ORLANDO, FLA. — Altamonte Springs, Fla.-based Roger B. Kennedy Inc. has completed construction on the 40,000-square-foot Avalon Office Building, located in the Avalon Park community in Orlando. The $4.8 million project was designed by Orlando-based SchenkelShultz Architecture.
Southeast
GREENSBORO, N.C. — Ten retailers have pledged to join the 1.3 million-square-foot Friendly Center, located near Holden Road in Greensboro. Custom Diamond Creations, SportClips, WineStyles and AT&T Mobility have already opened, with Oreck, Poblano’s and Yankee Candle set to open in October. Carter’s and Williams-Sonoma will follow in November, and Anthropologie is planned for a January 2009 delivery. The new tenants join Belk, Macy’s, Sears and a host of others already housed in the center.
MORRISVILLE, N.C. — Raleigh, N.C.-based JDavis Architects and Fairfax, Va.-based Dewberry have completed the $32 million Grace Park, a mixed-use community located at the intersection of Morrisville Carpenter Road and Davis Drive in Morrisville. The project includes 250,000 square feet of residential space broken up into apartments, two-story brownstones and townhomes. A proposed 87,0000 square feet of retail and restaurant space will house tenants such as Starbucks Coffee, Quiznos Sub, Salon SOS, Dairy Queen, Buffalo Wings and Rings and Anytime Fitness.
MIAMI — Carlisle Development Group and Carrfour Supportive Housing have completed renovations to the Royalton, located at 131 S.E. 1st St. in Miami, turning the historic hotel into a 100-unit apartment complex. The property, which was built in 1923 and cost $18.5 million to renovate, will accommodate formerly-homeless citizens with fully-furnished apartments. Monthly rents range from $167 to $622 based on income. Amenities include wireless Internet, a computer lab and laundry facilities.
SARASOTA, FLA. — RockBridge Capital has closed a $14.2 million loan for Naples, Fla.-based White’s Lodging’s development of a 114-room Hyatt Place, located across from Sarasota International Airport’s main entrance in Sarasota. Hotel amenities include a wine/espresso bar and a guest kitchen.
VILLA RICA, GA. — Damon Reed of Capmark’s Birmingham, Ala., office has arranged a $4.8 million fixed-rate loan for the acquisition of the 96-unit Arbor Bend Apartments. The complex, located at 200 Industrial Blvd. in Villa Rica, comprises six two-story buildings and features a swimming pool and a clubhouse. Capmark’s 7-year loan comes with a fixed interest rate during the first 6 years of the loan and a 30-year amortization schedule. The property is currently 95 percent occupied.
WILLIAMSBURG, VA. — Patriot Development Associates has sold 8,962 square feet of office space, located at 5388 Discovery Park Blvd. in Williamsburg, to Robert Yancey and Alcove Corp. for $1.83 million. The space is comprised of multiple office condominiums in the 24,000-square-foot Patriot Park Business Center. GVA Advantis’ Jay Joseph represented the seller, and Mike Putt of Old Point Realty represented the buyer.
VALDOSTA, GA. — Skanska USA Building has broken ground on a new 122,141-square-foot student union center, located at the intersection of Baytree Road and North Oak Street on the campus of Valdosta State University. The $43.2 million project includes construction of the three-story building and demolition of existing structures. The property is being designed by Ellis, Ricket and Associates and will house a theater, bookstore, dining room, kitchens, offices and a multipurpose room. Delivery is scheduled for December 2009, and the facility will open in January 2010.
WOODBRIDGE, VA. — Catons Ridge Office Park LLC has broken ground on the 200-unit Fairfield at Catons Crossing, part of the 400,000-square-foot Catons Crossing mixed-use project located in the Potomac Mills area of Woodbridge. The apartment complex will encompass six four-story buildings, and amenities include a clubhouse and a pool.
WEST PALM BEACH, FLA. — Rendina Cos. has broken ground on its three-building, 100,000-square-foot University Centre development, located at the intersection of U.S. 441 and Belvedere Road in West Palm Beach. South University has signed a 10-year lease for the 40,000-square-foot first building and 30,000 square feet of space in the second property. The university will occupy the site in fourth quarter 2009, taking advantage of the building’s amenities, which include large lab space, lecture halls, a library and seminar rooms.