Southeast

JV ACQUIRES SHOPS AT PEMBROKE GARDENS FOR $188M

by admin May 9, 2013

PEMBROKE PINES, FLA. — A joint venture between Jeffrey A. Anderson Real Estate Inc. and an institutional investor has acquired The Shops at Pembroke Gardens for $188 million. The 395,000-square-foot property houses more than 70 shops, including Banana Republic, Bebe, Sur La Table and Victoria's Secret. The property, currently 90 percent leased, is also home to some of the highest grossing restaurants in Broward County, including Brio Tuscan Grill and Cheesecake Factory. Danny Finkle, Jim Batjer, Luis Castillo and Robert Saracco of HFF represented the seller, Duke Realty, in the transaction.

May 9, 2013

CROCKER BUYS MIDTOWN ATLANTA OFFICE TOWER

by admin May 9, 2013

ATLANTA — Crocker Partners has acquired Atlantic Center Plaza, a 23-story office tower in Atlanta's Midtown submarket. A joint venture between Crocker and the Distressed Real Estate Opportunities Fund, managed by Siguler Guff & Co. LP, recapitalized the 500,000-square-foot building. Crocker now owns 1.7 million square feet in the Atlanta market. Last year, the firm acquired the 18-story Prominence building in Buckhead and an adjacent 6.4-acre parcel for a proposed 700-unit apartment project. Crocker had previously owned Atlantic Center Plaza, but had sold it in 2005. It is one of several assets the firm previously owned and recently re-acquired. No brokers were involved in the deal.

May 9, 2013

Industrial Southeast

ENGINEERED FLOORS TO INVEST $450M IN GEORGIA FACILITIES

by admin May 9, 2013

DALTON, GA. — Engineered Floors LLC, a Dalton-based carpet manufacturer, will invest $450 million and create 2,000 new jobs during the next five years through the construction of new facilities in northwest Georgia. The company will build manufacturing and distribution plants in Whitfield County and a manufacturing facility in Murray County. “The exemption of sales tax on energy in the manufacturing process that the Legislature put in place under Gov. Deal's leadership during the 2012 legislative session makes a significant difference to manufacturers looking to grow and succeed,” says Robert E. Shaw, chairman and CEO of Engineered Floors. The Georgia Department of Economic Development (GDEcD) partnered with Dalton-Whitfield County Joint Development Authority and Dalton-Whitfield Chamber of Commerce to manage the expansion. Carl Campbell, regional project manager at GDEcD, led the expansion project for the state. Georgia Quick Start, a workforce training program, will provide assistance to the company.

May 9, 2013

Mixed-Use Southeast

CONSTRUCTION BEGINS ON 25-ACRE ALPHARETTA CITY CENTER

by admin May 9, 2013

ALPHARETTA, GA. — Construction is underway on the 25-acre Alpharetta City Center in Alpharetta. The development will include a City Hall building, municipal parking deck and a five-acre park, along with five development sites for future retail. The project is scheduled for a late July 2015 completion. Alpharetta City Center aims to transform Alpharetta's historic downtown into a blend of commercial, residential and community uses. Jones Lang LaSalle is managing the development of the project. Smallwood, Reynolds, Stewart and Stewart is the master architect for the project with primary architectural design services provided by David M. Schwarz Architects of Washington, D.C.

May 9, 2013

Industrial Southeast

FORMER MANUFACTURING COMPLEX SELLS TO HEALTHCARE ALLIANCE

by admin May 8, 2013

VIDALIA, GA. — Meadows Healthcare Alliance has acquired a former manufacturing complex in Vidalia, totaling 187,000 square feet. The new owner plans to demolish the building and use the 44.2-acre site, which is adjacent to the newly completed Meadows Regional Hospital, for medical development. The facility was previously a Westinghouse/Thomas & Betts motor manufacturing complex, which closed in 1990. Arthur Barry III of Macon, Ga.-based Coldwell Banker Commercial Eberhardt & Barry Inc. represented the seller in the transaction. The Temples Co. represented the buyer.

May 8, 2013

Healthcare Southeast

SKANSKA TOPS OUT $180M UNC HILLSBOROUGH HOSPITAL

by admin May 8, 2013

HILLSBOROUGH, N.C. — Skanska and University of North Carolina Hospitals recently topped out the new 256,000-square-foot UNC Hillsborough. Including land acquisition costs, the total project cost is $180 million for the hospital. The LEED-designated UNC Hillsborough will include 50 acute care beds, a 15-bed intensive care unit, six operating rooms and two procedure rooms. The project will also feature an emergency department, as well as outpatient medical and surgical services. The healthcare facility is slated for a September 2014 completion, while the 60,000-square-foot medical office building adjacent to the property will open in July 2013. Portland, Ore.-based Zimmers Gunsul Frasca Architects LLP and Raleigh-based BJAC formed an architectural joint venture that worked with Skanska on the development.

May 8, 2013

Retail Southeast

FIRST CAPITAL REALTY SELLS TRIPLE NET-LEASED KOHL'S FOR $7.3M

by admin May 8, 2013

APEX, N.C. — Faris Lee Investments has arranged the $7.3 million ground lease sale of a triple net-leased property occupied by Kohl's in Apex. Built in 2007, the 101,360-square-foot property is situated on nearly 10 acres at 1301 Beaver Creek Commons Drive. Kohl's has 15 years remaining on its lease. Matt Mousavi and Jeff Conover of Faris Lee Investments represented both the buyer, Los Angeles-based Rhyal Apex LLC, and seller, Kentucky-based First Capital Realty Ltd., which was also the developer of the property.

May 8, 2013

Southeast

CAMPUS CREST UNDER CONSTRUCTION ON 2014-2015 DELIVERIES

by admin May 8, 2013

LOUISVILLE, KY. — In its first-quarter earnings release, Campus Crest Communities announced that it has begun construction on two joint venture projects with Harrison Street Real Estate Capital at the University of North Carolina-Greensboro and the University of Louisville. Both projects will deliver for the 2014-2015 academic year and have a total estimated cost of $65.5 million. The Grove at Greensboro will consist of 584 beds using Campus Crest's ninth generation of its apartment building prototype. The Grove at Louisville will offer 654 beds. These two properties, along with The Grove at Cira Centre South, a Philadelphia high-rise, joint venture development with Brandywine Realty Trust and HSRE, comprise the company's 2014-2015 deliveries.

May 8, 2013

Multifamily Southeast

JOHNSON CAPITAL ARRANGES $8.6M CMBS LOAN FOR GRAND OAKS

by admin May 8, 2013

RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.

May 8, 2013

Hospitality Southeast

FLORIDA KEYS HOTEL SECURES $85M LOAN

by admin May 7, 2013

ISLAMORADA, FLA. — NWCL LLC, an affiliate of Northwood Investors, has secured an $85 million loan for the Cheeca Lodge & Spa, a luxury resort in the Florida Keys. Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. The resort includes 214 units (a mix of hotel rooms and third-party owned condos), 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing pier. The property also maintains the rights to develop 28 new units through an approved site plan. Dan Peek, Chris Drew, Max Comess, Cyrus Vazifdar and Scott Wadler led the HFF team that arranged the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011.

May 7, 2013

Newer Posts

Older Posts