DULUTH, GA. — Brand Properties has broken ground on the 110,000-square-foot One Sugarloaf Centre, a Class A office building located at 1960 Satellite Blvd. in Duluth. Design work was provided by Wakefield Beasley Associates with the goal of attaining LEED certification for the property. The building is 70 percent pre-leased to tenants including Gwinnett Community Bank, Garrard Construction, Wheeler Kolb Management Co. and J.D. Stephens Inc. Delivery is expected in September of next year.
Southeast
JACKSON, MISS. — Grandbridge Real Estate Capital has secured a $4.25 million first mortgage for the 120-unit Forest Ridge Apartments in Jackson. The 10-year loan, which was funded by Grandbridge and sold to Fannie Mae, comes with a low-6 percent interest rate and a 30-year amortization. For the first 5 years of the loan, payments are interest only. Forest Ridge was built in 1973 and is managed by Jackson-based Heritage Properties. Grandbridge’s Paul Harbor originated the loan.
ORLANDO, FLA. —Six Rosen Hotels & Resorts properties in Orlando will undergo a combined $100-$200 million renovation beginning in 2009 and spanning the next 7 years. The 2,700 guest rooms at Quality Inn International, Rodeway Inn International, Quality Inn Plaza and Comfort Inn Lake Buena Vista will undergo refurbishment starting in February. The room renovations will cost $50 million and should be completed by 2011. Rosen will also add 100,000 square feet of meeting space to both the Rosen Plaza and the Rosen Centre, which will deliver in 2012. Finally, officials will build 400-700 additional rooms in Rosen Plaza by 2016. When the renovations are complete, Florida’s Green Lodging status will be pursued for each of the properties.
MIAMI BEACH, FLA. — After an 18-month, $200 million renovation and expansion, the 631-unit Eden Roc is ready for business. The Miami Beach hotel, part of the Renaissance Beach Resort & Spa chain, features a new 21-story Ocean Tower, a renovated lobby with floor-to-ceiling windows and 70,000 square feet of event space. Three new restaurants — the Cabana Beach Club, The Waterfall Grill and Gia Italian Kitchen & Wine Bar — are housed in the property; a fourth restaurant is set to open next year. Lustre, a high-end boutique, has recently opened, and Starbucks Coffee will start serving customers in mid-November. The 21,000-square-foot Spa of Eden will deliver next spring.
NASHVILLE, TENN. — Nashville-based R.C. Matthews has broken ground on a 90,000-square-foot building on the campus of Belmont University in Nashville. When completed in June 2010, the $30 million property will house the university’s pharmacy and physical therapy schools. The building will also include expansion space for the nursing and occupational therapy and the social work and psychology programs. A four-level parking garage will be constructed under the building. Earl Swensson Associates provided design work for the property.
GREENBELT, MD. — Columbia, Md.-based Manekin has completed the 42,300-square-foot Greenbelt Ambulatory Care Center, located at 7300 Hanover Dr. in Greenbelt. Berry Rio & Associates designed the $10 million, Class A medical office condominium. The firm utilized environmentally friendly features such as energy-efficient systems and water-saving fixtures in its design. The property is currently 72 percent sold.
ATLANTA — The Georgia State University Foundation has purchased 3.8 acres at 188 Martin Luther King Jr. Blvd. in Atlanta from an undisclosed party for $6.6 million. The school plans to construct a football practice facility on the site in anticipation of its new football team. The property will include a 100-yard artificial turf field and a 50-yard natural grass field. Space for offices, meeting rooms, a locker room and a weight room will be incorporated into the design. A groundbreaking date has not been set, but officials hope to deliver the property by next fall. The Georgia State Panthers will start Division 1-AA play in 2010.
ARLINGTON, VA. — Chevy Chase, Md.-based JBG Cos. has broken ground on the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The property, which encompasses the two hotels, is being built to LEED standards. Renaissance Crystal City, located on Potomac Avenue in Arlington, will feature 300 rooms, a 10,000-square-foot ballroom and 10,000 square feet of meeting rooms. The 325-unit Residence Inn will feature dishwashers and full-sized refrigerators in each room. Delivery is slated for winter 2010.
TAMPA, FLA. — Helios AR Real Estate Fund I, a $100 million fund managed by an affiliate of the Adler Group, has purchased the 332,582-square-foot Breckenridge Park from Americas Capital Partners. The business park, which consists of Class A office and industrial space spread across 15 buildings, was sold for an undisclosed amount. Matthew Adler of the Adler Group represented the buyer, and Mike Davis of Cushman & Wakefield represented Americas. The property is located at the interchange of I-4 and U.S. 301 in Tampa.
WINCHESTER, VA. — JBG Rosenfeld Retail has purchased a 76 percent interest in Winchester Gateway and Stonewall Plaza from Bruce A. Grffin LLC, the developer of the centers, for an undisclosed amount. Griffin will retain a 24 percent interest in the properties. Located at the intersection of I-81 and Route 7 in Winchester, the 157,000-square-foot Winchester Gateway is anchored by Martin’s Grocery. The center, which is 94 percent leased, also houses PETCO, Fashion Bug, Sonic, Virginia ABC, Starbucks Coffee, Quiznos Subs and Curves. The 119,000-square-foot Stonewall Plaza, which is anchored by a 68,000-square-foot Martin’s Grocery, is located at the intersection of routes 37 and 522 in Winchester. The center is 89 percent leased and is home to Dollar Tree, McDonald’s, Quiznos Subs and Wachovia.