RALEIGH, N.C. — ARA has brokered the $45 million sale of the 350-unit Highlands at Brier Creek, located at 10200 Crichton St. in Raleigh. The property is 94 percent leased. Blake Oakland, Dean Smith and Sean Wood of ARA's Charlotte, N.C., office represented Boca Raton, Fla.-based The Altman Cos., the seller, in the transaction. The buyer was Birmingham, Ala.-based Colonial Properties Trust, which has renamed the property Colonial Grand at Brier Falls.
CARROLLTON, GA. — Atlanta-based Halpern Enterprises has commenced a $15 million expansion at the 297,300-square-foot Carrollton Crossroads, located at the intersections of South Park Street and Highway 166 in Carrollton. The 65,000-square-foot renovation and expansion of Kroger will include areas selling jewelry and home goods, along with a Starbucks location. In addition, the company will break ground in March on an Olive Garden on one of the center's outparcels. The center is 98 percent leased. Kroger is slated for completion in June 2013, and Olive Garden is scheduled to open in July.
FAYETTEVILLE AND SANFORD, N.C. — ARC Shopping Center REIT, through its PECO-ARC Institutional Joint Venture I, has acquired two North Carolina shopping centers for $11.6 million. In Fayetteville, the joint venture purchased the 66,890-square-foot Westin Center, located at 9545 Cliffdale Rd. in Fayetteville. A 29,000-square-foot, recently renovated Food Lion anchors the center, which is fully leased to tenants including CVS/pharmacy, Family Dollar, Subway and Rent-A-Center. In Sanford, the buyer purchased the 62,382-square-foot Tramway Crossing, located at 2244 U.S. 1. A 29,000-square-foot Food Lion anchors the center, which is 95.5 percent leased to tenants including CVS/pharmacy, Family Dollar and H&R Block.
MIAMI — Ground has broken on the $275 million, 250,000-square-foot Patricia and Phillip Frost Museum of Science, located in downtown Miami. Grimshaw Architects designed the property, which includes terrestrial and aquatic spaces such as a 600,000 gallon aquarium, a full dome 3-D planetarium, interactive exhibits, innovative technology, two additional wings of exhibition space, a learning center and cafes. Completion is slated for 2015.
LOUISVILLE, KY. — The 108-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville, has been sold for $12.5 million. The property is 90 percent leased. Irvine, Calif.-based Steadfast Income REIT was the buyer. Amenities include a 24-hour fitness center, pool with waterfall and sundeck, laundry facilities and garages with remote access.
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.
