SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.
ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.
MEMPHIS, TENN. — Floor and Decor Outlets of America Inc. has signed a 75,134-square-foot lease to open the first Floor & Decor in Tennessee this July. The hard surface flooring store will be located at Perimeter Shopping Center, near the intersection of Interstates 40 and 240 in Memphis. Belz Enterprises Inc. manages the 370,000-square-foot property. The site features a traffic count of more than 100,000 cars per day. The Shopping Center Group represented Floor and Decor Outlets of America Inc. in the transaction.
ATLANTA — Regal Entertainment Group has announced that the soon-to-be constructed Avalon Stadium 12 & RPX along State Route Georgia 400 in Atlanta will include upscale amenities. Every seat will be a recliner with a footrest. The theater will also include table areas for dining, along with a menu that will feature restaurant-quality food and drink selections, as well as traditional cinema snacks. The Avalon lobby will feature a lounge with soft-seating areas and table settings. The theater's largest auditorium will be equipped for the Regal Premium Experience, which will offer the “best in both sight and sound technology,” the company states. The new theater is scheduled to open in 2014.
FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.
It looks like the worst may be over for the Tampa Bay office market, and 2013 is shaping up to be the best year for investment sales and leasing activity since before the start of the recession. The health of the local office market is directly tied to job growth, and professional and business services employment has increased over the past few years. With additional job growth forecast in 2013, tenant expansions could develop as the year progresses. Many tenants weighing moves to larger spaces in the near term will monitor available spaces and advance timetables in the event vacancy in their target locations falls rapidly. For owners of Tampa Bay office properties, the news comes at a great time, as they should see some relief from high vacancies in 2013. That said, additional tenant demand will be needed to make a significant dent in the overall vacancy rate and support more substantive rent growth. Overall, the Tampa/St Petersburg office market ended the fourth quarter of 2012 with a vacancy rate of 13.6 percent, which was down from the previous quarter. Net absorption totaled 356,991 square feet, which was a vast improvement over the negative 390,098 square feet recorded in …
NASHVILLE — Music City Center, a 1.2 million-square-foot convention center, will open its doors Sunday, May 19 in Nashville. The $585 million project spans six city blocks and includes a modern exterior glass curtain wall and limestone panels. The center features 60 meeting rooms, two ballrooms, 32 loading docks and a garage for 1,800 vehicles. In terms of design, the facility's undulating roof “represents the rolling hills of Tennessee and the sound waves that can be overheard by musicians playing in clubs on Broadway,” according to architecture firm tvsdesign. tvsdesign, Tuck-Hinton and Moody Nolan designed the facility, and Bell/Clark/Harmony provided construction services. A grand finale event will be held May 20 with concerts by Sheryl Crow and Phil Vassar, among others.
STAFFORD, VA. — JMC Holdings LLC has acquired 800 Corporate Drive in Stafford from the Silver Cos. for $40 million. The 135,732-square-foot Class A office property is located at Quantico Corporate Center, about 600 yards from Marine Corps Base Quantico. The deal marks the New York City-based investment company's first venture outside of the New York market. The property is fully occupied by seven tenants that will remain in place under their current lease agreements, and JMC has retained Cushman & Wakefield to handle the property management. Tenants include defense contractor QinetiQ North America, which occupies the first and second floors. Kameron Zitelli of Berko & Associates represented the buyer in the transaction. The seller was self-represented by David Newman, along with Joe Pfahler of Coldwell Banker Elite.
LARGO, MD. — Morgan Properties and its equity partner DRA Advisors LLC have formed a joint venture partnership to acquire Northampton Apartments, a 620-unit apartment community in Largo. The property was originally built in two phases in 1977 and 1987 by the Artery Group and is located minutes from the Capital Beltway. Amenities include tennis courts, a swimming pool and two playground areas. Jones Lang LaSalle represented the seller, Equity Residential, in the transaction.
CHARLOTTE, N.C. — Griffin Capital Essential Asset REIT has acquired the UTC Aerospace Systems headquarters building in Charlotte for $39.1 million. The single-story, 198,898-square-foot office building is fully leased to United Technologies Corp. The building recently underwent a $5.9 million renovation. The property is situated in the 65-acre Coliseum Centre office development, located minutes from Charlotte-Douglas International Airport. UTC Aerospace Systems is an aerospace and defense products supplier, including components used in commercial aircraft, helicopters and international space programs.