SNELLVILLE, GA. — RJ Griffin and Co. has started construction on a 40,162-square-foot office building on the Emory Eastside Medical Center campus in Snellville. The property, which is being developed by BremnerDuke Healtcare Real Estate, will house a spine center and office space for neurosurgical and endocrine specialists. Construction of the building was necessary because the two other medical office buildings at the site are currently fully occupied. Lyman Davidson Dooley designed the project, which will deliver by July 2011.
Southeast
CHARLOTTE, N.C. — Madison Marquette has purchased an ownership stake in Charlotte's Morrison mixed-use project for an undisclosed amount. The property, which is located in the SouthPark area, was built by Casto Lifestyle Properties in partnership with Grubb Properties. Morrison features 214 apartment units, 121 condominiums and a retail portion that is anchored by Earth Fare Organic Grocer and Barnes & Noble Booksellers. The project's first phase opened in 2006.
NAPLES, FLA. — Neopolitan Ventures has purchased a 25,405-square-foot office from Rambeh for $2.98 million. The property is located at 6610 Willow Park Drive in Naples. David Stevens and Clint Sherwood of IPC brokered the transaction.
LAKE CHARLES, LA. — Cortland Partners is fast at work on the $25 million first phase of the West M Apartments in Lake Charles. The initial phase will contain 222 units on 23 acres of land at 1330 W. McNeese St. Amenities will include an infinity-edge pool, a fitness center, a café and a theater. JH+P Architects of Dallas designed the project, and M&T Capital Realty Corp. provided financing. Future phases will bring the number of apartment units to 330.
LEXINGTON, N.C. — United Furniture Industries has purchased a 362,595-square-foot Stanley Furniture distribution facility from an undisclosed party for $1.14 million. The property is located at 2 Hackney St. in Lexington. Doug Faris of Binswanger's Charlotte, N.C., office brokered the sale.
CHARLOTTE, N.C. — ROEFSCO Exchange has sold a 52,000-square-foot office building to Metrolina Regional Scholars' Academy for an undisclosed price. The building, which was previously a data center, is currently being renovated and will open as a K-8 school in the fall. When renovations are finished, the building will include an art studio, a media lab, a music room, 18 classrooms and a science lab. The property is located on 4.12 acres of land at 5225 Seventy Seven Center Drive in Charlotte. Piedmont Properties' Frank McCleneghan represented the buyer in the transaction.
ATLANTA AND ROSWELL, GA. — The Hayman Co. has sold two Georgia shopping centers for $4.26 million to AT Altus Roswell GA. The 38,937-square-foot Crossing at Roswell traded for $2.16 million. The property, located at 690 Holcomb Bridge Road in Roswell, is 33 percent occupied. In Atlanta, Hayman sold the 33,200-square-foot Shops at Cumberland Place, located on Cumberland Boulevard, for $2.1 million. The property is 30 percent occupied. Elliott Kyle of Shane Investment Property Group represented the buyer in both deals. Transwestern's Jon Kleinberg represented the seller.
BOYNTON BEACH, FLA. — Dizengoff Trading has purchased 106 condominium units in the 160-unit Bermuda Cay complex from an undisclosed party for $8.2 million. The property is located on Woolbright Road in Boynton Beach. CB Richard Ellis represented the buyer.
TAMPA, FLA. — Hillsborough County, Florida, has purchased the 76-unit Cedar Pointe Apartments from Wells Fargo Bank N.A. c/o Berkadia Commercial Mortgage for $1.8 million. The property, which was built in 1986, is located at 5409 Temple Palms Ave. in Tampa. Colliers International Tampa Bay's John Stone and Jason Stanton represented the seller.
The Hampton Roads metropolitan area of southeastern Virginia, named for both the Norfolk-Virginia Beach metro area it encompasses and the body of water that surrounds it, is unlike most other U.S. markets. Its huge military presence, which includes the Air Force, Army, Coast Guard, Marines and the largest Naval base in the world, helps keep this market on an even keel, as do the estimated 6 million people who visit its tourism haven, Virginia Beach, each year. Consequently, this growing market has not been hit nearly as hard by the retail downturn as others. The seven cities that chiefly comprise the Hampton Roads trade area—Virginia Beach, Norfolk, Hampton, Chesapeake, Newport News, Portsmouth and Suffolk—are expected to show a combined population well in excess of 2 million when the 2010 census is tallied, up from 1.6 million at last count. There has been some softening in retail demand. Like elsewhere, landlords have had to re-adjust expectations. Those willing to be aggressive and creative are getting deals done, though certainly not at the same numbers as just 3 years ago. While small businesses seem more willing to look at new opportunities, one overriding issue continues to be tenants’ inability to obtain financing. …