DESTIN, FLA. — Cohen Financial has secured a $26.9 million credit facility for Emerald Grande, a mixed-use development encompassing 48,647 square feet of retail space and 280 condominium units. Located in Destin, the property is anchored by the restaurants Commander’s Palace and Pat O’Brien’s. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing.
Southeast
GRIFFIN, GA. — Milner, Ga.-based Ranew’s Cos. has broken ground on a 60,000-square-foot warehouse on Boyd’s Crossing Road in Griffin. The property will serve as a painting facility for Caterpillar, which is located across the street at Green Valley Industrial Park. The $5 million Ranew’s property is expected to create 50 new jobs. Delivery is set for the third quarter of next year.
RALEIGH, N.C. — Trailwood Building has set a first quarter 2010 target date for the 47,000-square-foot Lynden Centre at Crabtree, a two-story retail project in Raleigh. The property will be built on a previously developed site and will be constructed to Gold LEED standards. Lynden Centre’s environmentally friendly features include solar-heated water and solar-generated electricity, a water cistern for irrigation use and a rooftop garden. Construction will commence when pre-leasing reaches 50 percent. Coldwell Banker Commercial TradeMark Properties serves as the property’s leasing agent.
ATLANTA — NorthMarq Capital has expanded its Atlanta Corporate Solutions office by leasing 3,875 square feet in the Byers Engineering Building. The 89,000-square-foot property is located at the intersection of Georgia 400 and Perimeter Highway in Atlanta. NorthMarq’s move was spurred on by the company’s acquisition of ServicExpress, a transaction that added five new jobs to NorthMarq’s Atlanta operations.
BOYNTON BEACH AND HOLLYWOOD, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed three school renovations totaling $49.5 million. The firm added 84,745 square feet of space to Forest Park Elementary School in Boynton Beach for $26 million. Classrooms, a cafeteria and a computer laboratory will be housed in the addition. Moss has also finished a 44,086-square-foot renovation to Apollo Middle School in Hollywood. Also in Hollywood, the company completed an 18,484-square-foot project at Boulevard Heights Elementary School. Renovating Apollo and Boulevard cost $13.4 million and $10 million, respectively. Moss will finish a $13.2 million project at Peters Elementary in Plantation, Fla., this month.
ORLANDO, FLA. — Brasfield & Gorrie is putting the finishing touches on Florida Hospital Orlando’s 675,000-square-foot Ginsburg Tower. The $270 million tower was originally slated for delivery on November 25 but will start receiving patients Sunday. The property houses the Florida Hospital Cardiovascular Institute, 440 patient beds and an emergency department. Orlando-based HuntonBrady Architects provided design work.
DECATUR, ALA. — Cambridge Investors has purchased the 145,277-square-foot Beltline Plaza from Chase Properties for $9.1 million. The shopping center, which is located on Route 67 in Decatur, was last renovated in 2003. Piggly Wiggly anchors the property, which is fully occupied by Office Depot, T.J. Maxx and Dollar Tree. Jim Koury and Nathaniel Heald of Jones Lang LaSalle’s Boston office brokered the transaction.
DAVENPORT, FLA. — Addison, Texas-based Mattress Giant has leased 83,864 square feet of space in the 396,740-square-foot Park 27 Distribution Center II from an undisclosed party for $5.4 million. Mattress Giant has made Park 27, located on Deen Still Rd. in Davenport, the distribution center for its 123 retail stories throughout Florida. The building, located in the 1.2 million-square-foot Park 27 Distribution Center, is 92 percent leased. York Property Co.’s Jeff York and Dallas-based Jackson & Cooksey’s Reggie Beavan represented Mattress Giant. Kyle Armentrout of Duke Realty represented the landlord.
MULBERRY, FLA. — The Polk County School Board has purchased 19.65 acres of land from Journey Development for $1.32 million. The Mulberry site will be the future location of an 825-student elementary school. The new facility is being built to relive overcrowding in five area schools. Construction is planned for 2011 or 2012. David Hitchcock and Clay Taylor of Coldwell Banker Commercial Saunders Real Estate in Lakeland, Fla., brokered the transaction.
SANDY SPRINGS, GA. — The Sandy Springs City Council has voted 5-1 to purchase an 89,000-square-foot former Target store from an undisclosed seller for $8 million. The 7.75-acre site, located at the corner of Johnson Ferry Road and Sandy Springs Circle, will serve as the new city hall building. Before voting to purchase the property, city officials completed a 60-day due diligence, and the council solicited input from residents. No construction or move-in plans have been made.