ATLANTA — Georgia State University has opened an 87,000-square-foot freshman residence hall at the corner of Piedmont and Edgewood avenues in Atlanta. The $15.7 million property features 107 suites, which can accommodate 325 students. Each room contains cable and Internet connections, and lounges outfitted with a 50-inch television can be found on each floor.
HUNTSVILLE, ALA. — Rosemont, Ill.-based McShane Construction Co. has completed vertical construction of the 62,500-square-foot Defense Acquisition University, which broke ground this spring. The property is located on 10 acres in the Thornton Research Park at 7115 Old Madison Pike in Huntsville. Triad Properties Corp. is developing the property to LEED certification for the General Services Administration. The building will encompass 13 classrooms, offices and a fitness center. Completion is slated for next January.
PAWLEYS ISLAND, S.C. — Edens & Avant has sold the 40,200-square-foot Pawley’s Crossing shopping center to Charleston, S.C.-based Tamsberg Properties for an undisclosed amount. The property is located at 9380 Ocean Highway in Pawleys Island and is fully occupied. Pawley’s Crossing, which is anchored by a 33,000-square-foot Food Lion, houses Groucho’s Deli, Nail Club, Ocean Dragon Chinese Restaurant and Sun Spirits. Mike Burkard, Brian Purcell and Steve Shields of CB Richard Ellis’ Charlotte, N.C., office represented Edens & Avant.
VERO BEACH AND POMPANO, FLA. — Dallas-based Balfour Beatty Construction will undertake two upcoming construction projects at educational institutions in Florida. The firm is planning to break ground next spring on the Harbor Branch Oceanographic Institute in Vero Beach for Florida Atlantic University. The LEED Silver property will include research labs, offices and a conference area. Balfour Beatty will also build a 5,000-seat stadium for Blanche Ely High School in Pompano. The stadium will include a turf field, a polyurethane track, a restroom and concession booths.
Buoyed by its proximity to Washington, D.C., and the resulting presence of multiple government installations — as well being the East Coast’s farthest inland sea port — Baltimore enjoys a marginal insulation from the global economic slowdown. The Social Security Administration, the Health Care Financing Administration, the National Security Agency, Ft. Meade and Aberdeen Proving Ground are all federal government outfits in the area that employ Marylanders at well above average salaries. These agencies require significant private contractor support which, in turn, supplies even more well paying jobs. Baltimore, however, is not immune to the credit crunch. At approximately 190 million square feet of space, Baltimore’s industrial market has seen some recovery at the end of the second quarter. Leasing is up half a percent from last quarter, settling at an overall vacancy rate of 10 percent. With asking rates hovering just shy of the $5 triple-net mark, developers have sharpened their pencils a bit after sitting on recently-delivered product in a market that was flooded with new construction for most of 2008. Asking rates were previously based on construction costs and projections that were developed during the boom times of 2006 and 2007. The tenant has become king, with …
NORFOLK, VA. — Norfolk Housing has obtained a $44 million construction loan for its 307-unit The District at ODU student housing facility, which is slated for completion in June. Located near Old Dominion University and East Virginia Medical School in Norfolk, the four-story property will house 909 students. Amenities include a swimming pool, a fitness center and a computer lab. The loan carries an interest rate of less than 4 percent and will convert to a 10-year mortgage with an interest rate of less than 7 percent when construction is complete. Philadelphia-based NAI Bluestone Real Estate Capital arranged the loan.
GREENVILLE, S.C. — Greenville New Markets Opportunity has provided more than $8 million in financing toward the 60,000-square-foot NEXT Innovation Center project being planned by Greenville-based Hughes Development Corp. The center is located in a rehabilitated building in Greenville and will initially employ 114 construction workers. When the property is up and running, 336 employees will staff the center. GNMO’s below-market financing is being combined with debt and equity provided by Carolina First Bank.
WEST PALM BEACH, FLA. — Two Florida-based private investors have sold the 94-unit Haverhill Garden Apartments to an undisclosed Wellington, Fla.-based buyer for $4.26 million. The six-building property is located at 1909 Haverhill Rd. in West Palm Beach. Daniel Cunningham and Derek Gibbs of Marcus and Millichap’s Fort Lauderdale, Fla., office brokered the sale.
DORAVILLE, GA. — S&P Investment, also known as Central Pipe and Supply, has signed a lease expansion and renewal with ProLogis for 90,317 square feet of warehouse space. The property is located at 4164 Northeast Expressway in Doraville. The company originally leased 20,000 square feet in the warehouse in 2001. Ed Riggins of CresaPartners’ Atlanta office represented the tenant. Jeff Lucas served as in-house representation for ProLogis.
CHESAPEAKE, VA. — The U.S. Coast Guard has leased a 42,697-square-foot former Circuit City from an undisclosed landlord for a Coast Guard Retail Exchange store. The property is located at 1589 Crossways Blvd. in Chesapeake. The store, which is slated for a late October grand opening, will encompass a 3,500-square-foot electronics department, a 4,000-square-foot men’s department and a 4,500-square-foot women’s department. Virginia-based S.L. Nusbaum Realty Co.’s Tommy Drew and Thalhimer’s Troy Parker represented the tenant in the lease.