BALTIMORE — N.J.-based ARC Properties, and its affiliate ARCWheeler, have acquired the 2-acre McCormick Spice land site in Baltimore’s Inner Harbor area from Sparks, Md.-based McCormick & Co. ARC will develop a 60-story, 1.6-million-square-foot mixed-use project on the property, which will include 600,000 square feet of office space, 225 hotel rooms, 150 condominiums and 80,000 square feet of retail. Construction will be completed in three phases.
Southeast
MONROE COUNTY, GA. — Atlanta-based IDI has purchased a 257-acre land parcel from the Monroe County Development Authority for the construction of Meridian 75 Logistics Center in unincorporated Monroe County, for an undisclosed price. The project, valued at $125 million, will consist of four distribution facilities totaling 3 million square feet. Spaces options range from 100,000 square feet to more than 1.2 million square feet for build-to-suit and inventory space customers. Pad-ready sites for buildings, ranging from 200,000 square feet to more than 1.2 million square feet, will be ready for occupancy in third quarter 2008, at which time IDI will consider constructing its initial 500,000-square-foot building. The project is located at the intersection of Interstate 75 and Rumble Rd. Tommy Arnold of RT Realty’s Atlanta office represented the buyer in the land transaction.
MIAMI — Hyundai Mobis Corp. has acquired 18 acres in Beacon Lakes Business Park from AMB Codina Beacon Lakes LLC for the future site of its 400,000-square-foot Latin American Service Parts headquarters in Miami, for an undisclosed price. The property is located on the southwest corner of NW 17th St. and NW 132nd Ave. John Vaught and Elsa Heredia of CB Richard Ellis’ Miami Airport office represented the buyer. David Albert of Flagler Real Estate’s Miami office represented the seller.
AVONDALE ESTATES, GA. — A.G. Armstrong Development’s Tampa, Fla. and Atlanta offices will develop a 5-acre, 350,000-square-foot mixed-use project in Avondale Estates, located east of Atlanta. The project will include retail, offices and multifamily residences that reflect the area’s Tudor-style architecture as part of the redevelopment of the city’s downtown. Phase 1 will include a Publix grocery store, retail, parking structure and residential building. Phase 2 will feature a second residential building with retail on the first floor. Roswell, Ga.-based Randall-Paulson Architects designed the project. Construction is slated to begin in April and be completed in mid-2009.
FORT MYERS, FLA..— Bonita Springs, Fla.-based Pelican Bay Development will develop Alico Commons, a $28 million, 120,000-square-foot retail center in Fort Myers, located at the intersection of Alico Rd. and Highway 41. Tenants include Office Depot, Florida Bank, CVS Pharmacy, Baskin Robbins/Dunkin’ Donuts, Arby’s and a gas station. A major grocery store tenant, yet to be named, will occupy 45,000 square feet. Construction is slated to begin in April and complete in May 2009.
CHARLOTTE, N.C. — Chicago-based The Laramar Group has acquired Waterford Lakes, a 694-unit, 43-acre lakeside property in Charlotte, from an undisclosed buyer. The property is located at 8000 Waterford Lakes Dr., and features one-, two- and three-bedroom apartments as well as tennis courts, two swimming pools, a fitness center, indoor racquetball court and a cinema room. Laramar plans to upgrade the property with $4 million in improvements. Prior to purchasing Waterford, Laramar managed it for the previous owner.
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.
UNION CITY, GA. — Harman International has signed a long-term lease with Majestic Realty for 305,000 square feet of space at Majestic Airport Center II, a master-planned industrial park in Union City, located at 4475 S. Fulton Pkwy. Harman manufactures audio, video and electronic products for home, vehicle, portable and computer applications. The property, which is fully leased, is also occupied by American Building Supply. Bayne Porter of CB Richard Ellis negotiated the lease on behalf of the tenant.
ARLINGTON, VA. — The United States Patent and Trademark Office has signed a 10-year lease for a 168,468-square-foot office space at Randolph Square in Arlington from Transwestern Monument Randolph Square LLC, a joint venture of Washington, D.C.-based Monument Realty and Chicago-based Transwestern Investment Co. Randolph Square, a 9-story, 208,000-square-foot office complex, is located at 2800 S. Randolph St. and expected to deliver in April. Matt Bundy and Joshua Masi of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the landlord. Todd Valentine of Studley’s represented the tenant.
LAKELAND, FLA. — South Florida-based Skyrise Development Group will develop Lakeland First Business Park, a 58,700-square-foot office and warehouse facility in Lakeland, located at 1485 W. 10th St. The project is situated on 5 acres near Interstate 4 and I-75, and will feature offices and 20 retail-warehouse spaces. Construction is slated to begin in April.