FLOWOOD, MISS. — Southeast Medical Properties I has purchased a 12,000-square-foot building from Cress Realty Group for an undisclosed amount. Located at 2925 Layfair Dr. in Flowood, the property formerly housed Baker Engineering. Southeast Medical plans to turn the space into a medical office facility for University Physicians of Jackson, Miss. Jackson-based Duckworth Realty¹s Breck Hines represented the buyer.
ATLANTA — Gables Residential has signed a full-floor lease at The Lenox Building in Atlanta, located at 3399 Peachtree Rd. in Atlanta. The company has signed a 10-year lease for approximately 21,000 square feet and will move its headquarters to the tower this fall. Gables Residential will relocate from its current headquarters at an office tower in the Vinings section of Atlanta. Billy Hobbs and Jason Jones with CRESA Partners represented Gables Residential in the transaction.
JACKSONVILLE, FLA. — Calkain Companies has procured the $1.1 million sale of a Chick-fil-A ground-lease investment property in Jacksonville. The property at 4461 Southside Blvd. was corporately leased by Chick-fil-A and consisted of approximately 1 acre of land and a 4,202-square-foot building constructed specifically for the fast-food location. Patrick Nutt of Calkain Companies represented the purchaser for the transaction.
MIAMI — Flagler Real Estate Services, the brokerage arm of Flagler, has closed the sale of 26,000 square feet of industrial warehouse space at 15855 NW 13th Ave. in Miami on behalf of Elan International. Elan International plans to occupy the space in October, following the completion of several upgrades, and the location will also serve as Elan's new corporate headquarters. Stuart Gordon and Chris Sutton of Flagler Real Estate represented the buyer, Senaya Holdings, an affiliate of Elan International. Viktoria Telek of Comreal represented the seller, Norman Shapiro, former owner of Sunshine Kitchens, which originally occupied the space.
BOWIE, MD. — Columbia, Md.-based Manekin Construction will break ground on the 80,000-square-foot Bowie City Hall Wednesday with an eye toward completing the development in 15 months. Administrative offices for the city government, as well as the Bowie Police Department, will be housed in the property. The $15 million project will spread across 6.2 acres at the intersection of Excalibur Road and Evergreen Parkway in Bowie. Manekin won the contract after bidding $10 million less than the city’s targeted budget for the property. The city has placed a call for artists to design two structures in the new city hall — a kinetic mobile for the building’s lobby and a working sundial to be placed in the hall’s front courtyard.
JOHNS CREEK, GA. — Roberts Commercial Real Estate Services has purchased the 72,414-square-foot Johns Creek Medical Office Park from Toledo, Ohio-based Health Care REIT for $7.7 million. The eight-building property, which is 53 percent occupied, is located on Johns Creek Parkway in Johns Creek. John Harrison and Paul Aase served as in-house representation for Roberts Commercial. Houston, Texas-based Colliers Appeit Womack represented the seller.
BALTIMORE — A joint venture of The Hampshire Companies and MCB Real Estate has purchased the 45,000-square-foot Church Square Shopping Center from the Baltimore-based construction firm Streuver Bros. Eccles & Rouse for an undisclosed amount. The buyers plan to reposition the property and find a tenant for the center’s 20,000-square-foot anchor space. Hampshire used money from The Hampshire Generational Fund for the purchase.
LAKE MARY, FLA. — Progress Energy has signed a 108,499-square-foot lease renewal with Duke Realty for the entire Northpoint III office building, which is located in Lake Mary’s Northpoint office park. Progress Energy’s subsidiary, Florida Power, has leased the space since 2001. Tampa, Fla.-based The Duncan Cos.’ Ronnie Duncan represented Progress Energy in the lease. Tim Perry served as in-house representation for Duke.
MEMPHIS, TENN. — Rochester, N.Y.-based Broadstone Net Lease has purchased a medical office building in Memphis from an undisclosed party for $3.3 million. DSI Renal Care has a lease on the space until 2027. Broadstone arranged the acquisition using a tax-deferred UPREIT process.
During the past 12 months, the Louisville retail real estate market has proven itself to be full of opportunities as well as challenges. An almost equal amount of developments were completed since the beginning of last year as were put on hold. Likewise, as many stores have opened as have closed, and as many submarkets have thrived as have struggled. In spite of these inconsistencies, the Louisville market finds itself uniquely well-positioned for resumed retail growth as the national economy rebounds. The northeast and east retail submarkets remain extremely stable. Within these markets there are more than 2 million square feet of retail space including some of the city’s premier shopping destinations. The Summit, the city’s only lifestyle center, is more than 98 percent leased with a tenancy that boasts some of the most recognizable names in lifestyle retail and fast casual dining. Likewise, Springhurst Towne Center is more than 90 percent leased with the anchor tenants Target, Meijer, TJ Maxx, Liquor Barn and Dick’s Sporting Goods. The landscape will continue to evolve with the completions of Phase I of Chamberlain Pointe, a mixed-use center, and North Commons, a town center development. St. Matthews continues to be widely considered the …