ATLANTA — Atlanta-based Piedmont Office Realty Trust recently obtained a $250 million unsecured term loan from a syndicate of 12 banks, including co-lead arrangers and book managers J.P. Morgan Securities and Bank of America Securities. The loan, which will mature on June 28, 2010, and may be extended for 1 year, will help fund property acquisitions. As of March 31, Piedmont has a debt to real estate assets ratio of 25.6 percent.
WINDSOR, VA. — Minneapolis, Minn.-based Ryan Companies US will develop a 300,000-square-foot distribution center for New Hope, Minn.-based Safco Products, allowing the company to better serve customers along the eastern seaboard. The building, located in the Shirley T. Holland Commerce Park at 25400 Old Mill Rd. in Windsor, will serve as Safco’s new East Coast import facility. The project begins Phase II at the Holland development and should be complete by December.
RIVERVIEW, FLA. — Miami-based Adler Group has purchased the 82,120-square-foot Crescent Park I & II, located at 3903¬–4037 Crescent Park Dr. in Riverview, from Cushman & Wakefield for $12.05 million. The single-tenant office building and the multi-tenant flex building are 96 percent occupied. Matt Adler of the Adler Group brokered the sale.
LACOMBE, LA. — Construction is underway on Dallas-based The Cirrus Group’s 45,000-square-foot Louisiana Medical Center & Heart Hospital Medical Office Building, located next to the hospital’s new expansion tower at 64030 Louisiana Hwy. 434 in Lacombe. When the shell is completed in late 2008, the building will house a dialysis clinic and specialty offices for nephrology, hematology and oncology services. Tenants will move in by late March 2009.
WEST POINT, MISS. — Mississippi CVS Pharmacy LLC has sold a 1.86-acre, 11,945-square-foot CVS/pharmacy, located at 750 W. Main St. in West Point, to Florida-based El Cid 60 LLC for $3.73 million. The property has a new 25-year NNN lease with 25 years remaining and options every 5 years. Boca Raton, Fla.-based Realty Associates represented the buyer, and the seller was represented by Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office.
TAMPA, FLA. — Boston-based TA Associates has purchased Corporate Oaks, located at 5100 Lemon St. in Tampa, and Centerpointe, located at 5505 W. Cypress St. in Tampa, from USAA Real Estate Co. for $47.3 million. The two buildings total 350,232 square feet and are 92 percent occupied. Cushman & Wakefield’s Mike Davis and Rick Brugge represented the seller.
BETHESDA, MD. — Atlanta-based Piedmont Office Realty Trust has acquired Opus Center at Rock Spring Park II, located on Rockledge Drive in Bethesda, from its developer, Opus East, for an undisclosed amount. Piedmont acquired Opus Center at Rock Spring Park I in November and will rename the two eight-story buildings, which total 407,000 square feet, Piedmont Pointe I and II. Eric Berkman and Steven Gichner of Grubb & Ellis’ Washington, D.C., office represented Opus East, and Piedmont’s Wil Stone and Brad Pittman represented their firm. Piedmont is pursuing Silver LEED certification for the buildings.
ROCK HILL, S.C. — Cleveland-based Rock South has purchased the five-story, 162-room Hampton Inn Rock Hill from Catawba Hotel Associates for $17.4 million. The 70,000-square-foot building, which will retain its Hampton Inn brand, will undergo extensive renovations. Hotel amenities include more than 1,700 square feet of meeting and boardroom space, a fitness center and a pool. Anthony Falor of Hodges Ward Elliott’s focused service division brokered the transaction.
MIAMI GARDENS, FLA. — Construction is underway on Miami-based DZD Holdings’ 107,000-square-foot shopping center Palmetto Gardens Plaza, located at 3791 N.W. 167th St. in Miami Gardens. The center, which will also include a 20,000-square-foot outparcel, is being built by Aventura, Fla.-based Vercon Construction, marketed by the Miami offices of Macken Realty and Behar Font & Partners is serving as the building’s architect. The property is expected to deliver in 14 to 18 months.
SUNRISE, FLA. — Ron Osborne of Marcus & Millichap’s Fort Lauderdale, Fla., office brokered Bull Investment’s sale of a 6,244-square-foot vacant restaurant building to Church of God of Prophecy Sunrise/Lauderhill Inc. for $1.35 million. Located at 7730 W. Oakland Park Blvd. in Sunrise, the former Woody’s Bar-B-Que will be converted into a church.