MYRTLE BEACH, S.C. — Myrtle Beach-based Shroff Development is building the Towers On The Grove, a 539,024-square-foot, two-building condominium complex in Myrtle Beach. The first 19-story, 269,512-square-foot tower began construction last June and will deliver in November. The building features 221 one-, two- and three-bedroom units, a full-service restaurant and a 10-story parking garage. The second building will also be 19 stories and 269,512 square feet. North Myrtle Beach-based Landmark Builders is the general contractor, and the property is being leased by The Hoffman Group.
Southeast
LAFAYETTE, LA. — Stephen St. Clair of Marcus & Millichap’s Orlando office and Tom Pate of its Lafayette office have arranged the sale of Diamond Lakes Apartments, a 312-unit, 249,100-square-foot multifamily community in Lafayette, on behalf of the seller, a Mass.-based private investment group, to a La.-based private investment group, for $20 million. St. Clair also represented the buyer. The garden-style community is comprised of 16 two-story buildings featuring one- and two-bedroom units, ranging from 650 to 1,000 square feet. Amenities include two swimming pools, two lighted tennis courts and a fitness center. The property is situated on a 13-acre lot, located at 2700 Ambassador Caffery Pkwy., near Interstate 10 and the Southwest Medical Center.
WEST COLUMBIA, S.C. — Victor ‘Buddy’ John and Jim Pagett of NAI Avant have brokered the sale of Capitol Square Shopping Center located at 200 Sunset Blvd. in West Columbia. Edens & Avant sold the 8-acre, 83,085-square-foot property to a local private investor for $1.85 million.
RIDGELAND, MISS. — Jackson-based Mattiace Properties and H.C. Bailey Companies are opening Renaissance at Colony Park, a 57-acre, 500,000-square-foot lifestyle center in Ridgeland. The open-air center will consists of a 60 retail stores, 50,000 square feet of office space, five restaurants, five specialty food stores and a Hyatt Place Hotel. Tenants include P.F. Chang’s China Bistro, Biaggi’s Ristorante Italiano, The Fresh Market Market, Barnes & Noble, Ethan Allen, Ann Taylor and White House/Black Market, among others. The development will open in March, and is located on Highland Colony Parkway at the northwest corner of Interstate 55 and Old Agency Road.
Since 1995, container volume at the port has increased by approximately 400% and now exceeds 2.3 billion TEU s (20-foot equivalent units). With this growth, national developers have entered the market and started large speculative construction projects totaling more than 4.5 million square feet. However, the market is still relatively small at 23 million square feet. While the port s growth will ultimately create strong demand, there are some questions concerning building size and near-term absorption and overbuilding that will be addressed in the next year. Many of the speculative buildings exceed 500,000 square feet. The Savannah industrial market s vacancy is certainly healthy at 5.4%, but the current state of spec development will probably drive it higher in the short term. Additionally, the amount of vacant space may stall rent growth and keep it in the $3.30 to $4 per square foot range over the next year. At Duke, we were fortunate enough to acquire a fully leased, 5.1 million-square-foot portfolio from local developer Wrenn Blalock, we are also exploring additional land opportunities to maintain our position as a leading developer in Savannah. Our Savannah portfolio includes Portside at Grange Road and Crossroads Business Center, where we will acquire …
POINCIANA, FLA. — Kissimmee, Fla.-based Chalifoux Management Group has acquired 37 acres from Avatar Properties for Poinciana Parke, a $100 million, 450,000-square-foot development in Poinciana Office & Industrial Park. The project will feature 150,000 square feet of space for corporate and research offices and an urgent care center and additional medical facilities. The project will also include 300,000 square feet of retail and restaurant space. Construction is slated to begin late this year. The property is located at the corner of Highway 17-92 and Poinciana Boulevard. Chalifoux is also negotiating the purchase of 36 additional acres from Avatar for the development of a $60 million mixed-use project featuring 500,000 square feet of retail office and office warehouse space. The property is comprised of adjacent 23- and 13-acre sites, located north of Highway 17-92 on Poinciana Boulevard.
BOWIE, MD. — Chevy Chase, Md.-based JBG Rosenfeld Retail (JBGR) is redeveloping Bowie Marketplace, a 240,000-square-foot center located at the intersection of Annapolis Road and Superior Lane, into a mixed-use center. Main Street Marketplace, the new 185,000-square-foot, LEED-certified development, will be completed in two phases. Phase 1 will include the retail portion, and Phase 2 will focus primarily on the residential component. The retail phase will start construction in 2009, and is projected to be delivered in 2010. JBGR is negotiating with current tenants, Safeway and Rite Aid, to anchor the renovated center with new, prototype stores.
VOLUSIA COUNTY, FLA. — Wyotech has developed a 90,000-square-foot motorcycle and marine repair training school in Volusia County, located 15 miles northwest of Daytona Beach. The building features 12 classrooms, three motorcycle laboratories, a marine motor laboratory, a library and student lounges. Orlando, Fla.-based HuntonBrady Architects designed the facility.
JACKSONVILLE, FLA. — David Hsieh and Mark Prideaux of Marcus & Millichap’s Jacksonville office have arranged the sale of the 192-room Travelodge Inn & Suites in Jacksonville on behalf of the seller, Nilesh Patel, to Kenneth Choi of Los Angeles, for $6.2 million. The buyer was represented by Connie Cho of Coldwell Banker’s Los Angeles office. The property is in close proximity to the Jacksonville International Airport.
HIALEAH, FLA. — L & D Investors has acquired two multifamily complexes, Nina’s Apartments and Queens Apartments in Hialeah, from Samuel and Nina Levy, for $6 million. Nina’s Apartments, a 36-unit complex located at 1288 W. 29th St., sold for $3.1 million. The building features one- and two-bedroom apartment homes. Queens Apartments, a 34-unit community located at 1271 W. 29th St., sold for $2.9 million. Evan Kristol and Still Hunter of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the sellers.