RALEIGH, N.C. — Regency Centers and Cary, N.C.-based WelCor Development will break ground Wednesday on the $20 million Market at Colonnade, located at the intersection of Six Forks Road and Colonnade Center Drive in Raleigh. The project will include a 40,000-square-foot Whole Foods Market and 17,000 square feet of additional retail space. Market at Colonnade was designed to LEED standards and is expected to generate 120 construction jobs and 160 permanent jobs. Delivery is slated for 2011.
PALMETTO BAY, FLA. — Master Builders of South Florida has broken ground on the Palmetto Bay Village Hall in Palmetto Bay. Designed by Boca Raton-based JMWA Architects, the property will be built to LEED Gold specifications. The two-story building will include offices for the mayor, the village commissioners, the police department and other village government departments. Completion is slated for November.
COLUMBIA, TENN. — Charles Warner of Baker Storey McDonald Properties has brokered Realty Income Corp.'s sale of a 7,500-square-foot former Hollywood Video location to Aaron's Inc., part of a three-property deal valued at $2.06 million. The building, located at 803 S. James Campbell Blvd. in Columbia, will be converted into a Aaron Rents store. The other stores are located in Arkansas and Ohio. Warner, with the help of the firm's Sheldon Griffen, has also brokered BSM Creekside's sale of a 2,500-square-foot building formerly occupied by Regions Bank to Kroger Limited Partnership I for $735,000. The property is located at 1000 S. James Campbell Blvd.
MIAMI, FLA. — Miller Construction Co. has completed a $43 million renovation of the Omni International Mall in Miami, creating The Omni Offices from 320,000 square feet of retail space. Phase two of the project, which is being developed by Argent Ventures, calls for an additional conversion of 280,000 square feet of retail space. The project features green construction aspects, including the use of low-emission glazing and heat-reflective roofing. The Government Services Administration has leased 28,000 square feet in the new space.
ORLANDO, FLA. — BRI 1827 Mosaic has purchased 248 units in the 451-unit Mosaic at Millenia condominium complex from an undisclosed seller for $14.8 million. The 7-year-old property, which is 97 percent leased, is located at 3705 Conroy Road in Orlando. When the complex was converted from apartments to condominiums in 2006, units were selling for $240,000 to $285,000; BRI's purchase price translates to $59,677 per unit. Bob Dockerty and Chris Caveglia of Dockerty Romer & Co. brokered the sale.
WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.
FORT MYERS, FLA. — Stevens Construction will break ground this spring on the 10,440-square-foot Collins Vision Center in Fort Myers. The property will be located at 6900 International Blvd. and will include eight exam rooms, two orbital scan rooms, a reception area and offices. The project, designed by Christopher Lee Architects, is slated to deliver late this year.
MONROE, GA. — An Atlanta-based private investor has sold a Monroe Rite Aid to an Atlanta-based buyer for $1.52 million. Located at 703 W. Spring St., the property is NNN leased to Rite Aid for another 7 years. The sale also included 1.57 acres of land. Tim Giambrone of Marcus & Millichap's Atlanta office represented the seller.
PENSACOLA, FLA. — Sandspur Development is gearing up to start construction on Airport and 12th, a $24 million mixed-use project, in Pensacola. Located at the intersection of Airport Boulevard and 12th Avenue, the property will feature 11 acres of office and retail space as well as a 127-room Hyatt Place hotel. SMB Architecture designed the development.
ST. PETERSBURG, FLA. — Greystar Real Estate Partners and The Praedium Group have purchased the 631-unit Lincoln Shores apartment complex from a private party for an undisclosed amount. The transaction was made using the joint venture's Praedium Fund VII, a $900 million equity fund. The property is located on more than 52 acres on 4th Street North in St. Petersburg.
