ATLANTA — RREEF Real Estate, on behalf of an institutional client, has acquired the 186,058-square-foot Perimeter Square, located on Perimeter West Boulevard in Atlanta, from ING Clarion for an undisclosed amount. The shopping center is fully-leased to Bed Bath & Beyond, T.J. Maxx, Haverty’s, Total Wine, PetSmart and others. DTZ Rockwood’s Hayes Swann and Matt Tritschler represented RREEF in the transaction.
Southeast
ALPHARETTA, GA. — Korea-based Hanjin Shipping Co. has purchased a 60,000-square-foot Class A office building and 10 acres of land, located at 4300 North Point Pkwy. in Alpharetta, from Image Properties for an undisclosed amount. The company plans to move into 40,000 square feet of the building in first quarter 2009. The remaining space is being leased as part of the sale. Paul Zeman of Bull Realty represented the seller, and Bob Misdom and Kathy Burke of CresaPartners represented the buyer.
HICKORY AND ROCKY MOUNT, N.C. — Piedmont Center Associates, under a license agreement with Atlanta-based InterContinental Hotels Group, has re-opened a Holiday Inn Select as a Crowne Plaza, after a $2.5 million renovation. The 200-room hotel, located at 1385 Lenoir Rhyne Blvd. in Hickory, features a restaurant and lounge, an indoor pool and fitness and business centers. The renovations included adding a bar to the lobby and outfitting guest bathrooms with wider showerheads and roomier showers. As part of the renovation, many of the hotel’s furnishings were purchased from local manufacturers, and a modern art sculpture will be commissioned for the lobby. In Rocky Mount, The Generation Cos., under a lease agreement with InterContinental, has opened an 83-room, environmentally-friendly Candlewood Suites, located 688 English Rd. Green amenities include low-flow shower heads and toilets, compact fluorescent lighting and sodium vapor fixtures. The hotel also includes free high-speed Internet and a 24-hour fitness center. The opening marked the opening of the brand’s 200th hotel.
JACKSONVILLE, FLA., AND NASHVILLE, TENN. — A joint venture between CB Richard Ellis Realty Trust and Duke Realty Corporation has purchased two buildings in the Southeast from an undisclosed seller as part of a four-property portfolio worth $139.1 million. The deal included a 772,210-square-foot warehouse, located in the Westlake Industrial Park at the intersection of Hannah Road and Old Plank Road in Jacksonville. The Class A property is fully-leased to Unilever. The portfolio also included a 180,147-square-foot office building, located in the Aspen Corporate Center in Nashville, that is leased to Verizon Wireless.
POLK CITY, FLA. — Indianapolis, Ind.-based Browning Investments, in cooperation with Colliers Arnold, will develop the more than 1.2 million-square-foot Axcess 4 Logistics Center in Polk City. The 104-acre property will encompass multiple buildings and include T5 fluorescent lighting and ESFR sprinkler systems. The first 554,040-square-foot building will feature 102 dock doors and four drive-up doors. Edwards Construction will build the project, which is scheduled for a February 2009 groundbreaking and a third quarter 2009 delivery.
ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis’ Orlando office represented Colonial Properties Trust in its sale of the 496-unit Colonial Grand at Hunter’s Creek to an undisclosed buyer for $57.7 million. The apartment complex is located across from the Hunter’s Creek Golf Course on John Young Parkway in Orlando.
BILOXI, MISS., AND GULF BREEZE, FLA. — Ladera Ranch, Calif.-based Strategic Storage Trust, a new $1 billion real estate investment trust sponsored by U.S. Commercial, has purchased two storage properties totaling 146,000 square feet from U-Stor-It for $10.76 million. The properties, located in Biloxi and Gulf Breeze, together boast more than 1,300 storage units.
OWINGS MILLS, MD. — Fore Property Co. will break ground next month on the 226-unit 4 Groveton, an apartment complex located near the intersection of Lakeside Boulevard and Painters Mills Road in Owings Mills. The 15.6-acre property will be built to LEED standards and will include a swimming pool, a health club, billiard and shuffleboard tables and an indoor virtual golf machine.
CHARLOTTE, N.C. — Charlotte-based Medalist Capital has secured $46.5 million in permanent, non-recourse financing for Collett & Associates’ Perimeter Woods Shopping Center, located off Interstate 77 at W.T. Harris Boulevard in Charlotte. The loan was placed with Chicago-based PPM Finance. Don Williams and Mary Neill Hagood arranged the transaction.
PUNTA GORDA, FLA. — Fort Myers, Fla.-based Eagle Concrete Systems has completed construction of the 189,532-square-foot East Elementary School, located at 27050 Fairway Dr. in Punta Gorda. The property features a 164,389-square-foot classroom building and a 4,696-square-foot gym. Owen-Ames-Kimball served as general contractor, and Reynolds, Smith & Hills designed the building.