MARTINSBURG, W. VA. — Birmingham, Ala.-based AIG Baker Shopping Center Properties will open the 420,000-square-foot The Commons shopping center in July. Located at the intersection of Interstate 81 and Route 45 in Martinsburg, the $65 million property spans 50 acres. Tenants will include Target, Dick’s Clothing and Sporting Goods, Best Buy, Books-A-Million, PetSmart, Staples, Michaels, T.J. Maxx and Bed Bath and Beyond.
MONTGOMERY, ALA. — Ronen Abergel of Arbor Commercial Funding’s New York office has secured a $32.35 million loan for the 520-unit Vintage Pointe apartment complex. The property is located at 5600 Carmichael Rd. in Montgomery. The 10-year loan was financed under the Fannie Mae DUS MBS ARM product line. It carries a 6.11 percent interest rate and a 30-year amortization.
WASHINGTON, D.C. — Washington, D.C.-based ICG Properties and Castleton Holdings are slated to redevelop the 50,000-square-foot office building at 1050 31st St. in Washington. The five-story building was previously occupied by the American Trial Lawyers Association. The companies are considering turning the property into a hotel or leasing the space to office users or high-end retail tenants.
ORLANDO, FLA. — The Orlando office of the The Pizzuti Cos. will begin site work later this year on the 315,000-square-foot Exploration Park, a 60-acre office park on the grounds of the Kennedy Space Center in Orlando. The project, a partnership between Space Florida and NASA, will feature office and lab space and high-bay facilities. A 25,000-square-foot office building, which can be expanded to 50,000 square feet, will be the first property constructed in the multi-phase project. Jones Edmunds & Associates will provide engineering work, O’Brien/Atkins Associates and HuntonBrady Architects will design the park and RUSH Construction will serve as the general contractor.
CHATTANOOGA, TENN. — Graycor Construction Co. will break ground on $63 million worth of buildings for Volkswagen’s new $1 billion Chattanooga facility at the end of April. Graycor will build the assembly and body shops, the technical center and a social area for Volkswagen. More than 60 percent of the job will be sourced to local contractors, and 11 percent will be sourced to minority-owned suppliers.
BOGALUSA, LA. — A privately-held REIT has purchased an 11,945-square-foot CVS/pharmacy from an undisclosed retail developer for $4.15 million. The property is located on Superior Avenue in Bogalusa. Ryan Butler and Brad Moulder of Tulsa, Okla.-based Stan Johnson Co. represented the seller, and the firm’s Gill Warner, Rod Pickney and Chad Byerly represented the buyer.
OAK RIDGE, TENN. — Heritage Center has sold a 132,000-square-foot office building to Cornelius, N.C.-based Manhattan Project, an affiliate of Fulcra Enterprises, for $2 million. The property, Building K1007, is located in the East Tennessee Technology Park in Oak Ridge. Building K1007 was built in 1960 and is currently leased to Bechtel Jacobs Co. The technology park encompasses seven buildings, four of which have been sold to Fulcra in an effort to release government-owned buildings to parties in the private sector. Maribel Koella and Matt Fentress of Knoxville, Tenn.-based NAI Knoxville brokered the sale.
ELIZABETH CITY, N.C. — Los Angeles-based BH Properties has leased a 102,000-square-foot retail property to the U.S. Coast Guard. The building, a former Wal-Mart, is located in the Port Elizabeth Shopping Center in Elizabeth City. The Coast Guard will use the space to store aircraft parts. John Wessling and Bill Overman of GVA Advantis’ Norfolk, Va., office represented the landlord.
RALEIGH, N.C. — Atlanta-based Choate Construction is eyeing a summer completion date for a 107,000-square-foot dormitory building on the campus of Meredith College, an all-women school located at 3800 Hillsborough St. in Raleigh. The property is broken up into 48 four-bedroom and 30 two-bedroom apartments; each unit features a full kitchen, a washer and dryer, private bedrooms and two full bathrooms. The dorm is being built to LEED standards and includes water-saving fixtures and recycled construction materials.
WASHINGTON, D.C. — Marriott’s 218-room Courtyard Washington D.C./U.S. Capitol will open its doors on April 15 in the city’s NoMa district, making it the first hotel in the mixed-use Washington neighborhood. The eight-story property is located at 1325 Second St. N.E. Seven retailers will ultimately move into space in the hotel; Au Bon Pain recently opened on the ground floor. Property features include a green roof, a restaurant and market, 2,800 square feet of meeting space, an indoor swimming pool and a fitness center.