GREENVILLE, S.C. — John Edwards of Arbor Commercial Funding’s Boston office, a wholly-owned subsidiary of Arbor Commercial Mortgage, has arranged $28 million in acquisition financing for The Exchange at Greenville, a 288-unit student housing complex. The 5-year loan amortizes on a 30-year schedule and was arranged for the borrower through Arbor’s relationship with Fannie Mae DUS.
CHARLOTTE, N.C. — Newport Beach, Calif.-based KBS Realty Advisors has acquired Crossroads Distribution Center, a 469,347-square-foot, four-building warehouse facility in southwest Charlotte, for $26 million. The Class A complex was 70 percent leased at the time of sale to eight tenants, including: Europa Sports Products, Walker & Zanger, Residential Construction and Stark Carpets. Frank Fallon and Chris Riley of CB Richard Ellis’ Atlanta office represented the seller, and the buyer was represented in-house.
FALLS CHURCH, VA. Waterford Development has opened Spectrum, a 283,726-square-foot, 189-unit condominium complex in Falls Church, located along Route 7. The project consists of 220,000 square feet of residential space, 31,726 square feet of ground level retail and 32,000 square feet of office space. The seven-story building is comprised of one- and two-bedroom residences, two-story lofts and penthouses. The property features a clubroom, private dining/conference room, business center and movie theater. Tenants include Not Your Average Joe s restaurant and For Eyes, an optical provider. Construction began in winter 2005.
BEAUFORT, S.C. — The City of Beaufort is building a $14 million, 63,000-square-foot municipal complex, located at the intersection of Ribaut Road and Boundary Street. The first phase includes a $6.9 million, 28,000-square-foot city hall building, which will begin construction this month and complete next summer. The second phase consists of a $7.2 million, 35,000-square-foot police and courts building, which began construction last November and is slated for completion next spring. Leopardo Construction is the general contractor for the project.
ATLANTA — Atlanta-based Kronos Hotels is acquiring eight hotels, including a 245-room Holiday Inn Select in Atlanta, from two individual sellers, for $45 million. Memphis, Tenn.-based Cooper Hotels is selling the Atlanta property and a hotel in St. Louis. Monty Levy of Jones Lang LaSalle is the broker in the sales transaction. The remaining six properties, located in Kansas, Missouri and Washington, are being sold by a privately owned company. Jitesh Rama of California-based PriyaCorp Investment is the broker in the sales transaction.
LEXINGTON, S.C. Columbia, S.C.-based Arnold Companies is developing Southlake Village, a $20 million, 135,000-square-foot independent living senior facility in Lexington, located at 123 Gibson Rd. Construction began last May, with delivery of 19 cottages this month. The project will also feature 105 apartment homes upon completion in September. The community is situated on a 12.5-acre site and features a lagoon with walking trails, a pool, a fitness center, a hair salon, a media room and a bistro/lounge.
WINSTON-SALEM, N.C. — Ionian Investments is developing The Shops at St. George Square, a $10 million, 120,000-square-foot retail center in Winston-Salem, located along Hanes Mall Boulevard near Interstate 40 and South Stratford Road. The project consists of 60,000 square feet of Class A retail and office space, 40,000 square feet of retail shops and an interior boulevard of 20,000 square feet of office space. Two restaurants are expected to open in June and late this year, respectively. The Meridian Realty Group of Winston-Salem is exclusively leasing the property.
DELRAY BEACH, FLA. — New Century Companies has broken ground on New Century Commons, a $5.2 million, 90,000-square-foot retail center consisting of three buildings in Delray Beach, located along Linton Boulevard. Construction began in March, with initial occupancy scheduled for year-end 2008.
What area is your expertise? Atlanta industrial What trends do you see presently in industrial development in your area? Spec developments has slowed given uncertain economic conditions. Spec space to be delivered this year is 4.9 million square feet, down about half from this time last year. Almost all new development is bulk warehouse of 400,000+ square feet. What type of industrial product is doing well in your area? The bulk market has been active. Distribution is stable. Who are the active industrial developers in your area? DCT Industrial, First Industrial Realty Trust, Duke Realty Corp., Majestic Realty Co., IDI, Raco, Panattoni Development Co., John W. Rooker and Associates, Robert Pattillo Properties, McDonald Development, Jadow Realty and M.D. Hodges. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? IDI’s newly planned Meridian 75 Logistics Center is a 200 acre park along Interstate 75 near Macon. The park will accommodate 3 million square feet when completed and Majestics Airport Center III where the developer has started 4 buildings including a 600,000-square-foot bulk warehouse. Where is the majority of development taking place? Why is this area doing well? Northeast and Airport …
RALEIGH, N.C. — Highwoods-DLF Forum, a joint venture of Raleigh-based Highwood Properties and DLF, has acquired The Forum, a 635,000-square-foot, Class A office park in the Six Forks submarket of Raleigh, from Prudential Real Estate, for $113 million. The property consists of five buildings situated on 19 acres. Forum I is 135,000 square feet and seven stories; Forum II is 96,000 square feet and five stories; Forum III is 94,000 square feet and five stories; Forum IV is 182,000 square feet and six stories; and Forum V is 128,000 square feet and six stories. Forum I Ð Forum IV were 92 percent occupied at the time of sale, and Forum V was 82 percent occupied at the time of sale.