HARRISONBURG, VA. — Skanska USA has been awarded the $33 million renovation and expansion of the 65,000-square-foot Duke Hall at James Madison University, located in Harrisonburg. The renovation will include replacing of the building's main engineering, electrical, telecommunications, plumbing and mechanical systems. Additionally, new elevators will be installed and the visual art studios and labs will be updated to meet life safety codes. The building will also be expanded by 51,500 square feet for studios and classroom space for the School of Art and Art History. Completion is slated for November 2013.
Southeast
BALTIMORE — Industrial Income Trust has acquired a 222,636-square-foot warehouse, located at 7621 Energy Parkway in Baltimore, from High Street Equity Advisors for $15.22 million. The property is fully leased to Reliable Churchill. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller in the transaction.
NORTH PORT, FLA. — Pacolet Milliken Enterprises has acquired the 71,810-square-foot Shoppes at Price Crossing, a neighborhood center located in North Port, from SF Price Crossing LP., for $14.13 million. A 45,600-square-foot Publix anchors the center. CNL Retail is the property manager and Crossman Properties is the leasing agent.
CHARLOTTE, N.C. — RAM has sold the 28,200-square-foot Village at Whitehall, located on S. Tryon Street in Charlotte, to Catalyst Real Estate for $6.11 million. Starbucks and McAllister's anchor the center. Rob Carter, Alex Quarrier, David Webb and Rebecca Levell of Berkeley Capital Advisors represented the seller in the transaction.
DELRAY BEACH, FLA. — Behringer Harvard has broken ground on the 180-unit The Franklin Delray, a luxury multifamily community located at 1206 S. Federal Highway in Delray Beach. LandSouth Construction is the general contractor for the project and the architects are STB Architects & Planners and Richard Jones Architecture. Amenities will include a rotunda community room, cyber cafe, business center and library, children's activity zone, fitness center and resort-style pool with cabanas.
Savannah’s industrial market has a symbiotic relationship with the ships that navigate the city’s much-debated river channel. In the fiscal year of 2011, $54.1 billion in value and 8.7 percent of U.S. containerized cargo moved through the port of Savannah. This makes Savannah the fourth largest container port in the nation. The U.S. Army Corps of Engineers gave its final recommendation to deepen the channel to 47 feet and the president recently signed an executive order fast-tracking approvals by no later than November. This will keep the port competitive for larger Post-Panamax ships that will need to access the Savannah port after the Panama Canal is widened. The channel deepening project will not be completed prior to the completion of the Panama Canal widening, but Panama officials just announced the opening has been delayed by at least six months to April 2015. With port activity continuing to improve, so goes the area economy and warehouse occupancies. Market-wide, vacancy rates have ticked down to around 15 percent from highs in the low 20s just two years ago. There is a good supply of high-quality distribution space, thanks to the building boom started in 2005, which nearly doubled the inventory. There is …
CARY, N.C. — Northwood Ravin has started construction on the first phase of the $55 million Bradford, a mixed-use development located at David and High House roads in Cary. Phase I will include 370 multifamily units and 20 townhomes. Amenities will include a fitness center with an indoor lap resistance pool, sauna and steamroom, demonstration kitchens, business centers, doggie daycare and a pet spa. Completion is slated for fall 2013.
MARIETTA, GA. — Rothenberg-Rosenfield has acquired the 316,000-square-foot Marietta Trade Center, a shopping center located on Cobb Parkway in Marietta, from EDENS for $32.8 million. Walmart Supercenter anchors the center, which is 97 percent leased. As part of the transaction, Rothenberg-Rosenfield assumed a CMBS loan on the property. Richard Reid of HFF represented the seller in the transaction.
ATLANTA — Atlanta-based The RADCO Companies has acquired a three-property, 402-unit multifamily portfolio, located in Georgia, for $13.7 million. The sale included the 112-unit Ashford Place Apartments in Griffin, the 160-unit Briar Creek Apartments in Conyers and the 130-unit Sierra Place Apartments in Atlanta. RADCO had been the asset manager for the portfolio on behalf of an equity fund for five years. The company plans to invest nearly $1 million in capital improvements during the next six to 12 months. The transaction also included the acquisition of the equity and a restructure of the existing debt on the property.
VIERA, FLA. — Viera-based Viera Commercial Properties has arranged the $11.9 million sale of six Christian Brothers Automotive stores. The single-tenant properties total more than 29,000 square feet, and are located in Lake Worth and Schertz, Texas; Collierville and Hendersonville, Tenn.; Grayson, Ga.; and Monument, Colo.