DURHAM, N.C. — Duke University has opened The Michael W. Krzyzewski Center for Athletic Excellence, a $15.2 million, 56,000-square-foot athletic facility, in Durham. The complex includes a practice facility featuring two basketball courts, meeting space, an academic center and a special events area. The project began construction in July 2007 and was completed in February 2008. Plans for a 2,500-square-foot plaza-level connector to Cameron Stadium are underway. The Beck Group’s Atlanta office served as project architect.
Southeast
NEW SMYRNA BEACH, FLA. — Chicago-based Dimucci Companies is building a $15 million, 60-unit luxury condominium property at Bouchelle Island in New Smyrna Beach, located along the Intercoastal Waterway. The five-building project will be delivered in three phases. Construction is slated to begin in the second quarter of 2008 and be completed in the first quarter of 2009. The project is the final phase of Bouchelle Island, a 572-unit condominium development situated around an 18-hole chip and putt golf course. Features include a community center, swimming pool and a 1,380-square-foot boardwalk with boat launch and 84 boat docks.
ATLANTA — Atlanta-based The Carter Real Estate Fund (CREF) has acquired The Dupree Building, a 137,818-square-foot, six-story office building in Atlanta, from Germania Property Investors, an affiliate of Atlanta-based Germania of America, for an undisclosed amount. The Class A building is located at 6120 Powers Ferry Rd. and was 100 percent occupied at the time of sale. Sprint will be vacating 122,590 square feet of space this month. Superior Essex has leased 75,000 square feet of space for its corporate headquarters and will occupy the building in the third quarter of 2008. Tommy Hughes and Beau Terrell of Carter’s Atlanta office represented the buyer. Glenn Kolker of Childress Klein’s Atlanta office represented CREF in the lease negotiations with Superior Essex, and the lessee was represented by Sam Holmes of CB Richard Ellis’ Atlanta office. Carter will lease and manage the building.
HIALEAH, FLA. — WPS Development has purchased a 50,000-square-foot self-storage facility in Hialeah, from TKG Storage Mart, for $6 million. The building is situated on 2.8 acres near Miami International Airport. Steven Tick of Podolsky Northstar CORFAC International represented the seller, and the buyer was represented by Jose Cordera and Pete Garcia of Miami-based Gateway Realty Services.
WASHINGTON, D.C. — Vornado Realty Trust has closed loans, totaling $341 million, for three of its Washington D.C. properties, from an undisclosed lender. The portfolio includes a $150 million loan for a redeveloped office property, located at 2101 L St.; a $104 million loan for a residential development project, located at 1229-1231 25th St.; and a $87 million loan for a residential development, located at 220 20th St.
ARLINGTON, VA.— Bill Asbill, Bob Donhauser and Cary Abod of Holliday Fenoglio Fowler’s Washington, D.C. office have arranged a $112 million construction loan for National Gateway I and II, a 438,800-square-foot, Class A office complex in Arlington, on behalf the The Meridian Group. The financing is structured as a 3-year adjustable-rate loan with Corus Bank. The project is part of the 4.5 million-square-foot Potomac Yards Arlington mixed-use development and will include two 9-story towers with 367,382 square feet of office space and 71,418 square feet of retail, inclusive of a 46,600-square-foot health club pre-leased to LA Fitness International. Wachovia has also pre-leased space for a bank branch. The office complex will be located at the intersection of Glebe Road and Jefferson-Davis Highway, adjacent to the Washington Reagan National Airport.
COVINGTON, LA. — St. Tammany Parish, La.-based Cypress Bend Real Estate and Metairie, La.-based Property One are developing a $48 million, 24-acre office park in Covington. The development will include a four-story, 105,000-square-foot Class A office building, with adjoining executive conference center, and Stone Creek Club & Spa, a 52,000-square-foot facility featuring a full-service spa and 12 tennis courts. LLOG Exploration Co. will move its headquarters to the park and occupy two floors. Construction is scheduled to be completed on the office building in February 2009 and the healthclub in March 2009. Property One will also manage and lease the property.
LEXINGTON, S.C. — Columbia, S.C.-based Arnold Companies is redeveloping Southlake Center, a 42,504-square-foot, one-story office building in Lexington, for $1.8 million. The building is situated on 5 acres at 714 Southlake Dr. and is anchored by Amedisys, a home healthcare company. Construction began in May 2007 and is slated for completion in March.
ORMOND BEACH, Fla. — The Volusia County School Board is developing Ormond Beach Middle School, a $40 million project scheduled to start construction this spring. Phase 1 will include a 20,400-square-foot administration and media building featuring a CCTV studio production lab, and also a 44,730-square-foot classroom building with 20 classrooms, four science labs and two skill labs. Orlando, Fla.-based H.J. High Construction is the construction manager and Oviedo, Fla.-based Starmer Ranaldi Planning & Architecture is designing the project.
FUQUAY-VARINA, N.C. and DAVIDSON COUNTY, TENN.— Brentwood, Tenn.-based GBT Realty is developing two regional shopping centers in Fuquay-Varina and Davidson County. The Shoppes of Park Grove, a 50-acre, 340,000-square-foot center in Fuquay-Varina, is scheduled to break ground in the fall and open in late 2009. The project is located at the northwest corner of Old Powell Road and Broad Street and will include 100,000 square feet of specialty shops and retail, several large anchor tenants and eight outparcels featuring stand-alone restaurants, banks and other retailers. The Shoppes of Cedar Pointe, a 51-acre, 425,000-square-foot center in southeast Davidson County, will feature several large anchor tenants and big box retailers, in addition to 100,000 square feet of specialty shops and restaurants. The center will also include six outparcels with stand-alone restaurants, banks and other retailers. Construction is slated for completion in spring 2010. The project is located along Nolensville Pike between Pettus Road and Burkitt Road.