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FORT PIERCE, FLA. — Tulepan Management will start construction in the next few weeks on phase one of its 182,000-square foot Coral Square Shoppes. The property, spread across 17 acres on S. U.S. Highway in Fort Pierce, will contain a variety of restaurant, entertainment and office space. The first phase, which will deliver next spring, will include a 17,000-square-foot Sav-A-Lot Food Store and 25,000 square feet of retail space. Architect Kenneth McGee designed the center, and Kast Construction will provide general contracting services. Before drawing up plans for the property, Tulepan had to make sure the site was environmentally stable. Contamination remained from a former dry cleaning store, and the center had been decimated by hurricanes. “It was a property that had been sitting there since the hurricanes,” says Randy Tulepan, vice president of leasing for Coral Springs, Fla.-based Tulepan Management. “It had been neglected for quite some time.” To aid in the cleanup cost, the U.S. Department of Housing and Urban Development awarded the firm a grant from its Brownfield Economic Development Initiative. Tulepan says Coral Square Shoppes will fill a retail void in a community that is starved for national attention, and new retailers should, in turn, fuel …

CHARLOTTE, N.C. — The Charlotte-based developer Crescent Resources has filed for Chapter 11 bankruptcy protection in order to reduce the firm’s debt level and boost its capital structure. The filing applies to Crescent and certain affiliated legal entities, but not its entire portfolio of commercial real estate assets. A group of existing lenders has come forth with $110 million in debtor-in-possession financing aimed at helping Crescent remain in full operation during its restructuring. Andrew Hede, who has just been named CEO of Crescent, will lead the company through its bankruptcy filing. The firm’s previous CEO, Arthur Fields, has stepped down. “It is critical to understand that the filing and restructuring should have minimal impact on the company’s continuing operations, which will remain ‘business as usual’ throughout the process,” Hede wrote in an open letter on the company’s Web site. “Despite the unprecedented challenges facing the real estate industry, Crescent’s underlying business model is solid with many very attractive assets.” The filing is aimed at improving Crescent’s standing in the marketplace and is not a sign that the company is going out of business. Crescent Resources has divisions in Atlanta; Nashville, Tenn.; Orlando and Tampa, Fla.; and Washington, D.C. A few …

CONYERS, GA. — The Liquid Products Division of Golden State Foods has signed a 5-year lease with Ashley Capital for 100,952 square feet in the Rockdale Logistics Center, making it the center’s first tenant since Ashley bought the warehouse in 2007. The Conyers property spans 25 acres and encompasses more than 540,000 square feet. Golden State Foods currently occupies a manufacturing facility in Conyers across the street from Rockdale Logistics Center and will use the new space for storage. “They’ve grown recently in the liquid products division, and they needed to use more space in their existing plant for manufacturing,” says Bobby Mason of Atlanta-based Lavista Associates. Mason was the sole broker on the deal, representing Ashley Capital. “[GSF] is one of the few business that actually had a demand based on the growth in the business.” Even though the tenant needed more space and Rockdale Logistics Center is across the street from GSF’s manufacturing facility, the transaction still took some work. “There’s no easy deals anymore, unfortunately,” Mason says. “This is the first deal of this size that’s been done in a while.” — Jon Ross

ATLANTA — Larry L. Gellerstedt, III, has been appointed CEO of Atlanta-based Cousins Properties by the firm’s board of directors. On July 1, the former president and COO will succeed current CEO Thomas D. Bell, who is retiring from the company. S. Taylor Glover has been appointed as non-executive chairman of the board. Gellerstedt joined Cousins in 2005 when the firm acquired his company, The Gellerstedt Group. He has also previously worked as chairman and CEO of Beers Construction Co.; he has held the same role with American Business Products and The Integral Group. Bell was appointed CEO of Cousins in 2002 and was elected chairman in 2006. Cousins is currently developing the 10-acre Terminus project on the corner of Peachtree Street and Piedmont Avenue in Atlanta. “Just as it has for 50 years, our leadership team will continue to move Cousins forward, doing so with an unwavering commitment to our stakeholders, our communities and to excellence each day,” Gellerstedt says in a statement. — Jon Ross

DENTON, TEXAS — Feldman Mall Properties is currently negotiating with its lender for a forbearance on a loan that is partially secured by Denton’s Golden Triangle Mall. According to a release from the Great Neck, N.Y.-based shopping mall owner, the company has a $30 million line of credit, which is secured by some of its properties up to $24.6 million, and a guarantee by one of the company’s direct subsidiaries for any outstanding balance over that amount. The company states that its current outstanding balance is $27.8 million and it has also violated certain financial covenants. It is looking for a forbearance through the end of this year. Last year, Feldman attempted to complete a deal with Inland American Real Estate Trust in which Feldman would repurchase 2 million shares of preferred stock from Inland and receive $9.25 million from the company in exchange for Inland receiving the titles to Golden Triangle Mall; Stratford Square Mall, located in Bloomingdale, Ill.; and Northgate Mall, located in Cincinnati. Inland terminated the agreement in January 2009. At the time, Feldman state that it would need to find another way to raise the capital to retire $28.5 million in secured and unsecured, fixed and …

ATLANTA — Orinda Corp. is planning a $35 million upgrade at 222 Mitchell St. in Atlanta, transforming the former Nations Bank/Bank of America Operations Center into a mixed-use space. Atlanta-based Orinda and Charlottesville, Va.-based Octagon Capital Partners purchased the 350,000-square-foot property from Bank of North Georgia for an undisclosed amount. The firms are already moving ahead with a new look for the office building, outlining a project consisting of 205 lofts and more than 70,000 square feet of commercial space. Orinda has had previous success mixing residences with commercial condominium space at the Studioplex development in Atlanta’s Old Fourth Ward. “We think there’s an underserved small loft office need downtown,” says Dillon Baynes, president of Orinda, adding that 222 Mitchell St. is “the right project for the times.” In addition to downtown workers, the firms are expecting interest from area students. Georgia State University, Spelman College, Morehouse College, Clark Atlanta University and Georgia Tech are all located near the property. Baynes says Georgia State will increase its enrollment by 4,000 students during the next 4 years. Completion of the retooled tower is expected in January 2011. The first major task is finding construction financing for the project. Baynes says he’s …

ATLANTA — 100 Peachtree Street Atlanta LLC, an affiliate of Horsham, Pa.-based Capmark Bank, has purchased the 615,122-square-foot building at 100 Peachtree St. in Atlanta at auction for $29.5 million. Capmark Bank had foreclosed on the property, known as the Equitable Building, in early April. The owner, Equa-stone 100 Peachtree, had failed to pay back a loan of up to $52 million. The loan’s outstanding balance was $42 million, according to William Rothschild, an attorney with Sutherland who represented Capmark in the proceedings. 100 Peachtree Street Atlanta LLC was the sole bidder at the auction.