MOUNT DORA, FLA. — Stevens Construction has completed work on the 11,052-square-foot Surgery Center of Mount Dora. The property, located at 3710 Lake Center Drive in Mount Dora, includes three operating rooms, a minor procedure room and support areas. Jass Associates designed the space.
It seems like every commercial real estate move made in the Chattanooga office arena is directly related to the industrial market. Landlords, tenants and maybe even some office developers are anxiously waiting for three significant manufacturing facilities to make their mark on the area. The coming Volkswagen plant will spur office growth in a huge way, but a $300 million expansion by the power service provider Alstom and the addition of Munich, Germany-based Wacker Chemie AG’s property in Cleveland, Tennessee, will also jump start the Chattanooga office market. “There’s a lot of industrial activity that’s just starting to really catch its legs. The office is following,” says J. Bryan Rudisill of Chattanooga-based NAI Charter. “There’s going to be support that comes in — lawyers, accountants, engineers — but the office market won’t change over night because of these announcements.” Office transactions, even with a guaranteed influx of industrial facilities, will be slow to pick up, but office development will be even slower due to trouble in the financial markets. Life insurance companies are on the sidelines, and most bigger banks are reluctant to let developers borrow money. The best bet for financing is regional and local institutions, but these banks …
LEESBURG, VA. — Cypress Equities and McLean, Va.-based Kettler have completed the first four buildings of the 335-unit The Metropolitan at Village at Leesburg, part of the 1.2 million-square-foot Village at Leesburg mixed-use project. Village at Leesburg, which is spread across 57 acres, also will include 470,000 square feet of retail and restaurant space and 150,000 square feet of office space. The entire development is slated for a spring 2010 opening.
MELBOURNE, FLA. — The Florida Institute of Technology and Melbourne International Airport are collaborating to build the Florida Tech Research Park on a 100-acre parcel, the beginning of a 20-year partnership between the institutions. The property will be located on NASA Boulevard in Melbourne's Airport Industrial Park. For future expansion, the airport has offered its 500 additional acres in the industrial development. The university's Applied Research Laboratory and the Emil Buehler Center for Aviation Training and Research will be among the development's tenants.
FARRAGUT, TENN. — Horne Properties has sold two Farragut apartment complexes to Sealy Realty for more than $20 million. The 208-unit Lanesborough traded for $15.83 million, and the 72-unit Derby Run sold for $5.37 million. Nathan Swenson, Chris Spain and David Gutting of Cushman & Wakefield's Atlanta office represented Horne Properties in the transaction.
PURCELLVILLE, VA. — Atapco Properties has purchased the 79,100-square-foot Main Street Station shopping center from Zimmer Development Co. for $14.17 million. Located at 1000 E. Main St. in Purcellville, the Giant Food-anchored property is 97 percent occupied. Mike Gorsage and Kate Howarth of H&R Retail Investment Properties brokered the sale.
KNOXVILLE, TENN. — The Knoxville Utilities Board has purchased a 150,000-square-foot manufacturing plant on the east side of Knoxville from General Shale Brick for $3.3 million. The warehouse, which is located on 38 acres next to the Tennessee River, will be used for storage. Coldwell Banker Commercial Wallace and Wallace, Realtors' Jim Simpson represented General Shale Brick. Brad Blackwell of Wood Properties represented the buyer.
MCDONOUGH, GA. — Deere & Co. has leased 402,000 square feet of warehouse space from First Industrial Realty Trust in McDonough. The property is located at 180 Westridge Parkway in the Westridge Distribution Center. Kent Mason and Leslie Fink served as in-house representation for First Industrial.
MELBOURNE, FLA. — SIKON Construction of Deerfield Beach, Fla., will break ground in January on a 45,000-square-foot Publix at Windover Square in Melbourne. The $3 million project is located at 2227 W. New Haven Ave. Completion of the store, which was designed by Orlando, Fla.-based Cuhaci & Peterson, is expected next fall.
FRONT ROYAL, VA. — Rappahannock Electric Cooperative has purchased a 30,000-square-foot warehouse and 5 acres of land in the Kelley Industrial Park in Front Royal from an undisclosed party. The buyer will invest more than $6 million in the property, a number that includes the purchase price and facility improvements. The building will house the firm's Blue Ridge district office and 45 workers. Rappahannock is also expected to purchase an additional 8 acres in the industrial park before the end of the year. Michael Silek of Adams-Nelson & Associates brokered the sale.