Southeast

JOINT VENTURE ACQUIRES MARYLAND'S LARGEST WAREHOUSE

by admin May 2, 2013

JESSUP, MD. — A joint venture between New York Life and Mosaic Realty Partners has acquired Maryland's largest warehouse — the Maryland Wholesale Food Center, located at 7600 Assateague Drive in Jessup. The 775,000-square-foot property is situated on 60 acres and is minutes from I-95. The new owners are currently leasing the property. The project includes a main building with loading on three sides and truck courts, a vehicle maintenance building and a guard shack with full perimeter fencing. Cris Abramson, Brian Kruger, Nick Signor, Michael Elardo, Jared Ross and Michael Kimmel of Cushman & Wakefield represented the seller in the transaction.

May 2, 2013

TAMPA ELECTRIC HEADQUARTERS SELLS FOR $22M

by admin May 2, 2013

TAMPA — Benderson Development has purchased the headquarters of Tampa Electric Co. in downtown Tampa for $22 million. The 277,454-square-foot office property comprises an entire city block at 702 N. Franklin St. Tampa Electric has supplied the area with electricity since 1989, servicing approximately 2,000 square miles of West Florida. Camille Renshaw of Stan Johnson Co. represented the seller, a partnership managed by a subsidiary of a multinational financial services company, in the transaction.The property received more than 20 bids from potential buyers, resulting in a sales price with a 5.78 percent cash-on-return to the buyer, according to Stan Johnson Co.

May 2, 2013

Retail Southeast

TRAMPOLINE PARK IS BOUNCING INTO CHESAPEAKE

by admin May 2, 2013

CHESAPEAKE, VA. — Cloud9 Trampoline Park has leased 18,802 square feet in Chesapeake to develop an entertainment, fitness and sports facility, scheduled to open this July. The facility will be located at 825 Greenbrier Circle Corporate Center. The site will feature a trampoline dodgeball stadium, a foam pit and numerous trampolines. On weekend nights, the facility will include laser lights and disc jockeys. Perry Frazer of CBRE|Hampton Roads represented the landlord in the transaction. Matt Wilbricht, also of CBRE|Hampton Roads, represented the tenant.

May 2, 2013

Retail Southeast

LA FITNESS COMPLETES FIVE ATLANTA-AREA REMODELS

by admin May 2, 2013

ATLANTA — LA Fitness has finished remodeling five of its health clubs in the Atlanta area, which together total 219,500 square feet. The remodeling work was completed on a rolling schedule in March, with the average club closure being four days. All five of the facilities now feature pieces of new cardio and strength equipment, and dumbbells. Each club also received some or all of the following work: new and updated lighting, new carpet, paint, graphic wall coverings and refinished wood floors in the aerobics room and basketball and racquetball courts. The upgraded locations include 1860 Duluth Highway in Lawrenceville; 2995 Cobb Parkway in Atlanta; 3755 Carmia Drive S.W. in Atlanta; 11720 Medlock Bridge Road in Duluth; and 5330 Windward Parkway in Alpharetta.

May 2, 2013

Multifamily Southeast

CARROLL ACQUIRES APT. PROPERTIES FOR $46M

by admin May 1, 2013

ATLANTA — Carroll Organization has acquired two Atlanta-area apartment communities for a combined $46 million. The sale includes the 396-unit Chattahoochee Landing in Roswell and the 200-unit Abbey at East Cobb in Marietta. Chattahoochee Landing, which is 97 percent occupied, is located on 28 acres along the Chattahoochee River. Floor plans average 1,309 square feet. Carroll plans to invest $1 million in upgrades to the property. The Abbey at East Cobb, which is 98 percent occupied, was upgraded in 2005 and 2008. Carroll plans to transform the current clubhouse into a fitness center, while the current gym will serve as a resident lounge.

May 1, 2013

Retail Southeast

CORO BUYS RETAIL PORTION OF 18-STORY CONDO TOWER

by admin May 1, 2013

ATLANTA — Coro Realty Advisors LLC has acquired the 18,537-square-foot retail portion of The Brookwood, an 18-story condominium tower in South Buckhead. The street-level retail space is currently leased to Watershed restaurant, which recently relocated to the tower from Decatur, Ga., and the Saltyard gastropub, scheduled to open later this spring. The Class A tower is located at 1820 Peachtree Road. Joe Montgomery, Tony D'Ambrosio and Coleman Morris of Colliers International represented the seller, ST Residential, in the transaction. Coro Realty Advisors was self-represented.

May 1, 2013

Mixed-Use Southeast

ONE WEST VICTORY DEVELOPMENT TO BREAK GROUND IN LATE MAY

by admin May 1, 2013

SAVANNAH, GA. — Choate Construction has been selected to build One West Victory, a 124,000-square-foot, $18 million mixed-use development in Savannah. The project will feature 114 apartments targeting students and a four-level parking deck. Crews will also reposition two historic buildings, formerly occupied by Savannah Ice Co., to include a restaurant with a rooftop space, a fitness center, leasing office, study hall and student lounge. Jamestown Properties is the project developer and Onsite Civil Group is the civil engineer. HKS Inc. will design the apartments; Tim Haahs will design the parking deck; and Gunn, Meyerhoff, Shay will design the renovation of the Savannah Ice buildings. Construction will begin in late May, with completion scheduled for summer 2014.

May 1, 2013

Retail Southeast

ACADEMY SPORTS + OUTDOORS OPENS FIRST HUNTSVILLE STORE

by admin May 1, 2013

HUNTSVILLE, ALA. — GBT Realty has completed construction on Huntsville's first Academy Sports + Outdoors. The 72,000-square-foot store, which opened April 26, sits on eight acres on the northeast corner of U.S. Highway 72 and West Nance Road. The sports, outdoor and lifestyle retailer has more than 160 locations throughout the Southeast, including a store in nearby Decatur, Ala. Reed Construction served as the site contractor on the project and Stewart Perry Construction was the general contractor.

May 1, 2013

Retail Southeast

TOWNE CENTER PLAZA TRADES FOR $6.8M

by admin May 1, 2013

SANFORD, FLA. — Marcus & Millichap has arranged the $6.8 million sale of Towne Center Plaza, an 82,098-square-foot retail property in Sanford. The property, located at 100-400 N. Mall Entrance Road, was built in 1998. Tenants include Books-A-Million, West Marine, JoAnn Fabric, Hobby Lobby and Honey Baked Ham. The property shares the same parking as the Seminole Towne Center Mall. Rob Keeler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. He also represented the buyer, a partnership.

May 1, 2013

Southeast

EDR TO BUY DEVELOPMENT NEAR FLORIDA INTERNATIONAL UNIVERSITY

by admin April 30, 2013

MIAMI — EdR will acquire a purpose-built development directly across the street from the Florida International University (FIU) campus for $43.5 million from a Miami-area developer. FIU is the second largest university in Florida and the seventh largest in the United States with a 2012 total enrollment of 50,394 students, consisting of approximately 36,000 undergraduate and 14,000 graduate students. This 15-story community is currently being constructed adjacent to the north side of the university's main campus, and it is the first purpose-built student housing community development at FIU. The 542-bed apartment community will offer a variety of two- and four-bedroom apartments, with private baths for each bedroom and a washer and dryer in each unit. Amenities include a pool, Internet and Wi-Fi access, fitness center, theater room and an outdoor deck. EdR's acquisition is subject to the completion of the project in time for fall 2014 occupancy. EdR is responsible for all leasing and management operations.

April 30, 2013

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