Southeast

CHOATE BEGINS CONSTRUCTION OF ARIZONA CHEMICAL SCIENCE AND TECH BUILDING

by admin March 18, 2013

SAVANNAH, GA. — Choate Construction Co. has started work on a science and technology expansion for Arizona Chemical's Savannah campus. The single-story building, with an elevated mechanical penthouse area, will total 23,269 square feet. Unlike conventional laboratories, the space will bring the outdoors inside with panoramic windows and nature-hued finishes. Adjacent to the research laboratory space will be a lab support area that will include an oven room, freezer room, humidity room and storage. The Savannah Science & Technology Center currently employs 51 chemists. Jones Lang LaSalle is the project manager and Perkins + Will is designing the project, which is slated for completion in December.

March 18, 2013

ATLANTIC MULTI FAMILY PICKS UP 118-UNIT APT. PROPERTY IN VIRGINIA

by admin March 18, 2013

PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.

March 18, 2013

Industrial Southeast

CROWN GROUP INKS 98,200 SF LEASE IN GREENVILLE

by admin March 18, 2013

GREENVILLE, S.C. — The Crown Group, a company that provides automotive coating and non-automotive services, has signed an industrial lease for 98,200 square feet at 101 Milledge Road in Greenville. Michael Greer and John Baldwin of NAI Earle Furman represented the landlord in the transaction.

March 18, 2013

Industrial Southeast

POMPANO BEACH WAREHOUSE SELLS TO AEROSPACE USER

by admin March 18, 2013

POMPANO BEACH, FLA. — EMC Aerospace has acquired a 40,000-square-foot manufacturing building at 1711 Bount Road in Pompano Beach. The property is located off Coconut Creek Parkway and the Florida Turnpike, and includes 20-foot clear ceiling heights, heavy power and 88 parking spaces. Tony Hoover and Allen Lindow of CBRE represented the seller, CJJ Properties, in the transaction. They also represented the buyer.

March 18, 2013

Georgia Market Reports Southeast Market Reports

Atlanta: One of Top Apartment Markets in U.S. as Job Growth Intensifies

by admin March 18, 2013

The Atlanta metro has been named one of the top cities for job growth and the population is rising at one of the fastest paces in the country, creating high demand for rental housing that will persist. Last year, an average of 200 residents per day moved into the area, and nearly 21 percent of the entire metro population falls within the prime renter cohort, which includes people between 20 and 34 years old. Uncertainty in the housing market is driving up the age of the first-time homebuyer. As many young adults form rental households in lieu of ownership, they will likely choose to live in modern, luxury apartments near entertainment and business districts. Meanwhile, in the single-family market, permitting activity remains well below prerecession levels and sales of existing single-family homes are just 57 percent of peaks reached before the recession, confirming that many of these new residents are looking for rentals. Apartment construction is at an all-time low this year, and demand for units will outpace new supply by more than seven times. As a result, vacancy will fall to the lowest point in over a decade, allowing operators to boost rents and match prerecession peaks. Looking at …

March 18, 2013

Seniors Housing Southeast

WORK COMPLETE ON 160,000 SF RETIREMENT HOME IN D.C.

by admin March 15, 2013

WASHINGTON, D.C. — Work is complete on the new 160,000-square-foot building for the U.S. General Services Administration in Washington D.C. The property, designed by Cooper Carry, will house the Armed Forces Retirement Home. The project included the demolition of the existing Scott Building and the construction of a new building, also named Scott. The new building features 36 skilled nursing rooms for long-term care and 24 rooms for memory support, arranged in five “small house” groupings. The property also includes a kitchen, health and wellness center and auditorium. The project is located off North Capital Street at the Historic Armed Forces Retirement Home Campus, which was established in 1851. Contractor Hensel Phelps provided design and construction services for the project.

March 15, 2013

Retail Southeast

NVRETAIL BEGINS DEVELOPMENT OF PHASE II OF RUTHERFORD CROSSING

by admin March 15, 2013

WINCHESTER, VA. — NVRetail has started development of Phase II of its Rutherford Crossing Shopping Center in Winchester. Located at the intersection of U.S. Route 11 and I-81, the second phase will include 140,000 square feet of retail and office space. NVRetail is actively seeking tenants including drug store chains, restaurants, oil companies and banks. Phase I of the project is currently 98 percent leased and is anchored by Target and Lowe's Home Improvement. Rutherford Crossing is adjacent to the Federal Emergency Management Agency (FEMA) facility, and approximately 2,500 new homes are slated for construction within one mile of the center.

March 15, 2013

Industrial Southeast

PUBLICLY TRADED REIT ACQUIRES 50,000 SF WAREHOUSE IN MIAMI-DADE COUNTY

by admin March 15, 2013

MIAMI — Terreno Realty Corp. (NYSE: TRNO), a publicly traded REIT, has acquired a 50,000-square-foot industrial warehouse at 12600 NW 107th Ave. in Miami-Dade's Medley submarket for $5.1 million. CaribTrans Inc., a Caribbean shipping company offering air and ocean freight services, occupies the property. Steven Medwin and Nick Wigoda of Jones Lang LaSalle (JLL) represented the seller, LMS Realty, in the transaction. According to JLL, Miami’s position as the gateway to and from Latin America and the Caribbean, coupled with increasing trade activity with Europe and Asia, has led institutional-grade owners to make significant long-term investments in the area. Miami broke into the top 10 customs districts in the U.S. in 2012, with a record $124.7 billion in trade volume being routed through the area. The stock price of San Francisco-based Terreno Realty closed at $17.68 per share on Thursday, March 14, up from $13.59 per share one year ago.

March 15, 2013

Retail Southeast

$46M CONSTRUCTION LOAN PAVES WAY FOR PIER PARK NORTH SHOPPING CENTER

by admin March 14, 2013

PANAMA CITY BEACH, FLA. — A joint venture of The St. Joe Co., Casto and Strategic Retail Advisors has received a $46 million construction loan from U.S. Bank to finance The Pier Park North Shopping Center. The 360,000-square-foot center will be located in Panama City Beach across from the Pier Park Lifestyle Center at the intersection of U.S. Highway 98 and State Road 79. Dick's Sporting Goods, Michaels, Pier 1 Imports and Kirkland's committed last fall to anchor the center. Additional tenants will include Bed Bath & Beyond, Mattress Firm, Men's Warehouse, PetSmart, Rooms to Go and Shoe Carnival. The Pier Park North Shopping Center will open in spring 2014. A Casto-affiliate, based in Sarasota, Fla., will develop the center.

March 14, 2013

Retail Southeast

CREC SELECTED TO LEASE EIGHT CENTERS IN FLORIDA

by admin March 14, 2013

MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado, Clewiston Town Center, Polo Grounds Mall, #1 Marketplace, The Shops of Bird Road, Tropical Plaza, Gables Grand Plaza and Red Road Commons. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.

March 14, 2013

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