Southeast

AMELIA ISLAND, FLA. — Walchle Lear Multifamily Advisors has brokered the sale of 160 units in the 224-unit Cottages at Stoney Creek Condominium between the developer and a private buyer for $68,000 per unit. The property is spread across 80 acres on Stoney Creek Parkway in Amelia Island. The 28 two-story buildings feature two- and three-bedroom units. Bart Walchle, Steve Lear, Erik Bjornson and Batey McGraw of Walchle Lear Multifamily Advisors represented the seller in the transaction.

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FLORIDA — Deerfield Beach, Fla.-based SIKON Construction has started work on three Target renovations in the Miami area. The company will convert the spaces to Target's P-Fresh concept. The stores are located at 7795 SW 40th St. and 1407 Biscayne Blvd. in Miami and 8350 S. Dixie Highway in Dadeland. These three stores, the first of nine planned renovations, will

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Increasing vacancies mean increased worries for Atlanta’s commercial property owners, but also more options for the city’s tenants. How soon will the market regain some stability? Office The big uncertainty facing the 125 million-square-foot and 22 percent-vacant Atlanta office market in 2010 is whether or not increased leasing activity will outpace recession-induced tenant downsizing/rightsizing and result in occupancy growth. On the demand side, the approximately 1.5 million square feet of leases signed during fourth quarter 2009 represented a nearly 30 percent drop from the previous quarter. Notable transactions inked include those by KPMG, with a multi-floor renewal at SunTrust Plaza in downtown Atlanta. In Buckhead, SunTrust Robinson Humphrey decreased its footprint, renewing 92,000 square feet at Atlanta Financial Center. In the suburbs, Cox Enterprises committed to approximately 95,000 square feet at 9000 Central Park, with its subsidiary, AutoTrader, in negotiations at 3003 Summit Blvd. for up to 400,000 square feet. Meanwhile, increasing vacancy and downward pressure on rental rates are luring tenants into the market to search for deals. Major tenants checking out Atlanta space at the start of 2010 included Alston & Bird, with a 400,000-square-foot requirement; Kilpatrick Stockton (240,000 square feet); and an unnamed corporate relocation, dubbed “Project …

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BONITA SPRINGS, FLA. — Bonita Springs Fire Control and Rescue District has finished the development of the 8,688-square-foot Fire Station No. 5. The property, which is located on West Terry Street in Bonita Springs, is designed to withstand 130-mph winds. Fire Station No. 5 features living quarters, which includes space for 10 people, an exercise room, a dining room and an office area. Gora/McGahey Architects designed the project.

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MACON, GA. — McShane Construction Co. is planning a 100-unit renovation project for Felton Homes Apartments. The property, located at the intersection of Felton Avenue and Sessions Drive in Macon, will be the redevelopment of a 77,088-square-foot duplex community situated on 11.5 acres. Felton Homes was originally built as military housing in 1941 and was converted to public housing in 1955. The redevelopment will be designed to Enterprise Green Communities standards.

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ATLANTA — Coro Realty Advisors has acquired the 256,712-square-foot Midtown Place shopping center on behalf of JH Holdings from a private buyer for an undisclosed amount. The property, which was built in 1999 by The Sembler Co., is located at the corner of Ponce de Leon and Lakeview avenues in Atlanta. Tenants housed in the center include Borders, Home Depot, Whole Foods, Staples and PetsMart.

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GLEN BURNIE, MD. — NorthMarq Capital has arranged a $9.7 million loan for the 265,000-square-foot Arundel Plaza in Glen Burnie. The property houses Giant Food and Lowes Home Center. PPM Finance provided financing for the 5-year loan, which carries a 25-year amortization schedule. Gary McGlynn of NorthMarq's Washington, D.C., office and Joseph Burke of the firm's Baltimore office secured the loan.

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