COLUMBIA, MD., AND BALTIMORE — First Potomac Realty Trust has purchased the six-building, 306,656-square-foot Rivers Park I & II, an office property located on Guilford Road in Columbia, from affiliates of General Growth Properties for $42.3 million. Purchase of the fully-leased building was partially funded by a $28 million loan from U.S. Bank National Association. The 73,456-square-foot Triangle Business Center, a four-building business park located in Baltimore, also changed hands between the companies for $4.5 million in cash. The Triangle Business Center is 68 percent leased.
HUNTSVILLE, ALA. — David Collie of iCap Realty’s Atlanta office has secured a $19 million loan to fund the acquisition of the two-building, 168,000-square-foot Wester Aerospace & Defense office property. Located in the Cummings Research Park in Huntsville, the 22-acre property was acquired in a deal worth $29.3 million.
TAMPA, FLA. — Les Aron, David Goldstein and Dan Wolf have represented both parties in the sale of the 150,210-square-foot Tampa Plaza from a Minnesota investor to a New York-based LLC for $4.41 million. The property, located at 8303 N. Florida Ave. in Tampa, was built in 1968 and is anchored by Kmart.
BALTIMORE — Greenbelt, Md.-based The Bozzuto Group has commenced construction on The Fitzgerald, a mixed-use property featuring 280 apartments and 14,000 square feet of retail, after obtaining $75 million in financing. Bozzuto and its joint venture partners — Gould Property Co., The New York State Teachers’ Retirement System (NYSTRS) and a former Baltimore Raven football player — secured a $52 million construction loan from Bank of America and $23 million in equity from the NYSTRS. The property is located on 4.6 acres in the heart of Baltimore’s cultural district and is expected to deliver in 2010.
SHEPHERDSVILLE, KY. — Charles DeWeese Construction will being site work this month on the more than 1 million-square-foot ZAP/Integrity Automotive Electric Car plant, located on 267 acres in the North Wilkey Industrial Center in Shepherdsville. The plant, which will initially employ 1,250 people when completed, will begin production of three-wheel electric cars by the middle of next year. The building is being constructed to LEED standards and will feature turbine wind machines, roof ventilation and solar panels used to heat water and generate electricity.
CHESTERFIELD COUNTY, VA. — Virginia T’s has leased 208,000 square feet of industrial space in two buildings, located at 11200 and 11300 Old Stage Rd. in Chesterfield County, from The HNI Corporation. Further details of the lease were not disclosed. Grubb & Ellis|Harrison & Bates’ Stuart Cary and Greg Creswell represented HNI.
FORT LAUDERDALE, FLA. — Altman Development is developing the 279-unit Satori, a luxury apartment community spanning 5.7 acres at 1111 E. Sunrise Blvd in Fort Lauderdale. The project will include 12,149 square feet of retail space and will be built using environmentally-friendly features. Completion of the first phase, which consists of 57 units, is planned for March 2009, and the entire project should deliver late next year.
FREDERICKSBURG, VA. — As part of a $100 million renovation to the 1.3 million-square-foot Spotsylvania Towne Centre, built in 1981 in Fredericksburg, the newly-created Village at Towne Centre will usher in a host of new tenants starting in November. Fink’s Jewelers, Firebirds, Sephora, Coldwater Creek, The Pub, Cache, Bravo Cucina Italiana and Saxon Shoes will all open in the center by spring 2009. In addition, Muvico Entertainment is developing a 12-screen movie theater on the site, and Splitsville will help bring a bowling alley and arcade to the area.
MARYLAND, VIRGINIA AND WEST VIRGINIA — NPC International has acquired 99 Pizza Hut stores located in Maryland, Virginia and West Virginia from Colonial Foods for $81.8 million. The 50 dine-in restaurants, three Pizza Hut/Yum! brand stores and 46 delivery units are located primarily in Virginia. NPC funded the purchase by borrowing against its $75 million revolving credit facility and utilizing $5 million in cash reserves. NPC is the world’s largest Pizza Hut franchisee.
MT. JULIET, SMYRNA AND HIXSON, TENN. — Watkins Retail Group is planning to open three new Publix supermarkets in Tennessee. This month, a 90,640-square-foot store will open in Mt. Juliet Village in Mt. Juliet, and a 73,850-square-foot Publix will also deliver in The Shops at Lee Village in Smyrna. A Publix is set to anchor the 78,490-square-foot Creek Plantation Village, located at the intersection of Hixson Pike and Cassandra Smith Road in Hixson. The Publix, which is slated for delivery on Oct. 8, will be joined by BiBa’s Italian Restaurant, Chloe Salon, Great Clips and other regional and national tenants.