RICHMOND, VA. — Malvern, Pa.-based Liberty Property Trust has inked a lease with T-Mobile USA for the 91,752-square-foot Westgate I. Further details of the long-term lease were not disclosed. The property is located at 100 Westgate Parkway in Richmond. Jones Lang LaSalle’s Jim Clarke and Derek Trulson represented T-Mobile in the lease.
HANOVER COUNTY, VA. — The Patrick Group has completed a $2.3 million sale of 6.24 acres of land to Mechanicsville Storage for a future storage facility. The site, located at 6021 Mechanicsville Turnpike in Hanover County, was originally slated for a GM car dealership. The self-storage facility will span 5 acres, and the rest of the acreage will be sold for retail development. John Jay Schwartz of Richmond, Va.-based Have Site Will Travel brokered the sale, and General Land Co.’s Mike Carroll represented the buyer.
To most people, the word Baltimore conjures up images of the city’s vibrant downtown and historic areas, including Fells Point, the Inner Harbor, Federal Hill and Canton. In recent years, a number of significant multifamily developments have contributed to the rejuvenation of these trademark neighborhoods, bringing new households to areas previously dominated by daytime office workers and tourists. Recently completed multifamily projects in Baltimore include The Eden, Elm Street Development’s 270-unit project in Fells Point and The Zenith, Legacy Harrison’s 191-unit tower near Camden Yards. These properties have all leased briskly since opening in mid-2007. Across the Inner Harbor, Mark Sapperstein’s 250-unit project at the McHenry Row mixed-use development promises to be a major catalyst for the Locust Point neighborhood. Baltimore has experienced an unprecedented amount of development activity during the last 5 years, as nearly 3,000 new multifamily units were recently delivered inside the city’s boundaries. The Baltimore region is also home to the Baltimore-Washington Corridor, which runs along Interstate 95 in Howard and Anne Arundel counties, another hot spot that stands to see an even greater volume of construction and investment during the next 20 years. Among the major catalysts for the Baltimore-Washington Corridor’s rapid growth during the …
CLEARWATER, FLA. — Affiliates of Green Courte Partners of Chicago will acquire the Clearwater-based REIT American Land Lease for $438 million, purchasing American Land’s outstanding stock for $14.20 per share. Shares not purchased will be converted into cash. The agreement is expected to close during the first quarter of 2009. Wachovia Capital Markets provided American Land Lease with financial advice and Skadden, Arps, Slate, Meagher & Flom served as legal counsel. DLA Piper provided Green Courte Partners with legal assistance.
PIEDMONT, S.C. — The Greenville Area Development Corporation and Ortec have completed a $7.2 million phased expansion to the company’s Piedmont facility. The recently-completed second phase consisted of a 2,600-square-foot Class 100,000 clean room. The first phase of the project added 2,200 square feet of manufacturing space to the property. With the expansions complete, Ortec will boost its workforce by 30 employees.
DELAND, FLA. — Edwards Construction Services of Ocala, Fla., has completed a 62,870-square-foot manufacturing facility for Intellitec Corp. The $5.2 million property, located in DeLand, encompasses 6,415 square feet of office space, six loading docks and 19,010 square feet of space reserved for future expansion. Edwards also completed infrastructure construction for the project. The 8-acre property was designed by Tampa, Fla.-based Horton Harley Carter.
POMPANO BEACH, FLA. — NRW Soulard has purchased a 12,000-square-foot warehouse from Entegra Roof Tile Corporation–Pompano for $2.2 million. The property sits on 1.98 acres of land at 1201 N.W. 18th St. in Pompano Beach. NRW Soulard will house an aluminum fabrication operation in the building. Randy A. Rauch of NAI Rauch, Weaver, Norfleet, Kurtz & Co. brokered the sale, and Uniweb Commercial represented the buyer.
ORLANDO, FLA. — All Roads has purchased an 8,426-square-foot office building and 31,886 square feet of land from Mid-Florida Pools for $1.03 million. The property is located at 714 Franklin Lane in Orlando. Greg Morrison of Orlando-based Morrison Commercial Real Estate represented the buyer, and Colliers Arnold’s Trevor Hall represented Mid-Florida Pools.
OPELIKA, ALA. — The Korean manufacturer Mando America Corp. recently broke ground on a 431,000-square-foot distribution facility in Opelika, which is set to deliver in July. Plans for the facility include 28,000 square feet of office space and a 403,000-square-foot auto parts distribution center. Mando currently operates 325,000 square feet of warehouse space in the area. Roswell, Ga.-based Randall-Paulson Architects designed the building to include an Asian-influenced steel canopy over the front entrance.
CHESTERFIELD COUNTY, VA. — HNI Corp. has sold 375,811 square feet of warehouse space, located at 11200 and 11300 Old Stage Rd. in Chesterfield County, to Manakin Holdings for $5.3 million. Virginia T’s takes up 208,000 square feet of space in the property, and Jacobson Cos. occupies 51,840 square feet of space. Richmond, Va.-based Grubb & Ellis|Harrison & Bates’ Stuart Cary and Greg Creswell represented the seller, with Bill Mattox and Lewis Little of Harrison & Bates representing the buyer.