AUSTELL, GA. — John Leonard of Marcus & Millichap’s Atlanta office and Lori Schneider of its Fort Lauderdale, Fla., office have arranged a 14.5-acre ground lease for a 130,948-square-foot Home Depot in Austell, for $9.6 million. The newly constructed Home Depot signed a 20-year triple net lease, which commenced last April. The property is located at the intersection of Floyd Road and the East-West Connector.
Southeast
CHATTANOOGA, TENN. — Chattanooga, Tenn.-based CBL & Associates has opened a four-story, 76,000-square-foot office building, located at 2034 Hamilton Place Rd. in Chattanooga. The property is adjacent to its headquarters building, CBL Center, and will serve as the headquarters for EMJ Corporation and Vision Hospitality, as well as offer space for additional businesses
SMYRNA, TENN. — Jacksonville, Fla.-based Capitol Development International is building Gateway Centre, a $30 million, 260,000-square-foot shopping center in Smyrna. The center will include a 105,000-square-foot JC Penney department store, slated to open in fall 2009, along with additional retail, restaurants and service businesses. The property is located at the intersection of Sam Ridley Parkway and Wolverine Drive. Construction is slated to begin in May and complete in August 2009.
KNIGHTDALE, N.C. — Charlotte, N.C.-based Crosland is developing Midtown Commons, a 30-acre, 225,000-square-foot retail center located at the intersection of Knightdale Boulevard and Hinton Oaks Boulevard, near the Interstate 540 and Highway 64 interchange, in Knightdale. Phase 1 will include 235,000 square feet of retail space. The property will be anchored by Kohl’s, Best Buy, Dick’s Sporting Goods, T.J. Maxx and PetSmart, as well as 17,322 square feet of additional retail shops and two outparcels. Construction is projected to begin this month, with the first stores opening in November.
SHREVEPORT, LA. — New York-based Platinum Management has acquired a multifamily portfolio, consisting of four complexes in Shreveport, from Chicago-based First Bank of Illinois, for $9.5 million. The properties are Villa Norte, a 13-building, 200-unit property, located at 1620 Fullerton St.; The Pines, a 20-building, 128-unit property, located 8040 Line Ave.; Kings Manor I, a 20-building, 184-unit property, located at 7210 Bernstein Ave.; and Kings Manor II, an 8-building, 64-unit property, located at 1674 David Raines Rd. Kings Manor I features one- and two-bedroom units, and the remaining properties feature a one-, two- and three-bedroom unit mix. David Bilfeld of Chicago-based Colliers Bennett & Kahnweiler represented the seller in the transaction.
ELLICOTT CITY, MD. — Philadelphia-based Grosvenor Investment Management and Bethesda, Md.-based Rockledge Realty Partners have acquired a three-story, 40,000-square-foot medical office building in Ellicott City, from North Ridge Business Trust, for an undisclosed amount. The joint venture will reposition the property through a medical office condominium conversion and upgrade the lobby, common areas, landscaping and elevators. The building houses a 13,180-square-foot surgery center with four operating rooms, operated by Ambulatory Surgical Centers. The property is located at 2850 North Ridge Rd., near Howard County General and St. Agnes hospitals.
ORLANDO, FLA. — TIAA-CREF’s Charlotte, N.C., office will build a 7,500-square-foot Sweet Tomatoes Restaurant in the Crossroads Shopping Center at Lake Buena Vista, located along S. Apopka-Vineland Road, in Orlando. The restaurant is projected for completion in fourth quarter 2008. Nick Boehme of CB Richard Ellis’ Orlando office will serve as the owner’s representative and oversee site modifications and construction. Dave Kreinest of CB Richard Ellis’ Jacksonville, Fla., office and Brit Christian of the Orlando office also negotiated the project management deal.
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
OCALA, FLA. — The Marion County Board of Commissioners is building a $38 million, 150,000-square-foot addition that will connect on all five stories to the existing Marion County Judicial Center in downtown Ocala. The new structure will house the State Attorney’s Office and new courts and related services. The property is located at 110 N.W. 1st Ave. Construction is slated for completion in late 2009. Moss & Associates is the general contractor, and Ocala-based Architecture Studio and HOK, a global architecture firm, are designing the project.
RICHMOND, VA. — 2820 WL Group, has acquired Waterford I, a 47,000-square-foot, Class A office building in Richmond, from Continental Waterford, for $7 million. The property is located at 2820 Waterford Lake Dr., and was 100 percent occupied at the time of sale. Eric Robison and Dean Meyer of Virginia-based Thalhimer, a member of the Cushman & Wakefield Alliance, represented the seller. The buyer was represented by Jack Creighton of Boston-based SourceNet Financial.