Southeast

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.

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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.

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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.

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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.

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ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.

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The Nashville metropolitan statistical area (MSA) comprises 13 counties and a population of approximately 1.45 million, which represents a 47.2 percent increase since 1990, nearly 2.5 times the national average of 19.2 percent for the same period. With a host of world-class companies like Dell, Nissan, HCA and Sprint PCS, Nashville has become a destination for a young, progressive generation of families. Over the past decade, the Nashville area saw tremendous increases in several areas: population growth in the region has gone from 53rd in the United States to 38th and income growth in the region rose from 138th in the United States to 49th. That takes the region from five percent below the U.S. median household income average to seven percent above it. Diverse and Growing Economy The Nashville region’s economy is diverse and thriving. Low unemployment, consistent job growth, substantial outside investment, and a well-trained labor force combine to make Nashville an attractive city for business. Nashville enjoys an unemployment rate that is historically below the national average, ending the year at 6.95 percent (compared to 8.3 percent for the nation). Nashville’s diverse economic mix is led by the manufacturing and healthcare industries, followed by publishing and printing, …

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HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.

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UNION CITY, GA. — RCG Ventures LLC has sold Shannon Square, a 100,000-square-foot shopping center at 4720 and 4700 Jonesboro Road in Union City for $8 million. The property is 95 percent leased and tenants include Hibbett Sports, Dollar Tree, Rent-A-Center, Farmer's Home Furniture and Dunkin' Donuts. The buyer was a private equity group. Drew Fleming and Mark Joines of Cassidy Turley represented the seller in the transaction.

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SNELLVILLE, GA — Carmike Cinemas says construction will begin soon on a new 13-screen theater across from a 43-acre, open-air shopping center development known as The Avenue in Snellville. The Carmike 13 will seat 2,800 moviegoers and include the upgraded “BigD” auditorium with a larger screen, plush chairs and enhanced video and audio. The movie theater chain will also have a grand opening for a 12-screen theater March 7 in Decatur Mall on Beltline Road in Decatur.

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BETHESDA, MD. — A joint venture between MRP Realty and Rockpoint Group has secured a $150 million acquisition loan for the Air Rights Center, a 688,717-square-foot office development in Bethesda. The development includes three buildings in the north, east and west towers. The property is 93 percent leased to a diverse tenant base. John Campanella and Paul Spellman of Cassidy Turley represented the joint venture in securing the loan, which was provided by a commercial bank.

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