ATLANTA — Roswell, Ga.-based Randall Paulson Architects is designing Fio 360, a $3 million, 22,600-square-foot ecologically-friendly childcare center in Atlantic Station near downtown Atlanta. The facility will feature solar tubes for natural daylighting, dual-level lighting and radiant heated floors.
Southeast
ROCKY MOUNT, N.C. — Les Aron, David Goldstein and Scott Kapin of Marcus & Millichap’s Tampa office represented a North Carolina developer in the acquisition of Creekside Crossings, a 9,477-square-foot shopping center in Rocky Mount, for $2.7 million. A Calif.-based private investor purchased the property, located at 1236 N. Wesleyan Blvd.
OCALA, FLA. — Indianapolis-based Simon Property Group is renovating Paddock Mall, a 555,255-square-foot regional center in Ocala. The property is anchored by Macy’s, Belk, JC Penney and Sears. The interior/exterior renovation will include mall entrances, restrooms, seating and landscaping. Construction is slated for completion in winter 2008.
RICHMOND, VA. — Sam Berns of NorthMarq Capital’s Upstate New York office has secured $8.3 million in financing on behalf of a borrower through its correspondent relationship with AmeriSphere Multifamily for Chamberlayne Garden Apartments, a 216-unit complex in Richmond. The loan is structured as an 80 percent loan-to-loan value for first mortgage financing based on a 10-year term and one year of interest, followed by a 30-year amortization schedule.
GREENVILLE, S.C. — Greensboro, N.C.-based JP Westowne has acquired the 121,000-square-foot Westowne Shopping Center in Greenville for $6 million. The property was 100 percent leased at the time of sale, and tenants include Bi-Lo, Big Lots, Dollar General, AutoZone and Cash America. Brent Freeman of Greenville-based Bentley Commercial represented the buyer in the transaction.
DULUTH, KENNESAW, SMYRNA, SNELLVILLE AND WOODSTOCK, GA. — Florida-based Ram Realty Services has acquired an 11-property portfolio of Home Depot Landscape Supply stores totaling 74 acres in Atlanta and Dallas from Atlanta-based Home Depot, for $22 million. The properties range from 4.5 to 9 acres and include 25460 Satellite Blvd. in Duluth; 16840 Old Hwy 41 in Kennesaw; 4600 South Cobb Dr. in Smyrna; 1582 Janmar Rd. in Snellville; 475 Parkway 575 in Woodstock, Ga.; and six properties located in the Dallas-area. The seller was represented in-house by Ken Baye, and Mike Folio of Corporate Property Divisions represented the buyer. Home Depot closed its landscape stores last November; Ram Realty will evaluate the portfolio to determine future uses for the sites.
BERKELEY LAKE, GA. — Atlanta-based Wakefield Beasley & Associates is designing a new city hall for Berkley Lake. The $1 million, 3,500-square-foot facility will be situated on two acres. The one-story building will feature a community playground and is scheduled to begin construction this summer and complete in the fall of 2008.
What office are you based in? Birmingham, Ala. What area is your expertise? Birmingham Industrial Market What trends do you see presently in industrial development in your area? Presently, some geographic areas of our market are soft. Primarily some of the bulk distribution markets located on the perimeter of Birmingham are experiencing a softness that our market has not seen in recent history. This softness is associated with the construction of new buildings which the market has not yet absorbed. What type of industrial product is doing well in your area? Office warehouse product is currently 91.1 percent leased. It is a very tight market with all submarkets in Birmingham experiencing the same kind of high levels of occupancy. Who are the active industrial developers in your area? There are different partnerships developing industrial product in the Birmingham market with either EGS Commercial Real Estate or Graham and Company leading the partnerships. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? The most recently completed developments in our area have occurred in the Southern submarket. Shelby West and Shelby Commerce Park, IV are each significant developments (approximately 250,000 square …
What area is your expertise? Office brokerage and development, Birmingham, Ala. What trends do you see presently in office development in your area? Class A buildings, but very little supply in 2008. Who are the active office developers in your area? EGS Commercial Real Estate, Colonial Properties and Daniel Corporation Please name one or two significant office developments in your area. What impact will these projects have on the market? Colonial Brookwood Center, developed by Colonial Properties and located adjacent to Colonial Brookwood Village. Completed in May 2007 and added 150,000 square feet of Class A space to the Midtown market. The building was 100 percent leased at the time of completion. Where is the majority of development taking place? Why is this area doing well? The majority of development is taking place in the Midtown submarket, primarily because of its proximity to Birmingham’s upscale residential areas and its access to the Central Business District (CBD). What area do you expect to be the next big development market? Why? Suburbs and the Midtown market What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Midtown and Highway 280 are the tightest submarkets currently, …
What area is your expertise? Birmingham Retail Market What trends do you see presently in retail development in your area? Retail development continues to be driven by discount anchors and grocery stores. What type of retail product is doing well in your area? Of note, fourth quarter saw most retail absorption take place in neighborhood retail properties. Also, a new Wal-Mart Supercenter opened in the Eastern/Irondale submarket. All retail is doing well in our market with occupancy at approximately 91.2 percent. What retailers are new to your area? ALOC Grocery is new to the market along with several smaller national chain stores. Who are the active retail developers in your area? Colonial Properties Trust has done the most retail development in the past several years. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Colonial Promenade in Fultondale, located in the Northern submarket, opened in Fall 2007 — Target, Best Buy and Books-A-Million Colonial Promenade in Alabaster, located in the Highway 31 south submarket, Phase II opened in August 2007 — Target, JCPenney and Best Buy The Grove in Hoover, located in the Hoover/Riverchase submarket, planned for 2009 — …