CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC will break ground on its $20 million, 196-unit Phillips Swift Creek, located on the corner of Old Apex Road and West Chatham Street in Cary, in the third quarter of this year. Amenities on the 13.2-acre site include a 5,200-square-foot clubhouse, a pool and 2 acres of walking trails. Raleigh, N.C.-based Stewart Engineering’s Ryan Hambleton helped develop the site, and Ken Kite and James Anderson of Atlanta-based The Preston Partnership provided design services.
ATLANTA — Tampa, Fla.-based Amprop Development Corp. has sold a nine-property portfolio to an Atlanta-based investment group for $16.77 million. Each property encompasses 6,300 to 10,500 square feet and is leased to Flowers Bakery. The buildings are located in Perrine, Fla.; Sweetwater, Fla.; Pompano Beach, Fla.; Jacksonville, Fla.; Pembroke Park, Fla.; Opa Locka, Fla.; Sunrise, Fla.; Riviera Beach, Fla.; and Brunswick, Ga. Tulsa, Okla.-based Stan Johnson Co.’s Greg Bond of Team Bond and David Clary of Team Hughes represented the seller and the buyer, respectively.
ALTAMONTE SPRINGS, FLA. — Jaimin and Niven Patel of Marcus & Millichap’s Tampa office have brokered Citi Hospitality LLC’s sale of the 263-room Holiday Inn Altamonte Springs, located at 230 W. Highway 436 in Altamonte Springs, to Jade Hospitality LLC for $9.5 million. The buyers will convert the property to the Clarion Hotel brand.
NASHVILLE, TENN. — Denver-based Amstar Group LLC has begun $1 million in exterior renovations on the 490,000-square-foot, 30-story Fifth Third Center, located at 424 Church St. in Nashville. Part of a $5 million capital improvement plan that started in March, renovations to the 18-year-old property will include installing a new canopy and seating and updating outside lighting, pavement, landscaping and signage. Amstar has also signed tenant renewal leases in the building for 31,000 square feet. Jones Lang LaSalle serves as property manager and will oversee the project, which should be complete by November.
The Memphis apartment market is expected to record mixed performance this year, due to a spike in new inventory and decelerating employment growth. On the demand side, weakness in the housing market is keeping many individuals within the renter pool, boosting retention rates and supporting a modest uptick in tenant demand. Foreclosure activity rose 15 percent in the first quarter, when compared to the same period one year earlier, and is expected to continue this year as more adjustable-rate mortgages reset. Subsequently, apartment demand for Class B and Class C properties should pick up in this year, causing vacancy for the metro’s affordable rentals to improve. On the supply side, development activity is accelerating after 5 years of below-average additions to stock. By year-end, developers are expected to boost inventory by 1.1 percent, or nearly double the 5-year average, pushing vacancy higher while moderating rent gains. Builders have brought approximately 175 new apartment units to the Memphis market during the past 12 months, representing a modest 0.2 percent increase in inventory. One year ago, deliveries had totaled approximately 210 units. Development activity is picking up, as builders have roughly 1,100 units underway in the metro area. As for significant developments, …
ATLANTA — Atlanta-based Piedmont Office Realty Trust recently obtained a $250 million unsecured term loan from a syndicate of 12 banks, including co-lead arrangers and book managers J.P. Morgan Securities and Bank of America Securities. The loan, which will mature on June 28, 2010, and may be extended for 1 year, will help fund property acquisitions. As of March 31, Piedmont has a debt to real estate assets ratio of 25.6 percent.
WINDSOR, VA. — Minneapolis, Minn.-based Ryan Companies US will develop a 300,000-square-foot distribution center for New Hope, Minn.-based Safco Products, allowing the company to better serve customers along the eastern seaboard. The building, located in the Shirley T. Holland Commerce Park at 25400 Old Mill Rd. in Windsor, will serve as Safco’s new East Coast import facility. The project begins Phase II at the Holland development and should be complete by December.
RIVERVIEW, FLA. — Miami-based Adler Group has purchased the 82,120-square-foot Crescent Park I & II, located at 3903¬–4037 Crescent Park Dr. in Riverview, from Cushman & Wakefield for $12.05 million. The single-tenant office building and the multi-tenant flex building are 96 percent occupied. Matt Adler of the Adler Group brokered the sale.
LACOMBE, LA. — Construction is underway on Dallas-based The Cirrus Group’s 45,000-square-foot Louisiana Medical Center & Heart Hospital Medical Office Building, located next to the hospital’s new expansion tower at 64030 Louisiana Hwy. 434 in Lacombe. When the shell is completed in late 2008, the building will house a dialysis clinic and specialty offices for nephrology, hematology and oncology services. Tenants will move in by late March 2009.
WEST POINT, MISS. — Mississippi CVS Pharmacy LLC has sold a 1.86-acre, 11,945-square-foot CVS/pharmacy, located at 750 W. Main St. in West Point, to Florida-based El Cid 60 LLC for $3.73 million. The property has a new 25-year NNN lease with 25 years remaining and options every 5 years. Boca Raton, Fla.-based Realty Associates represented the buyer, and the seller was represented by Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office.