ATLANTA — Atlanta-based Kronos Hotels is acquiring eight hotels, including a 245-room Holiday Inn Select in Atlanta, from two individual sellers, for $45 million. Memphis, Tenn.-based Cooper Hotels is selling the Atlanta property and a hotel in St. Louis. Monty Levy of Jones Lang LaSalle is the broker in the sales transaction. The remaining six properties, located in Kansas, Missouri and Washington, are being sold by a privately owned company. Jitesh Rama of California-based PriyaCorp Investment is the broker in the sales transaction.
LEXINGTON, S.C. Columbia, S.C.-based Arnold Companies is developing Southlake Village, a $20 million, 135,000-square-foot independent living senior facility in Lexington, located at 123 Gibson Rd. Construction began last May, with delivery of 19 cottages this month. The project will also feature 105 apartment homes upon completion in September. The community is situated on a 12.5-acre site and features a lagoon with walking trails, a pool, a fitness center, a hair salon, a media room and a bistro/lounge.
WINSTON-SALEM, N.C. — Ionian Investments is developing The Shops at St. George Square, a $10 million, 120,000-square-foot retail center in Winston-Salem, located along Hanes Mall Boulevard near Interstate 40 and South Stratford Road. The project consists of 60,000 square feet of Class A retail and office space, 40,000 square feet of retail shops and an interior boulevard of 20,000 square feet of office space. Two restaurants are expected to open in June and late this year, respectively. The Meridian Realty Group of Winston-Salem is exclusively leasing the property.
DELRAY BEACH, FLA. — New Century Companies has broken ground on New Century Commons, a $5.2 million, 90,000-square-foot retail center consisting of three buildings in Delray Beach, located along Linton Boulevard. Construction began in March, with initial occupancy scheduled for year-end 2008.
What area is your expertise? Atlanta industrial What trends do you see presently in industrial development in your area? Spec developments has slowed given uncertain economic conditions. Spec space to be delivered this year is 4.9 million square feet, down about half from this time last year. Almost all new development is bulk warehouse of 400,000+ square feet. What type of industrial product is doing well in your area? The bulk market has been active. Distribution is stable. Who are the active industrial developers in your area? DCT Industrial, First Industrial Realty Trust, Duke Realty Corp., Majestic Realty Co., IDI, Raco, Panattoni Development Co., John W. Rooker and Associates, Robert Pattillo Properties, McDonald Development, Jadow Realty and M.D. Hodges. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? IDI’s newly planned Meridian 75 Logistics Center is a 200 acre park along Interstate 75 near Macon. The park will accommodate 3 million square feet when completed and Majestics Airport Center III where the developer has started 4 buildings including a 600,000-square-foot bulk warehouse. Where is the majority of development taking place? Why is this area doing well? Northeast and Airport …
RALEIGH, N.C. — Highwoods-DLF Forum, a joint venture of Raleigh-based Highwood Properties and DLF, has acquired The Forum, a 635,000-square-foot, Class A office park in the Six Forks submarket of Raleigh, from Prudential Real Estate, for $113 million. The property consists of five buildings situated on 19 acres. Forum I is 135,000 square feet and seven stories; Forum II is 96,000 square feet and five stories; Forum III is 94,000 square feet and five stories; Forum IV is 182,000 square feet and six stories; and Forum V is 128,000 square feet and six stories. Forum I Ð Forum IV were 92 percent occupied at the time of sale, and Forum V was 82 percent occupied at the time of sale.
MARIETTA, GA. — Stamford, Conn.-based Ceebraid-Signal has purchased Rivers Apartment Communities, a 708-unit multifamily complex consisting of three enclaves in Marietta, from Houston-based Greystar Management and Norwalk, Conn.-based General Electric Capital, for $72 million. The Preserve Apartment Homes, The Pointe Apartment Homes and The Park Apartment Homes are situated on contiguous lots, totaling 77 acres, adjacent to the Chattahoochee River along Powers Ferry Road. The garden-style communities feature swimming pools, fitness facilities and tennis courts. Ceebraid-Signal will renovate the properties to include a movie theater, rock climbing wall and indoor basketball court, among other improvements. Apartment Realty Advisors of Atlanta represented the seller in the transaction.
RICHMOND, VA. Reynolds Development and Lingerfelt Development, both of Richmond, are building Reynolds Office Building, a $40 million, 200,000-square-foot facility within Reynolds Crossing in Richmond, a 90-acre mixed-use project currently under development. Construction began last year, and the office building is expected to deliver in May. Tenants will include Alcoa and James River Insurance. Mark Douglas and Suzanne White of Thalhimer/Cushman & Wakefield s Richmond office are the exclusive leasing agents for the property, which is located at the intersection of Glenside Drive and West Broad Street.
RALEIGH, N.C. — Grubb & Ellis Realty Investors has acquired Six Forks Station, a 32-acre, 321-unit multifamily complex in Raleigh, on behalf of tenant-in-common investors, for an undisclosed amount. The property consists of 39 buildings that feature 88 one-bedroom, 161 two-bedroom and 72 three-bedroom apartment homes. Amenities include two swimming pools, playgrounds, multi-purpose sports courts and a fitness center. The complex is located at 8601 Olde Station Dr.
BRANDON AND RIVERVIEW, FLA. — Phillips Development & Realty is building two Class A multifamily complexes in Brandon and Riverview, totaling $61 million. In Brandon, Phillips Delaney Creek, a $30 million, 290-unit property, will be situated on 49 acres in the southwest quadrant of the intersection of Progress Boulevard and Falkenburg Road. The community will feature three- and four-story garden-style buildings with elevator service and scenic wetland conservation areas. Phillips Magnolia Park, a $31 million, 300-unit property in Riverview, will be situated on 19 acres within Magnolia Park, a master-planned development located in the southeast quadrant of the intersection of Progress Boulevard and Falkenburg Road. The garden-style community will feature three- and four-story buildings. Both projects will break ground this year.