Southeast

LANE STRATEGIC INVESTMENT ACQUIRES 18-STORY MIXED-USE HIGH-RISE IN MIDTOWN

by admin June 23, 2008

ATLANTA — Lane Strategic Investment, a subsidiary of Lane Co., has acquired an 18-story mixed-use development located on Peachtree Street — next to The Fox Theatre — in Midtown Atlanta. The high-rise community includes the 710 Peachtree Apartments and 34,000 square feet of commercial space, which houses three restaurants and a small retail store. The 533-unit apartment building, which will be renamed, includes studio-, two-, and three-bedroom units. Lane Strategic Investment is planning an $8 million renovation of the development, which will include a new street-level façade, as well as upgrades to the commercial and residential spaces. The acquisition price was not disclosed.

June 23, 2008

ECONOMOS PROPERTIES SECURES $46.5 MILLION CONSTRUCTION LOAN

by admin June 23, 2008

FORT LAUDERDALE, FLA. — Boca Raton, Fla.-based development firm Economos Properties has secured $46.5 million in financing for construction of their new 8.5-acre mixed-use development, which is located at the corner of Griffin and Ravenswood roads in Fort Lauderdale. The project, which will cost $65.5 million to complete, will consist of a 157-room Fairfield Inn & Suites by Marriott, 124-room Homewood Suites by Hilton, and 65,000 square feet of Class A office space with 6,000 square feet of retail space on the ground level. HSBC was a participant in the loan. Darryl Robinson, Peter Harrison and Laurel Oswald of Transwestern have been selected to lease the office and retail components of the project.

June 23, 2008

Industrial Southeast

CB RICHARD ELLIS LEASES 538,000 SQUARE FEET TO PROCTER & GAMBLE

by admin June 23, 2008

BELCAMP, MD. — Bill Pellingon of CB Richard Ellis has represented Preston Waters/Urdang Capital in leasing 538,000 square feet of space within an 800,000-square-foot distribution facility to Procter & Gamble. The 30-foot clear tilt-up distribution building, which is located at 4608 Appliance Dr. in Belcamp, sits on 46 acres. As part of the long-term lease agreement, Procter & Gamble has the option to expand to the full 800,000-square-foot facility. Procter & Gamble, which was represented by Colliers International, has leased the space in order to consolidate its regional distribution operations.

June 23, 2008

Multifamily Southeast

CAPMARK FINANCIAL PROVIDES $16 MILLION LOAN FOR APARTMENT COMMUNITY

by admin June 23, 2008

DURHAM, N.C. — Capmark Financial has provided $16 million in fixed-rate refinancing at 5.96 percent for Oak Creek Village Apartments, a multifamily property located at 4230 Garrett Rd. in Durham. Approximately 15 miles northwest of Raleigh, N.C., the property includes 25, two-story buildings totaling 501 units. The 70 percent LTV loan was based on a 9-year term, with interest-only payments for the duration of the loan. Chad Hagwood of Capmark Finance’s Birmingham, Ala., office originated the transaction through the company’s Freddie Mac program. The borrower was an affiliate of RCP General.

June 23, 2008

Industrial Southeast

CROSSDOCK DEVELOPMENT LEASES 404,000 SQUARE FEET TO ALLIANCE ENTERTAINMENT

by admin June 23, 2008

SHEPHERDSVILLE, KY. — Crossdock Development has leased 404,000 square feet of industrial space within the Cedar Grove Business Park in Shepherdsville to Alliance Entertainment. The Kentucky Economic Development Authority has granted Alliance Entertainment preliminary approval for $1.5 million in state tax incentives for up to 10 years. Alliance Entertainment’s new distribution center, which will add 365 full-time jobs to the area, will process 200 million DVDs, CDs, magazines, video games and books annually for retailers throughout the nation. Crossdock Development will add 260,000 square feet of rentable space to the $30 million bulk facility this fall.

