ATLANTA — Atlanta Demolition is set to implode one of two buildings at the former IBM campus at 4111 Northside Pkwy. in Atlanta to make way for the new North Atlanta High School, which will move from its current location at 2875 Northside Dr. in August 2013. The adaptive re-use project will include the construction of a new building and reconfiguration of an existing building. The new building will include a 600-seat auditorium, a 150-seat black box theater, a 2,100-seat competition gymnasium and a practice gymnasium. The existing building will be converted into classrooms, offices, a library and a cafeteria. Cooper Carry is the project architect and JE Dunn Construction is the general contractor.
Southeast
WASHINGTON, D.C. — The Avenue at Park Morton, an 83,432-square-foot mixed-use apartment building at 3506 Georgia Ave. in Washington, D.C., has opened. The property includes 83 one- and two-bedroom units and 2,388 square feet of ground-floor retail space. Park Morton Development Partners, which is a joint venture between Landex Corp. and the Warrenton Group, developed the project. WinnResidential, the property management arm of WinnCompanies, is the property manager and leasing agent.
DURHAM, N.C. — Cincinnati-based Viking Partners LLC, a private equity real estate investment firm, has sold two properties through its Fund I including the 40,000-square-foot Generation Plaza, an office building in Durham. The other property was the 20,150-square-foot Shoppes of Deerfield South, which is shadow-anchored by Walmart in Cincinnati. Viking Partners acquired both properties in 2010. Generation Plaza sold for $3.6 million.
JACKSONVILLE, FLA. — Raleigh, N.C.-based First Citizens Bank and Trust has acquired two properties and leased a third property for expansion in Northeast Florida. The financial institution purchased three combined lots at the corner of San Marco Boulevard and Cedar Street in Jacksonville to construct a two-story, 6,000-square-foot building that will house its Jacksonville office and San Marco branch. It also purchased a 4,053-square-foot vacant building at 13860 Old St. Augustine Rd. within the Shoppes of Bartram Park. The building previously served as a banking branch of another financial institution. The Federal Deposit Insurance Corp. (FDIC) sold the building to First Citizens for $2.25 million and it will be renovated for the bank’s Julington Creek branch. First Citizens is also relocating its Ponte Vedra branch to 830 State Rd. A1A North within Tournament Plaza through a 2,500-square-foot lease from Sleiman Enterprises. Lee Stine and Rick Sutton of Jacksonville-based Grubb & Ellis/Phoenix Realty Group represented First Citizens in all three transactions.
COCOA BEACH, FLA. — The 148-room Doubletree Hotel Resort, located at 2080 N. Atlantic Ave. in Cocoa Beach, has traded for $15.1 million. Oklahoma City, Okla.-based Southern Hospitality sold the resort to Pandey Hotel Corp., the U.S. division of New Zealand-based CP Group. Robert Taylor and Lisa Zaranek of CBRE Hotels represented the seller.
ATLANTA — Miami-based Burger King Worldwide is refranchising 42 company-owned Burger King restaurants in metro Atlanta to GPS Hospitality. Tom Garrett, former president and chief executive officer of Arby’s Restaurant Group Inc., operates GPS Hospitality. “GPS Hospitality is singularly focused on building the Burger King brand in the Atlanta area,” says Garrett. Refranchising refers to selling off corporate-owned stores to franchisees with the capital to give those stores a boost. Burger King Worldwide will additionally remodel 29 Burger King restaurants in the Atlanta area during the next three years.
SMYRNA, GA. — Minneapolis-based Meritex, a private real estate investment and management company, has acquired a 61,884-square-foot office and warehouse property at 5080 Highlands Pkwy. in Smyrna through a joint venture with a major institutional investor. The Class A industrial space is fully leased. Meritex is the managing partner and will manage the Highlands property on behalf of the joint venture. Resource Real Estate Partners LLC represented Meritex in the acquisition.
WINCHESTER, VA. — Reston, Va.-based Calkain Cos., a national net lease real estate brokerage firm, has brokered the sale of a McDonald’s ground lease in Winchester. The property is the leading pad site at Rutherford Crossing, a 400,000-square-foot shopping center featuring retail and restaurant space. Lowe’s Home Improvement and Super Target anchor Rutherford Crossing. Rick Fernandez and Betty Friant of Calkain Cos. represented the unlisted developer and seller.
SOUTHAVEN, MISS. — S-L Distribution Co. Inc., the distribution arm of Snyder’s-Lance Inc., has signed a 26,757-square-foot lease at Airways Distribution Center in Southaven. The 205,650-square-foot industrial property is in the greater Memphis, Tenn. distribution market. Patrick Burke, Bobby Daush and Jim Mercer of CBRE represented S-L Distribution Co. and CBRE’s Tim Moore represented the landlord, IDI. Snyder’s-Lance Inc. is a manufacturer and marketer of snack foods.
ATLANTA — MidCity Real Estate Partners has acquired an 8.5-acre site at the corner of Georgia 400 and Hammond Drive from Cousins Properties in Atlanta’s Central Perimeter submarket. MidCity plans to develop Hammond 400, a $36 million, seven-building office complex. The site is currently known as Cosmopolitan Center and is the former headquarters for RTM Restaurant Group. MidCity Real Estate Partners will demolish all or portions of the five existing buildings on site. Childress Klein Properties will manage the project and MidCity Realty Corp. will handle sales and leasing.