ARLINGTON, VA.— Bill Asbill, Bob Donhauser and Cary Abod of Holliday Fenoglio Fowler’s Washington, D.C. office have arranged a $112 million construction loan for National Gateway I and II, a 438,800-square-foot, Class A office complex in Arlington, on behalf the The Meridian Group. The financing is structured as a 3-year adjustable-rate loan with Corus Bank. The project is part of the 4.5 million-square-foot Potomac Yards Arlington mixed-use development and will include two 9-story towers with 367,382 square feet of office space and 71,418 square feet of retail, inclusive of a 46,600-square-foot health club pre-leased to LA Fitness International. Wachovia has also pre-leased space for a bank branch. The office complex will be located at the intersection of Glebe Road and Jefferson-Davis Highway, adjacent to the Washington Reagan National Airport.
Southeast
COVINGTON, LA. — St. Tammany Parish, La.-based Cypress Bend Real Estate and Metairie, La.-based Property One are developing a $48 million, 24-acre office park in Covington. The development will include a four-story, 105,000-square-foot Class A office building, with adjoining executive conference center, and Stone Creek Club & Spa, a 52,000-square-foot facility featuring a full-service spa and 12 tennis courts. LLOG Exploration Co. will move its headquarters to the park and occupy two floors. Construction is scheduled to be completed on the office building in February 2009 and the healthclub in March 2009. Property One will also manage and lease the property.
LEXINGTON, S.C. — Columbia, S.C.-based Arnold Companies is redeveloping Southlake Center, a 42,504-square-foot, one-story office building in Lexington, for $1.8 million. The building is situated on 5 acres at 714 Southlake Dr. and is anchored by Amedisys, a home healthcare company. Construction began in May 2007 and is slated for completion in March.
ORMOND BEACH, Fla. — The Volusia County School Board is developing Ormond Beach Middle School, a $40 million project scheduled to start construction this spring. Phase 1 will include a 20,400-square-foot administration and media building featuring a CCTV studio production lab, and also a 44,730-square-foot classroom building with 20 classrooms, four science labs and two skill labs. Orlando, Fla.-based H.J. High Construction is the construction manager and Oviedo, Fla.-based Starmer Ranaldi Planning & Architecture is designing the project.
FUQUAY-VARINA, N.C. and DAVIDSON COUNTY, TENN.— Brentwood, Tenn.-based GBT Realty is developing two regional shopping centers in Fuquay-Varina and Davidson County. The Shoppes of Park Grove, a 50-acre, 340,000-square-foot center in Fuquay-Varina, is scheduled to break ground in the fall and open in late 2009. The project is located at the northwest corner of Old Powell Road and Broad Street and will include 100,000 square feet of specialty shops and retail, several large anchor tenants and eight outparcels featuring stand-alone restaurants, banks and other retailers. The Shoppes of Cedar Pointe, a 51-acre, 425,000-square-foot center in southeast Davidson County, will feature several large anchor tenants and big box retailers, in addition to 100,000 square feet of specialty shops and restaurants. The center will also include six outparcels with stand-alone restaurants, banks and other retailers. Construction is slated for completion in spring 2010. The project is located along Nolensville Pike between Pettus Road and Burkitt Road.
SUMMERVILLE, S.C. — Atlanta-based Greentree Associates has acquired Oakbrook Village, a 192-unit, 13-acre garden-style multifamily property in Summerville, from Charleston, S.C.-based AHA Oakbrook LLC, for $18.5 million. Chris Yeagle of Southeast Apartment Partners’ Charleston office was the sole broker in the transaction.
NORFOLK, VA. — Norfolk-based Pickle Property has purchased a 29-acre industrial site in Norfolk, from Virginia Beach, Va.-based T & S Associates, for $3.4 million. The property is located at 508 E. Indian River Rd. Samuel Walker and Bob Thornton of Thalhimer | Cushman & Wakefield Alliance’s Virginia Beach, Va., office negotiated the sale.
FOREST PARK, MORROW AND WOODSTOCK, GA. — Atlanta-based Bryant Commercial Real Estate has arranged three sales in Forest Park, Morrow and Woodstock, totaling $5.2 million. Atlanta-based Frontera Imports purchased a 50,000-square-foot industrial facility, located at 143 Lake Mirror Rd. in Forest Park, from U-Freight America, for $1.4 million. Michael Sutter and Rick Tumlin of Bryant Commercial represented the buyer, and the seller was represented by Britton Burdette of Marcus & Millichap’s Atlanta office. Marietta, Ga.-based JOC Acquisitions acquired a 76,500-square-foot, 10-acre facility in Morrow, from Woodstock, Ga.-based Precision Jet, for $1.8 million. Bryant Dromey and Rick Tumlin were the sole brokers. An undisclosed investor purchased a 76,500-square-foot, 10-acre facility in Morrow from Calif.-based Mariani & Seifert Family Trusts, for $2 million. The property is located at 6835 Southlake Pkwy. Buddy Hill of Grubb & Ellis’ Atlanta office and Rick Tumlin were the sole brokers.
KENNER, LA. — New Orleans-based Downtown Development Group is building Riverview Apartments, a $1.8 million, 45-unit multifamily community in South Kenner, located at 1039 Third Street. Phase 1 will deliver the first 26 units in April; Phase 2 will begin in March and is scheduled for completion in May. The units range from 600 square feet to 1,200 square feet. Amenities include horseshoe and tetherball courts, free high-speed Internet access inside and outside the units and gated parking.
FRANFORT, KY. — Brentwood, Tenn.-based GBT Realty is developing The Paddocks of Frankfort, a $65 million, 600,000-square-foot, regional shopping center in Frankfort, located at the northeast corner of Interstate 64 and Lawrenceburg Road. The project is situated on 89 acres and will feature a 180,000-square-foot discount department store, several 20,000 and 45,000-square-foot co-tenants and 100,000 square feet of specialty shops and restaurants. Additionally, eight outparcels will feature stand-alone restaurants, banks and other retailers. Nashville, Tenn.-based Maxwell Johansen Maher Architects is designing the center, which is scheduled to break ground next year and open in early 2010.