June 23, 2008

Healthcare Southeast

NEMOURS ACQUIRES 60-ACRE SITE FOR PEDIATRIC HEALTHCARE FACILITY

by admin June 20, 2008

ORLANDO, FLA. — Nemours, one of the nation’s largest children’s health systems, has acquired 60 acres of land within Lake Nona’s medical city in Orlando to build a pediatric health care facility. The new building, which will be anchored by a 95-bed children’s hospital, is located near the UCF College of Medicine, Burnham Institute for Medical Research and the Orlando Veterans Affairs Medical Center. Skanska USA Building Co. will act as construction manager for the project. Currently involved in planning and designing the facility, Nemours is expected to break ground on the project in 2009, with completion slated for 2012. Nemours will also be a founding partner in the Lake Nona Healthcare Life Science Consortium. The price of acquisition and the projected cost of the facility were not disclosed.

June 20, 2008

Office Southeast

DIVERSIFIED REALTY VENTURES ACQUIRES OFFICE BUILDINGS FOR $16 MILLION

by admin June 20, 2008

CHATTANOOGA, TENN. — Diversified Realty Ventures has acquired the Atrium Medical Office Buildings located at the intersection of Gunbarrel Road and Jarnigan Road in Chattanooga. The 103,088-square-foot, Class A medical office facility, which consists of two buildings situated on 6.83 acres, was sold by Atrium Memorial Limited Partnership and Atrium Memorial Limited Partnership II. Dail Longaker of Columbia, S.C.-based Colliers Keenan was the sole broker for the $16.44 million transaction. Financing was provided by the Richmond, Va., office of Wells Fargo.

June 20, 2008

Retail Southeast

ROSS DRESS FOR LESS SIGNS LEASE WITHIN CLERMONT LANDING RETAIL PROJECT

by admin June 20, 2008

CLERMONT, FLA. — Ross Dress for Less will join Weingarten Realty’s Clermont Landing retail project as a co-anchor. Clermont Landing, which will be located at the intersection of U.S. Highway 27 and Steve’s Rd. in Clermont, is slated for completion in 2009. The project will include 366,000 square feet of retail space with a mix of lifestyle tenants and national retailers. Other tenants within the center will include JC Penny, Epic Theatres, T.J. Maxx, Michaels and Famous Footwear. Alex Munoz of The Shopping Center Group represented Ross Dress for Less in the lease negotiations.

June 20, 2008

Industrial Southeast

CREATIVE RECYCLING SYSTEMS SIGNS EXPANSION LEASES AT THREE LOCATIONS

by admin June 20, 2008

TAMPA, FLA., AND DURHAM, N.C. — The Tampa office of Studley has represented Creative Recycling Systems in signing three leases for industrial space in Tampa and Durham. In Tampa, the company has signed a lease for an additional 25,000 square feet of space at its headquarters, which is located at 8108 Krauss Blvd. Another 29,000 square feet of industrial space was also leased by the company at 1831 Massaro Blvd. The landlord, Weingarten Realty Investors, was represented in-house. In Durham, the company has added 29,100 square feet to its operation located at 619 Distribution Dr. within Keystone Park. The landlord, Liberty Property Limited Partnership, was represented by Ed Brown of NAI Carolantic Realty. Creative Recycling Systems will move into its expanded spaces this month.

June 20, 2008

Civic Southeast

NATIONAL MUSEUM OF PATRIOTISM MOVES TO LUCKIE MARIETTA DISTRICT

by admin June 20, 2008

ATLANTA — The National Museum of Patriotism has announced plans to relocate to 275 Baker St. within the Luckie Marietta District in Atlanta. Other attractions in the Luckie Marietta District include the Georgia Aquarium, CNN Center, the New World of Coca-Cola Centennial Olympic Park and the Center for Civil and Human Rights. The museum, which is scheduled to open in fall 2008, will host the 2008 Congressional Medal of Honor Luncheon. Exhibits at the interactive facility include The Symbols of America, The Immigrant Experience, The Hall of Patriots and The Founding Fathers. Richard Bowers and Ernie Baker of Bowers & Co. represented the museum.

June 20, 2008

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