PALM BEACH GARDENS, FLA. — The Related Companies and Crocker Partners will open CityPlace Tower, a $110 million, 300,000-square-foot office building in Palm Beach Gardens, this month. The property features 18 stories and is located at the south entrance of CityPlace, a 72-acre mixed-use development, on the northwest corner of Okeechobee and South Quadrille boulevards. Tenants include INTECH, Carlton Fields, P.A., The ComVest Group, Shutts & Bowen, JB Hanauer & Co. and Goodrich. The ground floor will feature a Regions Bank with drive-through teller and Clevelands Clinic’s Health and Wellness Center. Boston-based Elkus/Manfredi Architects was the project architect.
Southeast
DULUTH, GA. — Atlanta-based The NorthPoint Group is developing Point Berkeley III, a $22 million, 210,000-square-foot office and retail complex in Duluth, located along North Berkeley Road. The project will be comprised of two retail buildings featuring two stories and 35,000 square feet and an office building featuring seven stories and 140,000 square feet. Construction began in April and is slated to complete next May. Duluth-based Ordner Construction Co. is the general contractor, and the project architect is Atlanta-based Group Six Design. Point Berkeley I and II are adjacent to the new development.
WEST PALM BEACH, FLA. — The Anspach Effort, Inc. has built a $7.5 million, 50,000-square-foot facility adjacent to its headquarters in West Palm Beach. The three-story building includes a multi-laboratory complex, lecture hall and medical training areas. Construction began in October 2006. Anspach manufactures high-speed instrumentation for specialized surgical applications. Catalfumo Construction was the general contractor.
JACKSONVILLE, FLA. — The Jacksonville Airport Microtel, a 77-room, three-story property owned by JAX Lodging and principals Gregory and Kim Spatz of Pompano Beach, Fla., has opened at 13200 International Airport Blvd. The hotel features Microtel’s new prototype design and includes single, double and suite accommodations. Amenities include a fitness center, business center, swimming pool and meeting room. The general contractor was United States Construction Corp., and the property will be managed by SKY Hospitality of Palm Harbor, Fla.
CUMMING, GA. — Cousins Properties will open the first phase of The Avenue Forsyth, a $146 million, 527,000-square-foot mixed-use development in Cumming, next month. The project began construction on the first of two phases last January, which features 463,000 square feet and includes 64,000 square feet of office space. The development is comprised of more than 50 tenants, including: Aeropostale, Barnes & Noble, AMC Avenue Forsyth 12, DSW Shoe Warehouse, Ann Taylor Loft, Circuit City, CVS/Pharmacy, Ted’s Montana Grill, Natural Body Spa & Shop and Origins. Signed tenants and retailer commitments bring the first phase to 70 percent occupancy. Cousins also owns 39 acres adjacent to the property, which is planned for future expansion of the project. The project is located at the intersection of Georgia 400 and Peachtree Parkway.
CHARLOTTE, N.C. — Sterling Organization has acquired East Town Market, a 182,771-square-foot shopping center in Charlotte, from BVB Properties, for $14 million. The property is anchored by a 45,053-square-foot Compare Foods grocery store. Steve Slattery of Charlotte-based SMS Real Estate Investment Svcs. was the sole broker in the transaction and exclusively represented the buyer. The shopping center is located at the intersection of W.T. Harris Boulevard and N. Sharon Amity and Milton roads.
HAMPTON, VA. — Hampton Hotel Associates, an affiliate of MHI Hospitality, has purchased Hampton Marina Hotel, a nine-story, 172-unit property in downtown Hampton, from the Hampton Economic Development Corp. David Mumford of The Mumford Company’s Newport News, Va., office was the sole broker and exclusively represented the seller. The new owner plans to invest more than $5 million to reposition the property as a Crowne Plaza.
HOLLYWOOD, MIRAMAR AND WEST PARK, FLA. — Hollywood Warehouse Capital Partners has purchased an 80,383-square-foot warehouse portfolio, including properties in Hollywood, Miramar and West Park, from W&W Properties, for $6.4 million. The Hollywood properties are located at 5780, 5746 and 5624 Plunkett St.; 5790 and 5751 Rodman St.; and 5765 Funston St. The Miramar property is located at 3190 S. State Road 7, and 5851 S.W. 25th St. is located in West Park. Ryan Nee of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, and Greg Zeifman of its Miami office represented the buyer.
A barrage of national and local coverage has detailed the nation’s housing woes and economic uncertainty – which are clearly having an impact on Atlanta’s multifamily for-sale market. Average absorption rates slowed in all Atlanta submarkets during the first quarter to less than one sale per month, and many projects are struggling to make up for lost contracts as buyers cut their losses, get cold feet or discover they are unable to secure financing or sell their existing homes. The good news is that the necessary steps are underway to correct the supply-demand imbalance. Projects with standing inventory are increasingly employing new strategies to gain traction by enticing buyers with reduced prices and increased incentives; being more open to negotiation on price; and attracting the broker community by providing a portion of commission for properties under construction at the end of the recission period, rather than all at closing. More proposed developments in the pre-construction phase are going on hold until the market recovers, being converted to rentals or cancelled altogether. For example, The Related Group has placed its One Cityplace project on hold; John Weiland announced that plans for One Museum Place are on hold until at least next …
Submitted by Ron Anderson, VP of Research and Technology, NAI Avant LLC in Columbia, S.C. Posted 02-22-08. What area is your expertise? Columbia, S.C. What trends do you see presently in retail development in your area? Currently, there are several active types of development: Wal-Mart and Target anchored community centers ranging from 200,000 to 300,000 square feet Unanchored retail strips from 6,000 to 20,000 square feet Auto dealerships relocated from in town to suburban locations Additional home improvement locations Bank locations Fast food locations What type of retail product is doing well in your area? All retail seems to be quite strong at this point Who are the active retail developers in your area? Active retail developers are Fletcher Bright, WRS, Edens & Avant, Kahn Development, and Owen Development. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • Village at Sandhill is a 1 million-square-foot lifestyle center in Northeast Richland County. It is being developed by Kahn Development of Columbia. This project has introduced the lifestyle center to the region and created a retail anchor in Columbia’s fastest growing suburb. • The Shoppes at White Knoll is a …