BETHESDA, MD. — Brasfield & Gorrie, in a joint venture with Walbridge, has completed the new Main Exchange Complex at Walter Reed National Military Medical Center in Bethesda. The $42 million, 151,450-square-foot design-build project began in July 2011 and the facility is now serving the campus. The complex is the largest Navy Exchange in metropolitan Washington, D.C., and was designed to serve the retail and personal needs of active duty, wounded warriors, reserve and retired military personnel. The Exchange was designed to be the first LEED Gold-certified exchange and was constructed to anti-terrorism and force protection standards. It includes a pharmacy, barber shop, beauty salon, clothing and jewelry retailers, food court, dry cleaner and uniform center. CMH Architects, Timmons Group and I.C. Thomasson served as the project architect.
Southeast
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.
ALEXANDRIA, VA. — HFF has secured construction financing and joint venture equity for the development of the 276-unit Bell Del Ray, a Class A multifamily community in Alexandria. A joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Companies engaged HFF to secure equity and debt capitalization for the development. The debt for the project was secured through Sovereign Bank and the equity was provided by Bell Partners Fund IV. Bell Del Ray will also include 3,513 square feet of ground-floor retail space. Community amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness facility, club room and gaming room. Bell Del Ray will be located at the south end of Alexandria’s 167-acre, master-planned Potomac Yard, a mixed-use community.
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.
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.