units. The project will begin construction in February 2013 and is being financed by Bank of America and equity from the three joint venture entities and Columbia, S.C.-based Intermark Management Corp., which will manage the property.
ATLANTA — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has awarded $13.6 million to assist in the funding of 43 affordable housing projects in 10 states and Washington, D.C., as part of its 2012 Affordable Housing Program (AHP). Local for-profit and not-for-profit developers, in partnership with FHLBank Atlanta member institutions, will use $12 million of the AHP funds to assist in the acquisition, new construction, rehabilitation or preservation of 1,993 affordable rental and owned housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and Washington, D.C.
FORT MYERS, FLA. — The 74,286-square-foot Sanibel Beach Place shopping center has sold for $7 million in Fort Myers. Global Fund Investments purchased the Publix-anchored retail property from Sanibel Beach Place LLC. Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller. Sanibel Beach Place is located at 20321 Summerlin Rd. and was 75 percent occupied at the time of the sale.