WEST PALM BEACH, FLA. — Suffolk Construction has acquired a two-story, 45,000-square-foot office building in West Palm Beach, from One Harvard Circle LLC, for $9 million. Suffolk will utilize the building as its headquarters after a $2.5 million renovation, including LEED certification. The property is located at 1 Harvard Circle, near the intersection of Village Boulevard and Palm Beach Lakes Boulevard. Neil Merin of West Palm Beach-based NAI/Merin Hunter Codman represented the buyer, and the seller was represented by Thomas Gibson of West Palm Beach-based Asset Specialists.
Southeast
JACKSONVILLE, FLA. — Milwaukee, Wis.-based Northwestern Mutual has completed the $8.5 million renovation of Villas of St. John, a 257-unit, four-story apartment complex in Jacksonville. The property is located on the St. John’s River, at the intersection of Riverside Avenue and Margaret Street. Orlando, Fla.-based Leffler & Heaney was the general contractor.
SARASOTA, FLA. — Sarasota-based Lions Gate Development and Hilton Hotels Corporation are developing a 225-room, 18-story Waldorf-Astoria Hotel to be built in The Proscenium, a 130,000-square-foot mixed-use development in Sarasota. The property will feature 38,000 square feet of ballroom, meeting and exhibition space; signature restaurants; a rooftop pool; a 12,000-square-foot spa; and 67 residences. A bridge will connect the hotel’s VIP lounge and the 800-seat Nederlander performing arts hall. Construction is slated to begin in fourth quarter 2008 and be completed year-end 2010. An affiliate of Hilton Hotels will manage the hotel. The Proscenium development will include retail, restaurants and a 500-seat theatre; 300,000 square feet of Class A office space; 96 residences within the 18-story office tower; and 50 loft residences.
JACKSON COUNTY, GA. — IDI is developing Jefferson Distribution Center, a $120 million, 2.8 million-square-foot master-planned business park in Jackson County. The project will be comprised of five buildings, situated on 225 acres at the intersection of Interstate 85 and Highway 82. The first speculative building, an inventory facility of 1 million square feet, is projected to begin construction in third quarter 2008 and will be available for occupancy in second quarter 2009. The facility will feature build-to-suit and inventory space options ranging from 30,000 square feet to 1.1 million square feet.
NEWPORT NEWS, VA. — Chicago-based Inland Western Retail has acquired Jefferson Commons, a 306,249-square-foot shopping center in Newport News, from an affiliate of West Palm Beach, Fla.-based The Goodman Company, for $79.6 million. The center is located at the intersection of Jefferson Avenue and Bland Boulevard. Tenants include Ross Dress For Less, T.J. Maxx, Off Broadway Shoe Warehouse, Trader Joe’s, Petco and Starbucks. The property is also anchored by a Kohl’s, which was not included in the sale. Casey Rosen and Dennis Carson of CB Richard Ellis’ Miami office and Debra Ramey of The Shopping Center Group’s Norfolk, Va., office represented the seller.
CARY AND RALEIGH, N.C. — Blake Okland and Dean Smith of Apartment Realty Advisors’ Charlotte office negotiated the sale of a $61 million, 638-unit multifamily portfolio in Cary and Raleigh on behalf of the seller, an affiliate of Grand Prairie, Texas-based Fairfield Residential. The buyer was an affiliate of Julian LeCraw & Co. Cornerstone is a 302-unit complex featuring one-, two- and three-bedroom apartment homes, averaging 969 square feet. Amenities include a resort-style swimming pool, business center and fitness center with sauna. North Park is a 336-unit community comprised of one- and two-bedroom apartment homes, averaging 900 square feet. The property includes a cinema room, indoor racquetball court, resort-style swimming pool and fitness facilities.
GREENSBORO, N.C. — Sacramento, Calif.-based Tower Investments has purchased 30 acres in Greensboro, formerly the site of the Guilford Mills plant, for future retail development. The property is located along Hornaday Road near Interstate 40 and I-840. The current 300,000-square-foot industrial building on the property will be leased until an anchor retail tenant has been secured. Don Moss of Charlotte, N.C.-based Hart Corporation represented the buyer, and the seller was represented by Tom Townes of Greensboro-based Triad Commercial Properties.
RALEIGH, N.C. — Boston Capital Partners and Fairfield Residential are developing Fairfield Corporate Center Apartments, a 15-story, 350-unit garden-style community in Raleigh, near the Research Triangle Park. The complex will consist of 15 three- and four-story buildings containing 176 one-bedroom, 150 two-bedroom and 24 three-bedroom units, averaging 1,009 square feet. Amenities include a resort-style swimming pool, spa, state-of-the-art athletic center and business center. Construction began in January and is projected to be completed in December 2009.
TUSCALOOSA, ALA.— Birmingham, Ala.-based Capital Growth Buchalter is building Commons North, a $40 million, 50-acre mixed-use development in Tuscaloosa. The project includes 242 of Class A multifamily units; 8 outparcels for fast food, casual dining and financial tenants; and an 8-10-acre office park. The project is in the final phase of completion, which will deliver high-end retail shops in spring 2009. Current tenants include CVS Pharmacy, Buddy’s Food Mart, Regions Bank and a multi-story storage facility. The center is located at intersection of Rice Mine Road and New Watermelon Road.
COLUMBIA, S.C. — Holder Properties is developing Main & Gervais, a $60 million, 200,000-square-foot office building in Columbia, in conjunction with co-owners and tenants Edens & Avant, McNair Law Firm and the National Bank of South Carolina. Construction is scheduled to begin on the 18-story building, which is located along Main Street, in July. The first tenants will begin occupancy in December 2009, with the following tenants moving in March and July 2010. The building will serve as a headquarters location for the three co-owners.