Southeast

FIRM BREAKS GROUND ON PUBLIX-ANCHORED SHOPPING CENTER

by admin November 4, 2008

FLAGLER BEACH, FLA. — North American Properties has broken ground on the 88,000-square-foot Beach Village shopping center, located at the intersection of State Road 100 and Roberts Road in Flagler Beach. Anchored by a 45,600-square-foot Publix, the property features 18,000 square feet of retail space and five outparcels. The 16.86-acre development is expected to generate 250 jobs. The center is slated to deliver by next summer. North American Properties is also developing Publix-anchored shopping centers in Sarasota and Vero Beach, Fla., which will open in 2009 and 2010, respectively.

November 4, 2008

37,882-SQUARE-FOOT OFFICE BUILDING SOLD FOR $10.7 MILLION

by admin November 4, 2008

NAPLES, FLA. — PLL Development has sold 37,882 square feet of retail and office space to Charleston Square of Naples LLC for $10.7 million. The property is located at 1400 Gulfshore Blvd. in Naples. Investment Properties Corp.’s David J. Stevens brokered the transaction.

November 4, 2008

Multifamily Southeast

494-UNIT ATLANTA APARTMENT COMPLEX SOLD

by admin November 3, 2008

ATLANTA — BPG Properties has purchased the 494-unit Post Woods from Post Apartment Homes for $52.75 million. The Class B+ community, located 1 mile from the interchange of Interstates 75 and 285 in Atlanta, spans 50 acres and encompasses walking trails and two lakes. BPG Properties will invest $6 million for interior and exterior renovations to the property.

November 3, 2008

Industrial Southeast

BECHTEL CORPORATION RENEWS LEASES FOR 325,879 SQUARE FEET

by admin November 3, 2008

FREDERICK, MD. — Bechtel Corp. has renewed 10-year leases for 325,879 square feet of space in multiple buildings in its Frederick campus. Further details of the leases were not released. CB Richard Ellis’ Meredith LaPier and Andy Cole represented Bechtel in the transaction. The property’s owner, California-based Gateway Franklin, was represented by TA Associates.

November 3, 2008

Industrial Southeast

VIRGINIA BEACH FIRM ACQUIRES WAREHOUSE SPACE, PLANS EXPANSION

by admin November 3, 2008

VIRGINIA BEACH, VA. — Virginia Beach-based ADS has purchased 81,000 square feet of warehouse space on Aviator Drive in Virginia Beach from an undisclosed seller for an undisclosed price. The warehouse will serve as the firm’s primary kitting, assembly and storage operations center. ADS has also acquired 13 acres adjacent to the property for a 160,000-square-foot expansion and plans on hiring up to 15 more employees. Finally, the company will invest $26 million to buy land, buildings, equipment and inventory in the city.

November 3, 2008

Seniors Housing Southeast

BALDWIN PARK RETIREMENT CENTER RENOVATION PLANNED

by admin November 3, 2008

ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.

November 3, 2008

Hospitality Southeast

GEORGIA COMPANY TO BRING 100-ROOM CAMBRIA SUITES TO SUWANEE

by admin November 3, 2008

SUWANEE, GA. —Duluth, Ga.-based Satellite Hospitality Group has signed as franchise agreement with Cambria Suites for development of a 100-room hotel at 1222 Satellite Blvd. in Suwanee. Room amenities include free wireless Internet and LCD televisions. The hotel also features a bistro dining area, a fitness center and a convenience store. No groundbreaking date has been set.

November 3, 2008

Seniors Housing Southeast

GRANDBRIDGE ORIGINATES $318.5 MILLION FOR SENIOR HOUSING PROPERTIES

by admin October 31, 2008

NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.

October 31, 2008

Retail Southeast

FOREST CITY OPENS SHOPPING CENTERS IN FLORIDA AND VIRGINIA

by admin October 31, 2008

WESLEY CHAPEL, FLA., AND HENRICO COUNTY, VA. — Forest City Enterprises and The Goodman Company have opened the 646,000-square-foot Shops at Wiregrass, located at the intersection of State Road 56 and Bruce B. Downs Boulevard. A 150,000-square-foot Dillard’s, a 140,000-square-foot Macy’s and a 98,000-square-foot JC Penney anchor the $156 million center. Restaurant tenants include The Brass Tap, GrillSmith, Moe’s Southwest Grill and Yamato Japanese Steak House. The Shops at Wiregrass is the retail component of the 5,022-acre Wiregrass Ranch mixed-use development. A division of Forest City Enterprises and partner Pruitt Associates have also opened The Shops at White Oak Village. Located at 4500 S. Laburnum Ave. in Henrico County, the $113 million project spans more than 900,000 square feet and 136 acres. Anchor tenants include Target, Ukrop’s, Lowe’s Home Improvement Warehouse, Sam’s Club, JC Penney, PetsMart, OfficeMax and Circuit City.

October 31, 2008

Retail Southeast

RCG VENTURES PURCHASES TWO SHOPPING CENTERS

by admin October 31, 2008

SEVIERVILLE, TENN., AND MACON, GA. — Atlanta-based RCG Ventures has purchased two shopping centers totaling more than 180,000 square feet. The company purchased the 135,491-square-foot Governor’s Crossing from CW Capital for an undisclosed price. The center, located on Collier Drive in Sevierville, is anchored by Books-A-Million and Vanity Fair Outlet. RCG has also acquired the 54,155-square-foot Fall Line Plaza, located on Rocky Creek Road in Macon, from an undisclosed party for an undisclosed amount. Fall Line Plaza is anchored by Piggly Wiggly and Family Dollar. Jim O’Donnell and Parker Blanchard served as in-house representation for RCG.

October 31, 2008

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