Southeast

THE SHOPS ON BROAD TO OPEN IN SUMTER, S.C., LATER THIS YEAR

by admin March 6, 2013

SUMTER, S.C. — Construction is under way on The Shops on Broad, a new 5,000-square-foot building on Broad Street in Sumter that will house an Aspen Dental and Starbucks. McMillan Padzan Smith is the project architect and DooleyMack Constructors will handle the construction. GrandSouth Bank provided the construction financing for the project. Carolina Holdings will own and manage The Shops on Broad, which will be located directly in front of Lowe's Home Improvement. The project is slated for completion in the third quarter of 2013.

March 6, 2013

COLONIAL PROPERTIES BUYS ORLANDO APARTMENT COMPLEX FOR $43M

by admin March 5, 2013

ORLANDO — Colonial Properties Trust has acquired the 280-unit Colonial Grand at Windermere, formerly Altis at Lakes of Windermere, in Orlando for $43 million. The Class A, garden-style community includes a cyber cafe, media room, resort-style pool, movie theater and outdoor wet bar. The property is 96 percent occupied and has an average monthly rent of $1,158 per unit. The acquisition was funded in part with proceeds from the sale of assets last year.

March 5, 2013

Multifamily Southeast

INSIGHT PROPERTY SECURES $129M IN FINANCING FOR TWO APARTMENT DEVELOPMENTS

by admin March 5, 2013

SILVER SPRING, M.D. AND ALEXANDRIA, VA. — Insight Property Group has secured a total of $129 million in construction and debt financing for two apartment developments: Fenwick Station Apartments in Silver Spring, and Huntington Metro in Alexandria. Scheduled for completion in the spring of 2014, Huntington Metro will include 240 units located on North Kings Highway. Fenwick Station will be located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue. The 310-unit building is expected to be complete in mid-2014. The projects were financed by separate equity and debt sources. David Webb and Jaime Butler of Cassidy Turley arranged both financings.

March 5, 2013

Office Southeast

OWNERS TO TRANSFORM LARGE BLOCK OF OFFICE SPACE IN DORAL

by admin March 5, 2013

DORAL, FLA. — The 9250 Doral office building, currently the largest single block of available space in the Doral area, will undergo a multi-million renovation. Amadeus North America moved out of the property one year ago, leaving the 187,000-square-foot property fully vacant. Delma Properties, the building owner, plans to reposition the building into a multi-tenant office property. Delma is spending $1.5 million to refurbish the lobby and other common areas, which is expected to be complete by the end of this month. Exterior work includes upgrades to the entry fountain, pedestrian bridge, facade and parking for a total investment of more than $7 million. The property is located on Doral's main east-west throughway at 9250 N.W. 36th St.

March 5, 2013

Office Southeast

CONSTRUCTION BEGINS ON TRACTOR SUPPLY CO. HEADQUARTERS

by admin March 5, 2013

BRENTWOOD, TENN. — Brasfield & Gorrie has started construction on Tractor Supply Co.'s new headquarters in Brentwood. The project will include two, four-story office buildings totaling 260,000 square feet and a 324,000-square-foot parking deck. The office buildings will be connected by a central two-story atrium. Hastings Architecture Associates designed the project, which is seeking LEED certification. The project is expected to be complete in the third quarter of 2014.

March 5, 2013

Southeast

PARKLAND DEVELOPMENT UNVEILS PLANS FOR FSU-AREA APTS.

by admin March 5, 2013

TALLAHASSEE, FLA. — Parkland Development Corp. will break ground this month on The Forum at Tallahassee, a 782-bed student apartment community in Tallahassee. The future four-story property is close to Florida State University, Tallahassee Community College and Florida A&M University campuses. The architect is Forum Architecture & Interior Design. The first building is expected to be ready for new residents in February 2014. The entire community is scheduled to be completed by May 2014. Parkland's student projects are known for high-end amenities. Harold Tomlinson, chairman and president, says this development will exceed its others in amenities, which will include an 11,000-square-foot outdoor pool deck and recreation area. The resort-style pool will feature a beach entry, spa and a Ping-Pong table and billiard table built into the pool. The 20,000-square-foot clubhouse will incorporate indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment and three tanning beds. In addition, students will have use of a high-tech business center with multiple study rooms, free high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park. Greystar will manage the community, which will offer roommate matching and an active student living …

March 5, 2013

Hospitality Southeast

BOOMTOWN CASINO BREAKS GROUND ON $20M HOTEL

by admin March 4, 2013

HARVEY, LA. — Crews have broken ground on a $20 million hotel project at Boomtown Casino in Harvey, approximately seven miles south of New Orleans. The project will take about 14 months to complete. The Lemoine Co. is the general contractor for the five-story hotel, designed by three: living architecture and Stewart Slack. The 150-room property will be built on land adjacent to Boomtown's existing facility. The hotel will include a fitness center, meeting space and 250 additional parking spaces.

March 4, 2013

Industrial Southeast

DOW CHEMICAL SIGNS 103,900 SF LEASE AT BATON ROUGE WEST DISTRIBUTION CENTER

by admin March 4, 2013

PORT ALLEN, LA. — The Dow Chemical Co. has signed a 103,900-square-foot lease at 1870 Grand Terre Blvd. in the Baton Rouge West Distribution Center in Port Allen. Midland, Mich.-based Dow, an international manufacturer of chemicals and components used for consumer products, took occupancy on March 1. The new facility will enable Dow to save on shipping costs by streamlining distribution from its manufacturing plants elsewhere in Louisiana, according to Chicago-based HSA Commercial Real Estate, which developed the Baton Rouge West Distribution Center in 2008. The building features 30-foot clear ceiling heights, 80 exterior truck docks and 50-inch column bay spacing.

March 4, 2013

Retail Southeast

MORGAN PROPERTY GROUP SELLS MIAMI WALGREENS FOR $3.9M

by admin March 4, 2013

MIAMI — 1803 Wilmington Road Co. has acquired a Walgreens drugstore at the southeast corner of SW 26th Street and SW 142nd Avenue in Miami for $3.9 million. The seller, Morgan Property Group (MPG), acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. Morgan Real Estate, the brokerage arm of MPG, represented the seller in the transaction.

March 4, 2013

Southeast

DOUGHERTY ARRANGES $3.9M REFINANCING LOAN

by admin March 4, 2013

MARTINSBURG, WV. — Capital Heights Townhomes LP has received a $3.9 million loan for the refinancing of Capital Heights Townhouses, a 110-unit affordable housing property in Martinsburg, located in the Eastern Panhandle region of the state. The property was constructed in 1968 and renovated in 2004. Dougherty Mortgage's Austin office arranged the 10-year loan.

March 4, 2013

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