CHARLESTON, S.C. — Hunt Construction Group of Tampa, Fla., will break ground Friday on an $8 million Naval Brig expansion at Charleston's Naval Weapons Station. The property is being built for the Department of Defense. Orlando, Fla.-based SchenkelShultz Architecture designed the project.
Southeast
SUWANEE, GA. — Mitsubishi Electric & Electronics has leased 126,144 square feet from Duke Realty Corp. at the Horizon Business Center in Suwanee. Mitsubishi's HVAC Division will occupy the space, which is located at 2800 Vista Ridge Drive. The property is now fully leased. Jones Lang LaSalle's Alan Clayton represented the tenant. Brian Sutton served as in-house representation for Duke Realty.
JACKSONVILLE, FLA. — Dawn Properties has obtained a $5.4 million loan for its 244-unit Grande Pointe Apartments, which is located at 5800 University Blvd. West in Jacksonville. The 38-year-old property was renovated last year. Mutual of Omaha Bank financed the 2-year, adjustable rate loan. Travis Anderson of Holliday Fenoglio Fowler's Dallas office secured the financing.
OAKLAND PARK, FLA. — Strategic Storage Trust has purchased a 1,600-unit self-storage property from a private seller for an undisclosed price. The 93,700-square-foot facility is located at 4950 N. Dixie Highway in Oakland Park. Five of the development's units offer storefront retail space. This marks Strategic Storage Trust's fifth acquisition in Florida.
RALEIGH, N.C. — Phoenix Telecom Solutions has leased a 186,000-square-foot warehouse from Meridian Development Group in Raleigh. The property, which Meridian purchased in 2007 and was formerly occupied by Flextronics, is located at 4400 Emperor Blvd. Mike Lewis of the Lewis Group represented the tenant. Cassidy Turley's Chris Norvell and Jackson Rives represented the landlord.
CONWAY, ARK. — John Edwards of Arbor Commercial Funding's Boston office has obtained a $5.5 million loan for the 166-unit June Beene Garden apartment complex in Conway. Magna Bank financed the 10-year loan. The finacing carries a 5.77 percent interest rate and a 26-year amortization schedule.
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 95,000-square-foot Tiffany Square from a private party for an undisclosed amount. The property, which is located adjacent to the Golden East Mall in Rocky Mount, is anchored by JC Penney, Belk, Books-A-Million, Best Buy and Petco. Parker Blanchard served as in-house representation for RCG Ventures.
ST. CHARLES, MD. — Shamin Hotels has opened the 130-room Hilton Garden Inn Waldorf at the intersection of St. Partick's Drive and Smallwood Drive in St. Charles. The 80,886-square-foot property features a 2,465-square-foot ballroom, a convenience market, a business center, a workout facility and a pool. St. Charles is a 9,100-acre planned community that is being positioned as a model of sustainable development.
CLEARWATER, FLA. — ABG Sundial Collier Real Estate has purchased 116 units in the Waterscape Condo Resort from Crescent Resources for $23.51 million. The property is located at 1110 Santa Rose Blvd. in Clearwater. Colliers Arnold's Jason Stanton and John Stone brokered the sale.
Do you remember how it feels to be on a wild rollercoaster ride, excited and confused, trying to make sense of the ride yet wondering when it will end? That’s exactly what developers, brokers, retailers and landowners are feeling in the commercial retail market. Although Macon finds itself somewhat insulated from what major retail markets are feeling during the “Great Recession,” it is certainly not immune to the prolonged effect of this economic downturn. With the lack of financing, local and regional developers have had to adjust the delivery of their projects in the wealthy submarket of North Macon and the South Bibb County area. While they too recognize Macon as somewhat of an insulated market, they are not blind to the fact that nationally some major retailers have closed, rental rates are declining, vacancy exceeds 20 percent and negative absorption is beginning to rear its ugly head. The Shoppes at River Crossing, Macon’s newest lifestyle center on Riverside Drive, hit a speed bump with the departure of Circuit City, but has quickly recovered with the recent announcement of Jo-Ann Fabrics & Crafts’ lease of a 20,331-square-foot building. With a commitment from a major anchor, Fickling and Co. is moving …