LEESBURG, VA. — Sovereign Bank is the administrative agent for a $217 million construction loan provided by several national and local financial institutions for The Village at Leesburg, a mixed-use project being developed by Cypress Equities, Kettler and The Carlyle Group. The development is comprised of a 1.2-million-square-foot vertically integrated, four-story village with residential, retail, restaurant and office space. The open-air shopping center will feature a Wegmans Food Market. The development will be located at Route 7 and Crosstrail Boulevard, which will also be the site of a new $31 million interchange expected to open in July 2009. Cypress will develop the retail portion of the project, and Kettler will develop the office and residential components, including 335 luxury apartments. Construction is slated for completion in spring 2010.
WINCHESTER, VA. — Richard Bell of Winchester-based Adams-Nelson & Associates has facilitated the sale of an 11-acre parcel to WESTCO Winchester, located at the intersection of Shady Elm Road and VA Bypass 37. A FedEx Ground Consolidated Services Center is proposed for the site.
PUNTA GORDA, FLA. — North Carolina-based Oaks Development Group has purchased Cypress Professional Center, a 29,927-square-foot, Class A medical office building in Punta Gorda, from Corazon Development, for $7.8 million. The property is located at 25097 Olympia Ave. near the Charlotte Regional Medical Center. Mark Alexander of Sperry Van Ness’ Fort Myers, Fla., office represented the seller, and the buyer was represented by Bob King of Tampa, Fla.-based RJ King & Associates. Birmingham, Ala.-based Red Mountain Bank provided financing for the acquisition.
SANFORD, FLA. — Miami-based Storesafe Sanford has acquired a 2.3-acre land parcel for the future development of a climate-controlled self-storage facility in Sanford, from Orlando, Fla.-based Flagship Development, for $1.5 million. The property is located at 1811 Rinehart Rd. Mark Cooney of GVA Advantis’ Tampa, Fla., office represented the buyer, and the seller was represented in-house.
RICHMOND, VA. — Flagstop Carwash has acquired a 1.7-acre property in Richmond, from Royal Oldsmobile Co., for $1.3 million. The company will build its second Flagstop Express Wash on the site, which was formerly a truck center. The property is located in the West End at 9820 E. Parham Road. Millard Jones of Thalhimer | Cushman & Wakefield’s Richmond office negotiated the sales transaction on behalf of the buyer and the seller.
FAIRHOPE, ALA., AND FORT MYERS, FLA. — Regency Centers has acquired an 11-acre land parcel for the development of The Shoppes at Fairhope Village, which is part of the Fly Creek Village planned unit development. The retail center will feature 84,740 square feet composed of a 54,340-square-foot Publix and additional small shops, restaurants and service-oriented businesses. There will also be three outparcels. The center is slated to open in summer 2009. In downtown Fort Myers, Regency has opened the second phase of First Street Village shopping center, an 88,026-square-foot property located at the intersection of McGregor Boulevard and Altamont Avenue. Linda’s Nails will be located in a 1,271-square-foot space, and lease negotiations are underway with a fine jewelry and repair shop, sub shop, liquor store, hair salon and pizza café. Current tenants include Publix, Starbucks and First Watch restaurant. The shopping center began construction in October 2006 and is part of the First Street Village mixed-use development.
STATESBORO, GA. — Steve Kirby and Burton Brooks of The Mumford Company’s Atlanta office were the sole brokers in the sale of a 92-room Holiday Inn Express in Statesboro, on behalf of an undisclosed seller and buyer. The four-story hotel is located at 125 South Main Street and will be repositioned as another brand in July after cosmetic renovations.
NASHVILLE, TENN. — Seattle, Wash.-based Nordstrom will open a three-level, 149,000-square-foot store at The Mall at Green Hills in Nashville. The store is slated to open in fall 2010 and will be the first Nordstrom in Tennessee. The Mall at Green Hills is a 735,000-square-foot retail center anchored by Macy’s and Dillard’s, located at 2126 Abbott Martin Rd.
HIALEAH, FLA. — Kids Basics has acquired a 49,290-square-foot warehouse, located at 6955 N.W. 36th Ave. in Hialeah, from Jan and Ted Corp., for $2.25 million. The dock-high warehouse is currently 100 percent vacant. Kids Basics will occupy the property following repairs. Paul Cohen of CB Richard Ellis’ Miami office represented the sellers, and the buyer was represented by Carlost Velasquuez of Hialeah-based Vivo Real Estate Group.
What area is your expertise? Industrial properties in Miami-Dade County (Miami) and Broward County (Fort Lauderdale). What trends do you see presently in industrial development in your area? Industrial development in South Florida is at a slow down and absorption is creeping along. Given the land constraints of the Atlantic Ocean and Florida Everglades, build-to-suits are also harder to find in Broward and Dade counties. What type of industrial product is doing well in your area? Multi-bay and multi-tenant warehouses are in high demand because they continue to absorb space for a variety of tenants from 500 square feet to 5,000 square feet. Many businesses that can function without their storefront locations are downsizing and moving their business to warehouses where they do not have to pay the high retail rental rates. Big box industrial warehouses over 65,000 square feet are also doing well. There is less demand for space over 10,000 square feet and under 65,000 square feet, as tenants desiring this size space are feeling more of the effects of the current economic downturn. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? In Broward County, two …