LOUISVILLE, KY. — Canton, Mass.-based Baskin-Robbins has outlined a plan to open more than 20 new stores in Louisville and surrounding counties. The company is currently searching for franchisee candidates. The ice cream purveyor currently oversees three stores in the Louisville area and operates nearly 2,700 stores throughout the country.
Southeast
RICHMOND, VA. — Chesapeake, Va.-based LTD Management Co. and Forest City Commercial Development have completed the 151-unit Hyatt Place Richmond Airport. The hotel is located in The Shops at White Oak Village at 4401 S. Laburnum Ave. in Richmond. The property features a wine and coffee café, a TV den and an e-room in the lobby. The Richmond hotel, one of 143 Hyatt Place properties throughout country, is the first of four projects to be developed by LTD Management and Forest City.
SAN JUAN, PUERTO RICO — Nordstom and Saks Fifth Avenue have signed letters of intent to anchor the Plaza Internacional shopping center. The Puerto Rican property is being developed by Bloomfield, Mich.-based Taubman Centers and San Juan-based New Century Development. In addition to 650,000 square feet of retail space, the development will include a hotel and a casino.
These haven’t been the easiest times to maintain optimism or even a somewhat sunny outlook, which is a crucial characteristic for those of us who lease office properties in Atlanta or anywhere else in the United States. Everywhere we turn, we’re constantly pounded with negative economic news as the pillars of American industry teeter and equity markets gyrate. But unlike the frozen credit markets, at least the reeling equity markets aren’t completely stagnant. We’re starting to see signs of life, and the main question on everybody’s mind is have we hit bottom? Let’s hope so. There are a few early indicators pointing up, and long-term prospects suggest that metro Atlanta can maintain the growth that transformed the city during the past 30 years. First, Jones Lang LaSalle research has found that metro Atlanta’s office markets, including sublease space, absorbed 182,432 square feet in the first quarter of this year. That would’ve been a bad quarter in 2006, but coming off a year where the office market had negative net absorption of more than 850,000 square feet, we’ll take it. Unfortunately, the urban markets — Buckhead, Midtown and Downtown — posted negative net absorption of 47,640 square feet in the first …
CORAL GABLES, FLA. — A group has invested $900 million into a depository institution in order to acquire Coral Gables-based BankUnited from the Federal Deposit Insurance Corp. The investors, led by John Kanas, include funds advised by The Blackstone Group, The Carlyle Group, WL Ross & Co. and Centerbridge Partners. The FDIC acted as BankUnited’s receiver and sold the company’s operations, deposits and assets. Kanas, a 35-year industry veteran, will serve as chairman and CEO of the new financial institution, which will retain the BankUnited name. Bank of America Merrill Lynch Securities and Skadden, Arps, Slate, Meagher & Flom advised the investor group and the new management of BankUnited. Simpson Thacher & Bartlett and Wachtell, Lipton, Rosen & Katz also served as advisors.
ORLANDO, FLA. — A joint venture between Duke Realty Corp. and CB Richard Ellis Realty Trust has purchased a joint venture interest in the 100,924-square-foot Celebration Office Center III from Duke Realty Corp. for an undisclosed price. The property is located in the Celebration Office Center adjacent to the Walt Disney World Campus in Orlando. The three-story, Class A building will serve as the headquarters of Disney Vacation Development. Mike Davis and Rick Brugge of Cushman & Wakefield’s Tampa, Fla., office represented the seller.
SARASOTA, FLA. — CORE Construction Florida has broken ground on the 84-unit DeSoto Palms senior housing complex. The property is located on DeSoto Road in Sarasota. An investment group headed by Intracoastal Medical Group doctors is funding the $13 million project. Delivery is expected in February 2010.
MIAMI GARDENS, FLA. — Brooklyn, N.Y.-based MarJam Supply Co. has signed a 10-year lease with Boston-based TA Associates valued at $4 million. MarJam will occupy a 65,518-square-foot warehouse, located at 475 N.E. 185th St. in Miami Gardens. This is the company’s first location in Florida, and the firm will hire 20 employees to staff the space. Harry E. Wardell, Steven J. Medwin and Nick Wigoda of Lincoln Property Co.’s Miami office represented the tenant. Brian Smith, Wayne Ramoski and Audley Bosch of Cushman & Wakefield’s Miami office represented TA Associates.
TALLAHASSEE, FLA. — Envision Credit Union has purchased a 3,500-square-foot KFC store from an undisclosed seller for $1.8 million. Located on 0.67 acres at 3519 Thomasville Rd. in Tallahassee, the property is adjacent to the site of a proposed Publix. The buyer is planning to convert the restaurant into a credit union branch. Ted Bollmann and Chris Marino of Tallahassee-based Sperry Van Ness|SouthLand Commercial represented the buyer.
ORLANDO, FLA. — Orlando-based WindCrest Development Group will soon break ground on Aloma Walk Commercial Ventures’ 88,000-square-foot The Shoppes at Aloma Walk. Located at the intersection of Aloma Avenue and State Route 417 in Orlando, the complex will be anchored by a 46,000-square-foot Publix. Orlando-based Cuhaci & Peterson Architects provided design services. The property is expected to open next summer.