LEE BRANCH, ALA. — Birmingham, Ala.-based Church of the Highlands has purchased a 50,750-square-foot office building, located at 1701 Lee Branch Ln. in Lee Branch, from BBVA Compass for $4 million. The property was formerly the headquarters of AIG Baker Shopping Center Properties. Dan Lovell, Walter Brown and Sam Carroll of Graham & Co.'s Birmingham office represented the seller in the transaction.
MAPLE LAWN, MD. — A retail property located in Maple Lawn that is ground leased to McDonald's on a long-term, triple-net basis, has sold for $2 million. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
PLANTATION, FLA. — A joint venture between Stiles and Prudential Real Estate Investors has commenced construction on the 321-unit One Plantation, a luxury apartment community located at the intersection of University Drive and Interstate 595 in Plantation. The partnership obtained $40.6 million in construction financing from PNC Bank for the project, which Stiles Construction is building. Amenities will include a pool, spa, fire pit, fitness center and an entertainment area with game rooms, a movie theater and a lounge. Cohen Freedman Encinosa designed the complex. In addition, Stiles has plans to renovate its 65,000-square-foot University Shoppes, which is adjacent to One Plantation. Construction is slated to begin later this spring. Both projects are scheduled for completion in the third quarter of 2013.
TAMPA, FLA. — The Department of Veterans Affairs (VA) has selected Duke Realty to develop and serve as general contractor for a $30 million, 106,000-square-foot primary care clinic, located at Hidden River Corporate Park in Tampa. The two-story facility will offer primary care services, radiology, women's wellness and mental health services, as well as a pharmacy. Construction is slated to begin in August 2012, with completion expected in December 2013. The VA will rent the space from Duke Realty and will fully occupy the building by February 2014. Minneapolis-based HGA is the architect for the project.
ARLINGTON, VA. — Insight Property Group has broken ground on the $25 million, 67-unit Grayson Flats Arlington, a 67-unit luxury apartment building located at 1200 N. Rolfe St. in Arlington. Amenities will include a courtyard with open cabanas, a fire pit, bocce lawn, fitness center, lounge with a kitchen and bar, a cyber cafe, Wi-Fi, and a billiards area. Completion is slated for October 2012. Bethesda, Md.-based Buevermo Investments is the equity partner for the project, Clark Builders Group is the general contractor, and Lessard Design and Preston Partnership designed it. Cardinal Bank provided a $19 million construction loan. Bozzuto Management will lease and manage the property upon completion.
ARLINGTON, VA. — The Arlington County Board has approved the site plan for a 200,000-square-foot mixed-use development, located at 3901 N. Fairfax Dr. in Arlington. The property will include retail and office space, as well as a 13,000-square-foot performing arts theater and a conference center. Avison Young has been selected to lease the property, which is slated for completion in early 2014.
LONGWOOD, FLA. — A 62,198-square-foot auto dealership, located at 2925 N. Hwy. 17-92 in Longwood, has sold for $2.17 million. Bill Parke of Colliers International's Orlando, Fla., office represented the seller, FLTVT Dealership Property, in the transaction, and Sher Tolan of Orlando-based Southern Commercial Real Estate represented the buyer, Ramy Properties.
Memphis, home of the Blues and Elvis Presley’s “Graceland”, is the largest city in the state of Tennessee with a population of 676,646. Tourists are drawn to the downtown Memphis entertainment district, anchored by the world famous Beale Street, NBA basketball with the Memphis Grizzlies, and AAA baseball’s finest ballpark, home of the Memphis Redbirds, the St Louis Cardinals farm team. Coming soon is Bass Pro Shop’s gaming retail store and museum, which will attract outdoors enthusiasts. With more than 50,000 people working in the medical industry, Memphis is internationally recognized for its contribution to the medical field. Located in the Medical District, is St. Jude Children’s Hospital, ranked the No. 3 children’s cancer hospital in the country by U.S. News, Le Bonheur Children’s Hospital nationally ranked in many different specialties, the Regional Medical Center of Memphis, one of the top trauma centers in the country and the University of Tennessee Center for Health Science. With its centralized location in the middle of the country, Memphis is the home of many distribution facilities and hubs, most notably FedEx as well as other Fortune 500 companies. The Memphis Chamber of Commerce expects to add more than 7,000 new jobs in 2012. …
As 2012 begins the Louisville retail market continues to positively move forward. The energy and optimism in the national markets is well reflected in the city with new tenants entering the area for the first time and a variety of locals, regional and national players looking to expand. The greatest challenge currently in the market is the scarce availability of quality space which is hindering some retailers’ entry into the market today and could seriously affect future growth. Fall 2011 saw Guitar Center, Nike Factory Store and Trader Joe’s all opened in Shelbyville Road Plaza in the city’s main retail core, St. Matthews. While the influx of new tenants is positive, the ownership still must re-tenant vacant boxes left by Circuit City, Wild Oats and Border’s Books. Most recently, Anthropologie announced that it would join Macy’s, Sear’s and Von Maur at Oxmoor Mall further solidifying Oxmoor as the city’s premier upscale shopping destination. Mall St. Matthews continues to be well occupied while appealing to a slightly younger clientele. Other new additions to St. Matthews trade area include Mellow Mushroom Pizza, Tin Roof and Bruegger’s Bagels. The biggest news in the northeast segment of the trade area was the $78 million …
CARROLLTON, GA. — A public-private venture between the University System of Georgia Board of Regents and the University of West Georgia Foundation has plans to build a $26.5 million housing and dining complex at the University of West Georgia. RA-LIN and Associates has been selected to provide construction management services. The architect is Atlanta-based HADP. Two existing residence halls, Downs Hall and Boykin Hall, will be razed as well as the Art Annex building. These structures will be replaced with two new residence halls totaling 460 beds and a 30,000-square-foot dining facility with seating for 320. Plans also call for construction of office space for university housing and residence life staff within the dining facility. In addition, Bowdon Hall, a 290-bed residence hall, will be renovated to include ADA accessibility, updated bathrooms, wireless Internet and other improvements. Construction is scheduled to begin in July with a completion target of August 2013.
