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.
Southeast
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 — …
ORLANDO, FLA. — Trammel Crow Company is developing a $100 million, 450,000-square-foot headquarter building for Darden Restaurants in Orlando. The LEED-certified project will include a 30,000-square-foot culinary development center, 25,000-square-foot training center, fitness center, bank branch and 17,000-square-foot data center. The three-story building is located on a 50-acre parcel on John Young Parkway. Completion of the data center is scheduled for January 2009, with occupancy for the entire facility scheduled for August 2009. Perkins + Will are the architects, and Hardin Construction serves as general contractor.
ARLINGTON, VA. — Los Angeles-based Lowe Enterprises has acquired Jefferson Plaza, a 517,305-square-foot office complex in Arlington’s Crystal City district, from Equity Group, on behalf of an investment client, for an undisclosed price. The complex is comprised of two 13-story office towers, the 263,312-square-foot Jefferson Plaza 1 and 253,993-square-foot Jefferson Plaza 2. The towers, located at 1411 and 1421 Jefferson Davis Hwy., are connected by a glass-enclosed atrium and share a three-level below-grade parking structure. The buyer was represented in-house, and Warren Dahlstrom of Cushman and Wakefield’s Washington, D.C. office represented the seller. The complex was 96 percent leased at the time of sale, with the National Guard Bureau being the largest tenant.
ATLANTA — An affiliate of ECI Groups has acquired the Veranda apartment community in Atlanta from an affiliate of Norfolk, Va.-based Harbor Group for $32 million. The garden-style apartment complex features one-, two- and three-bedroom units averaging 964 square feet; walking trails to the Chattahoochee River; fitness center; and a pool. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis brokered the transaction.
MEMPHIS, TENN., AND GASTONIA, N.C. — Calif.-based Crown Realty has separately acquired single-tenant occupied warehouse facilities located in Tennessee and North Carolina for a total of $30 million. The Meritex Logistics Distribution Center, a 646,160-square-foot warehouse/industrial space, is located at 4836 Hickory Hill Rd., in Memphis. Johnny Lamberson and Frank Quinn of CB Richard Ellis brokered the deal. The Wix Master Distribution Center, a 541,609-square-foot warehouse/storage facility, is situated on 37 acres at 1551 Mount Olive Church Rd., in Gastonia. Jeffrey Shell and John Ecclestone of Cushman & Wakefield’s Michigan office brokered the sale.
ORLANDO, FLA. — Roseland, N.J.-based Chelsea Property Group, a division Simon Property Group, will build an 115,000-square-foot expansion for Orlando Premium Outlets. The expansion will increase the center to 150 stores. Construction began last January, and will finish in fall 2008. Hardin Construction is the general contractor, and the architect is Mooresville, N.C.-based Hennon Group.
FORT LAUDERDALE, FLA. — Broward County is developing The Edgar P. Mills Multi-Purpose Center, a $17.7 million, 50,000-square-foot facility to house government agencies in Fort Lauderdale. Tenants in the three-story, LEED-certified building will include the Broward County Health Department; Women, Infant and Children Programs; Elderly, Veterans Service Division; Hope Act Team; and the Family Services Administration. The facility will be located at 900 NW 31st Ave., and is being designed by IBI Group and DeRose Design Consultants. Deerfield Beach, Fla.-based Seawood Builders, a division of Catalfumo Construction, is the general contractor. The project is slated for completion in the winter of 2009.