ATLANTA — The Real Estate Investment Advisory Council has joined forces with Georgia State University’s Real Estate Alumni Group to present events concerning the real estate world. The companies will hold Views from the Green, an annual golf tournament for the alumni association, on November 3 and the Views from the Top event in early January.
Southeast
FREDERICK, MD. — Clemson Corner LLC has purchased 37 acres of land for $6.5 million to develop the 380,00-square-foot Clemson Corner Shopping Center. The property will be located at the intersection of U.S. Route 15 and Maryland Routes 26 and 355 in Frederick. PNC Real Estate Finance provided an acquisition loan and will fund construction of the $29.5 million project. Projected anchors include Wegmans, Lowe’s Home Improvement Warehouse and Marshalls. Delivery is expected in spring 2011.
ANDERSON COUNTY, TENN. — Carter Logistics has purchased the 48,000-square-foot Flowers Bakery property from an undisclosed party for $2.1 million. The warehouse is located on 19 acres in Anderson County’s David Jones Industrial Park and will be used as a cross-dock facility to support Toyota Motor Engineering and Manufacturing North America. Bob Thornton of Baker Realty Co. represented the seller.
GARDEN CITY, GA. — Brad Cox of Thomas D. Wood & Co. has arranged a $4.29 million loan for a 14,490-square-foot Walgreens in Garden City. The property is located at the intersection of Georgia Highway and Minus Street in Garden City. The 24-year loan carries a 7.15 percent interest rate and a loan-to-value rate of 91 percent.
FALLS CHURCH, VA. — The U.S. Government has signed a lease renewal with Carr Properties for more than 113,000 square feet of space in its Suffolk Building office property. The seven-story office building is located at 5611 Columbia Pike in Falls Church. The property was renovated in 2001 and extra security measures were installed in 2005 and 2008. Kurt Stout, Charles Dilks and Keith Lavey of Grubb & Ellis’ government services group brokered the lease.
In the stifling heat of August, the Charlotte office market seemed stagnant and weak. According to Jones Lang LaSalle, Charlotte lost nearly 13,000 jobs in the first two quarters of this year, pushing the unemployment rate to 12 percent. Year-over-year, second quarter office leasing activity fell 32 percent. To further paint a grim picture, Jones Lang LaSalle predicts that downtown Charlotte is in for a double-digit vacancy rate, due to the 2.5 million square feet of office space that will see completion in the next 18 to 24 months. In reality, the future of the Charlotte office market is much brighter than it looks on paper. “At the street level, a lot of brokers remain pretty busy. There are still deals being done; they’re just taking longer,” says Tim Bahr of Charlotte-based NAI Southern Real Estate. It’s also happens to be the tail end of vacation season, and everything, commercial real estate included, is a bit more sluggish during the twilight of summer than during the rest of the year. “This time of year is typically slow, and with the economy, it just seems like that’s amplified things a bit,” he says. The office spaces that are frequently being occupied …
RALEIGH, N.C. — Choate Construction has completed a 134,152-square-foot Class A office building for the headquarters of Genworth Financial’s mortgage business. The property is located on 4.93 acres at 8325 Six Forks Rd. in Raleigh. Ground was broken on the office, which was designed to LEED Gold standards, in August 2008 and construction finished ahead of schedule. Genworth will occupy the entire building.
GREENVILLE, S.C. — Commercial Defeasance has facilitated an $18.9 million defeasance for Wilkinson Real Estate Partners’ refinance of 564 apartment units. The company had originally taken out loans totaling $23 million on three multifamily properties in Greenville. Fannie Mae financed the new transaction.
ORLANDO, FLA. — Supertel Hospitality has sold the 120-room Masters Inn-International Drive in Orlando to Sun Vista Hotels for an undisclosed price. The buyer will renovate the Orlando hotel before converting it to a Best Western. David Mumford, Steve Kirby, Burton Brooks and David Holcombe of the Mumford Co. represented the seller.
VIRGINIA — Morgan Property Group of Fort Lauderdale, Fla., has opened two Walgreens stores in Virginia. The first store is located at the intersection of Boulevard and Dupuy roads in Colonial Heights, and the Manassas store is located at the intersection of Sudley Road and Sudley Manor Drive. Both free-standing properties contain drive-thru windows.