ATLANTA — As a byproduct of the recession, The Home Depot will close 34 EXPO Design Center stores in Florida, Georgia, Maryland, Virginia and other nationwide locations during the next 2 months. In addition, the company will shutter five YardBIRDS stores, two Design Center stores and seven HD Bath locations. The closures will affect 5,000 workers. This decision does not apply to traditional “orange box” stores.
Southeast
BIRMINGHAM, ALA. — Brokers at CB Richard Ellis Capital Markets have secured a $16.87 million loan for the acquisition of the 400-unit The Meadows at Brook Highland Apartments in Birmingham. Financing for the 7-year loan, which carries a 3.2 percent interest-only floating rate and a 30-year amortization, was provided by Freddie Mac. The borrower is planning $1.2 million in exterior upgrades and interior renovations totaling $6,000 per unit. The 22-year-old apartment is 96.3 percent occupied. Keith Braddish and Jason Gaccione of CB Richard Ellis’ New York City office and Robert LaChapelle, Richard Jordan and Matt Forgione of the firm’s Atlanta office closed the deal.
NEWNAN, GA. — Atlanta-based RCG Ventures has purchased the 146,121-square-foot Shenandoah Plaza from Centro Properties for an undisclosed amount. The center is located on Bullsboro Drive in Newnan. The property is anchored by Big Lots, Goodwill, Dollar General and HOV Services. Van Barron of BridgePoint Advisors represented the seller, and Jim O’Donnell represented RCG in house.
GARDEN CITY, GA. — Officials in Garden City are working with private developers on the 40-acre Town Center, an 800,000-square-foot mixed-use development located on Dean Forest Road in Garden City. The development will feature a new 33,000-square-foot city hall, which will deliver in August; the 10,500-square-foot Georgia Public Safety Training Center Regional Police Academy, set to open in late 2010; and the relocated city visitors’ center, the Dotson House, which will re-open in late 2009. Additional proposed buildings include a West Chatham library branch and a 20,000-square-foot Fire Administration Building. The project also includes a planned beautification of Dean Forest Road.
BUFORD, GA. — Colorado-based Plaza Mall North 08B Junior has purchased an 80 percent ownership in Phase I of the 96,960-square-foot Plaza Mall of Georgia from a local developer for $19.88 million. The property is located at the intersection of State Route 20 and Gravel Springs Road in Buford. Tenants include LA Fitness, Shogun Steak & Sushi and Bonefish Grill. Neal Pringle and Mark Cooley of Atlanta-based The Shopping Center Group represented the seller.
ROBBINS, N.C. — Sayerville Plaza Associates has purchased the 45,577-square-foot Robbins Town Centre from Greensboro, N.C.-based Robbins Centre LLC for $3.5 million. The Robbins property is anchored by Lowe’s Foods and Dollar General. Victor John of Columbia, S.C.-based NAI Avant brokered the sale.
RESTON, VA. — Reston, Va.-based Calkain Cos. has formed the Calkain Opportunity Services (COS) division. COS was created to evaluate options for landlords of net leased investments and help with determining options for investment. The newly formed division focuses on 1031 exchanges, debt workouts, restructuring and reorganizations, litigation and dispute resolution and expert witness litigation support. COS works with landlords, banks, attorneys, multimember ownership structures and other stakeholders involved in an asset or portfolio of assets. Todd Harrison has been hired as managing director of COS and is charged with oversight of the new division and its operations.
RESTON, VA. — James Brennan, former vice president with Wachovia Exchange Services, is opening ES Group LLC, a 1031 exchanged qualified intermediary headquartered in Reston. ES Group’s new model ensures transparency in 1031 exchange accounts. Additionally, the company will work with banking institutions and credit unions in providing 1031 exchange services to its clients without having to pay a fixed cost of starting a qualified intermediary department. ES Group will be one of the only full-service full-time qualified intermediaries based in the Mid-Atlantic.
JACKSONVILLE, FLA. — Trammell Crow Co. and ING Clarion have finished construction of a 260,000-square-foot parts distribution facility for Volkswagen Group of America. The property, located in the Perimeter West Industrial Park in Jacksonville, will service 118 dealers throughout the Southeast. The warehouse features 30-foot ceiling heights, a 45,000-square-foot parts mezzanine and 10,000 square feet of office space. Volkswagen has leased the facility on a 15-year term.
PARRIS ISLAND, S.C. — The St. Louis division of Walton Construction will break ground on the $25.3 million Parris Island Barracks Complex this month. Completion is slated for November 2010. The facility will house all Marine recruits east of the Mississippi. Features of the project, which is to be constructed to Silver LEED specifications, include a three-story barracks, a headquarters training complex and a mechanical plant. VOA Associates and the New Orleans division of Walton Construction will help with the development.