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ATLANTA — Cobalt Industrial REIT II, an affiliate of Dallas-based Cobalt Capital Partners, has purchased a nine-building portfolio in the 587-acre Shawnee Ridge industrial park from SAR at Shawnee Ridge for an undisclosed amount. The properties, which total 1.7 million square feet and are 82 percent leased, are located in the Atlanta’s northeast submarket. Chris Riley, Frank Fallon and Brian Budnick of CB Richard Ellis’ Atlanta office represented the seller, and Cobalt was represented in house. According to Lewis Friedland of Cobalt Capital, the company purchased the buildings as part of an Atlanta industrial expansion plan. “We already own a significant portfolio of light industrial properties in Atlanta,” he says. The low level of industrial activity in Atlanta doesn’t bother Friedland, who expects tenants to start making moves soon. Each building in the Shawnee Ridge portfolio averages 189,000 square feet, a size Friedland targets when dealing in the Atlanta market. “We’re still seeing strong demand from tenants in the 10,000- to 50,000-square-foot range,” he says. Overall, the Class A warehouses, which were constructed in the 1990s are in “very good condition,” Friedland says. To attract new tenants, however, Cobalt will undertake a small amount of interior and exterior renovations. Cobalt …

CHICAGO — Plans were recently unveiled for an approximately $350 million green renovation of Chicago’s iconic Sears Tower. The project will reduce the building’s electricity use by up to 80 percent through a combination of energy savings and co-generation — equating to savings of 68 million kilowatt hours per year. The project architect for the renovation is local design firm Adrian Smith + Gordon Gill Architecture (AS+GG). Upgrades to the building begin with the exterior. The tower’s 16,000 windows will be replaced and glazed, amounting to a 50 percent savings in heating costs. The building’s boilers are being replaced with new gas-fired units that utilize fuel cell technology and are up to 90 percent more energy efficient. High-efficiency chillers are also being installed and upgrades will be performed to the distribution system. The tower’s 104 high-speed elevators and 15 escalators are also being modernized, which will result in a 40 percent reduction in energy use. The project will also place an emphasis and the tower’s water and lighting systems. Upgrades to the building’s restroom fixtures, a condensation recovery system and the installation of water-efficient landscaping will reduce water usage by up to 24 million gallons per year. An advanced lighting …

HARTFORD COUNTY, MD. — Baltimore-based St. John Properties is developing the Government and Technology Enterprise Enhanced Use Leasing project at the Aberdeen Proving Ground, a U.S. Army installation located outside of Aberdeen, Md. The project will initially consist of 150,000 to 200,000 square feet of research and office space in four buildings. The total undertaking could eventually expand to 2 million square feet of research and office space on 413 acres. Aberdeen Proving Ground, which encompasses 72,000 acres, is currently benefiting from a variety of construction activities. The 2.5 million-square-foot Command, Control, Computer, Communication, Intelligence Surveillance and Reconnaissance Command facility will deliver in the third quarter of 2011. The transformation of Aberdeen Proving Ground is precipitated by the government’s Base Realignment and Closure campaign. When the planned construction is complete across the entire compound, an estimated 6,000 government workers will be employed in the development. Opus East had been originally selected to build the Enhanced Use Leasing facilities, but the company recently assigned the job to St. John. After approval from the army, St. John set to work. The firm is planning many more projects over the 20-year build-out at Aberdeen Proving Ground. “We view this development as the most …

Los Angeles — CB Richard Ellis Group Inc. has selected Ed Schreyer to serve as executive managing director of the company’s industrial services group as Jim Dieter retires in November. As a 20-year CBRE veteran, Schreyer is bringing much to the position. “In additional to my industrial sales and leasing experience, I have spent the last 7 years building a team that specializes in optimizing real estate portfolios,” explains Schreyer. “I plan to bring this focus to my new position to enhance delivery of the many integrated services within CBRE to further assist our user and landlord clients.” The main focus of the industrial services group will follow the company’s mission statement of “putting the client first – always.” “With the challenging times today, our clients continue to need deeper resources and a nimble partner to assist in executing their real estate strategies,” says Schreyer. Schreyer, who will remain based in Cincinnati, plans to expand CBRE’s industrial services group by using the company’s talented workforce to continue to provide clients with the best practices and proven results. “Our culture is very collaborate, so it is well primed to continue expanding and improving the industry leading solutions we deliver for our …

SEATTLE — Eddie Bauer Holdings, Inc., filed for Chapter 11 bankruptcy protection on Wednesday. The company entered into an asset purchase agreement with an affiliate of private equity firm CCMP Capital Advisors to buy the company’s assets in bankruptcy for $202 million. CCMP plans to keep the majority of Eddie Bauer’s stores open and retain most employees. The sale is subject to bankruptcy court approval, and is expected to transpire within 60 days unless a higher bidder comes along. Eddie Bauer currently operates 371 stores in the U.S. and Canada. CCMP has a history of retail investing; the company’s investments have included Quizno’s, Guitar Center and Cabela’s. A statement by Neil Fiske, president and CEO of Eddie Bauer, blamed the bankruptcy on the debt burden on the company left over from the bankruptcy of Spiegel and the prolonged recession which has not been kind to many apparel retailers. Fiske, who ran Bath and Body Works for 4 years prior to joining Eddie Bauer in 2007, also discusses many turnaround plans that the company is enacting.

