NEW ORLEANS — Ochsner Health Foundation has signed a 79,001-square-foot lease at the 487,760-square-foot Benson Tower, a 26-story office building located at 1450 Poydras St. in New Orleans. Michael Siegel and Colleen Berthelot of New Orleans-based Corporate Realty represented Zelia, the landlord, in the lease transaction. The tenant was self-represented by Bill Ward and Jason Ruggles.
Raleigh salutes 2011 as a year of improvement and we welcome 2012 with great optimism. In September of last year, Raleigh received Bloomberg Businessweek’s “No. 1 American City” accolade, which is a measure of the “all-around excellence” of a region. The NCSU Index of North Carolina Leading Economic Indicators, a forecast of the economy’s direction four to six months ahead, rose in October, the first gain in the Index since June. All of the North Carolina-based components of the Index improved, with the leader being a 31 percent jump in building permits, according to Michael Walden, distinguished professor of economics at North Carolina State University in Raleigh. As the economy continues to improve and jobs increase, absorption will take additional existing vacant space. The cities of Raleigh, Cary, Chapel Hill and Durham make up 98 percent of the 76 million square feet of office inventory in the Triangle area. With 461,119 square feet of absorption year-to-date in the third quarter of 2011, the market remains positive. Owner-occupant companies had a major effect on positive absorption. In the third quarter, nine of the 12 submarkets showed positive absorption and decreased vacancy rate over the previous quarter. Wachovia contributed to the negative …
OXFORD, MISS. — EdR has entered into a joint venture with Landmark Properties to develop, own and manage a $36 million, 668-bed student housing community near the University of Mississippi, located in Oxford. EdR will be a 70 percent majority owner and will manage the property upon completion. Landmark Properties will develop and construct the housing, which will be jointly owned by the two companies. Amenities will include a fitness center, tanning beds, an internet cafe, private and group study rooms, a computer lab, a game room , a fully equipped community kitchen, a multi-tiered swimming pool, sand volleyball courts and horseshoe pits. Construction is scheduled to begin this spring with completion slated for fall 2013.
ATLANTA — Noble Investment Group has purchased the 191-room Hotel Midtown — Atlanta, located at 125 10th St. NE in Atlanta, from CW Capital Asset Management for $16 million. The buyer plans to invest up to $21 million to renovate and upgrade the hotel, and convert it to the Hyatt brand. Teague Hunter, Bob Hunter and Lee Hunter of Hunter Realty's Atlanta office, along with Kyle Stevenson of the firm's Washington, D.C., office, represented the seller in the transaction.
SAVANNAH, GA. — The 84,628-square-foot Largo Plaza, located at 11701 Abercorn St. in Savannah, has been sold for $9.45 million. Publix, Staples and AutoZone anchor the center. Charlotte, N.C.-based Berkeley Capital Advisors represented Kimco Realty Corp., the seller, in the transaction. The buyer was The Rosen Group.
WAYNESVILLE, N.C. — Atlanta-based Ackerman & Co. has negotiated the $3.37 million sale of the 49,583-square-foot Mountain Creek Plaza Shopping Center, located at 366 Russ Ave. in Waynesville. BI-LO anchors the shopping center, which is fully leased. Jason Powell and Andrew Murphy of Ackerman & Co. represented the seller, a private investor, in the transaction and procured the buyer.
NEW ORLEANS — Walker & Dunlop has arranged a $9.55 million loan for the 211-unit The Muses, a mixed-income residential apartment community located at 1720 Baronne St. in New Orleans. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 18-year refinance loan with a 35-year amortization schedule through Fannie Mae on behalf of the borrower, LDG Development.
LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved a 50-year ground lease with EdR, allowing the company to proceed with the first phase of the university's on-campus housing renovation. Phase I, slated to break ground this spring, includes a $25.8 million, 601-bed freshman honors housing community at Haggin Field, which EdR will develop, construct and own. The living-learning community will include classroom and meeting space, and be available to occupancy by fall 2013. EdR and UK are in discussions regarding Phase II, which would include an expansion from 6,000 residence hall beds to 9,000 residence hall beds, as well as EdR assuming management of the student housing properties in fall 2013. If approved, EdR will systematically demolish most of the current on-campus dormitories and replace them with more modern and attractive living communities.
DORAL, FLA. — Related Development has purchased 33 acres of land, located at the intersection of Northwest 97th Avenue and the Dolphin Expressway in Doral, from Fontainebleau Lakes for $20.5 million. The company plans to build a 720-unit multifamily property on the site in two phases, each with 360 units. Amenities will include a resort-style pool, tennis courts, private garages, a fitness trail, wireless internet in public areas and a car wash. Construction is slated to begin in the third quarter of this year. Tere Blanca and Andres del Corral of Miami-based Blanca Commercial Real Estate represented the seller in the transaction.
CORAL GABLES, FLA. — The 42-unit Capri Apartments, located at 800-801 Capri St. in Coral Gables, has sold for $3.4 million. John Crotty of Colliers International's Miami office represented the seller, 800 and 801 Capri Street LLC, the seller, in the all cash transaction. The buyer was Capri Gables.