CULVER CITY, CALIF. — Culver Centrale is a new mixed-use residential and retail property currently in development in Culver City. Scheduled for completion in November, the property will offer 18 residences averaging approximately 1,800 square feet and 5,500 square fee of street-level retail space. The developer, Joseph Miller, is president of The Runyon Group, a Beverly Hills, Calif.-based real estate investor and manager. “The residences at Culver Centrale draw from the best elements of classic design and interpret them in a modern way,” Miller says. “Nothing has been reinvented, only refined. Culver Centrale is all about light, warmth, simplicity and above all, quality. I spent the better part of a year picking out the best finishes; I went to Italy to inspect the cabinets and tiles. I think that this hard work is evident in each of the residences.” Culver Centrale will be the first and only mixed-use project and the only new residential project in downtown Culver City, notes Miller. The project will also come online without having to face any competition in the form of other new projects of this kind. Miller was able to secure the only entitlement for construction in downtown Culver City for this type …

CHINO HILLS, CALIF. — The $72 million Chino Hills Government Center is now complete. The new center includes Chino Hills City Hall, Chino Valley Independent Fire District Administration headquarters, Chino Hills Police Station, James W. Thalman Chino Hills Branch Library and Government Center parking structure. The city of Chino Hills contracted San Diego-based Barnhart Inc. to construct the 133,000-square-foot project, which encompasses a 10-acre campus. Barnhart was selected for the project through a RFP process. “The Government Center was designed to be the main focal point around a new downtown area, which creates easy access to City Hall, the Sheriff Station, library and shopping/residential areas for public use,” explains Brian Cahill, director of operations at Barnhart. The phased-project was completed in 18 months. The first phase, which was completed in August 2008, included a $14 million police station. At the end of last year, the $27 million City Hall, a $11 million, four-story parking deck and the $7 million Fire Administration Headquarters opened. The $13 million library component opened in January. Additionally, the project included improvements to the $22 million, 33-acre community park and a portion of the roadway, as well as infrastructure improvements. “A unique element of the project …

DELRAY BEACH, FLA. — A $325 million mixed-use development, which spans 8.5 acres on the corner of Atlantic Avenue and Federal Highway in Delray Beach, is poised to become the midway point of the city’s retail offerings. Upon full build-out, Atlantic Plaza II will include 132,000 square feet of retail space; a 106,000-square-foot, Class A office building; 197 residences and an underground parking garage for 1,000 cars. Sitework for the first phase will begin this summer, and groundbreaking is expected in 2 years. Subsequent phases will follow in the next 5 to 7 years. “We look at this project as becoming the 50-yard line for Delray Beach, the one endzone being a very dynamic beach community, which is within walking distance of the site,” says Bill Milmoe, president of CDS International Holdings, which is developing the project. “The other endzone is the downtown area, which is also within walking distance of the site.” A CDS-owned shopping center currently sits on the site. Atlantic Plaza II is a vast improvement, Milmoe says, because it offers better positioning for future tenants. “The current retail is recessed off the main street, like a typical suburban shopping center with a lot of parking,” he …

SANTA ANA, CALIF. — San Francisco-based The Prime Group has acquired Adagio at South Coast, a 349-unit apartment community located at 3124 S. Main St. in Santa Ana. One of the largest investments sales this year in Orange County, the property sold for $43.1 million, or $123,496 per unit. “This transaction demonstrates our ongoing interest in buying well-located, quality multifamily properties in coastal California,” notes John Adair, principal of The Prime Group. In the last 6 months, the company has completed apartment acquisitions in California totaling more than $181 million. Situated in the South Coast Metro submarket, the property was originally constructed in 1974 and renovated in 2000. The sale closed 22 days after contract signing, which is quick for such a large transaction. “In today’s market, it can be very challenging to get a deal over the finish line for a variety of reasons,” says Ray Eldridge of CB Richard Ellis. “The fact that a transaction of this size closed in just 22 days demonstrates the importance of working with a consistent, motivated and reliable buyer.” Eldridge also noted that the acquisition was a strategic move for the buyer, which also owns two nearby apartment assets. Eldridge and Michelle …