ORANGEBURG, S.C. —Miller-Valentine Group’s Columbia office broke ground on a Class A, 150,000-square-foot industrial building in the Orangeburg County/City Industrial Park, located at the intersection of Interstate 26 and Highway 301. The facility is expandable up to 300,000 square feet and can accommodate distribution and manufacturing needs. Construction is expected to complete in August.
Southeast
TUSCALOOSA, ALA. — Birmingham, Ala.-based Capital Growth Buchalter, a division of Capital Growth Properties, will develop Capital Market Center, a $20 million, 86,500-square-foot shopping center in Tuscaloosa. The property is situated on 20 acres at the corner of Highway 69 South and Southview Lane. The center will be anchored by a 46,500-square-foot Publix grocery store and an additional 40,000 square feet of retail shops, inclusive of eight outparcels. Construction is slated to begin this spring and be completed in three phases by year-end 2008. Birmingham-based Paul B. Krebs & Associates designed the project.
MYRTLE BEACH, S.C., AND ORLANDO, FLA — Coldwell Banker Commercial (CBC) has arranged two sales, totaling $9.5 million, in Myrtle Beach and Orlando. Gary Roberts of Myrtle Beach-based Chicora Real Estate, a CBC affiliate, negotiated the $4.2 million sale of 20 acres of land, located in the Withers Preserve mixed-use development, on behalf of the seller, Myrtle Beach Property Development. AWP Apartments, the buyer, an affiliate of Trammell Crow Residential, was represented in-house. The site is approved for the development of 200 luxury apartments. Also, Peoples First Community Bank acquired an office/retail property, located at 101 & 115 East Colonial Dr. in downtown Orlando, from GS Realty for $5.3 million. Jeff Tanner and Kim Brackett of CBC’s Maitland Fla., office were the sole brokers in the transaction.
LEXINGTON, N.C. — Boston-based Stag Capital Partners has acquired a 201,800-square-foot warehouse and distribution facility in Lexington from Lexington Associates and 800 East Washington LLC, for an undisclosed amount. The building is situated on 10 acres at 200 Woodside Dr., and is fully leased to Kimberly-Clark Corp. Ken Butler of NAI Avant and Dick Merritt of Merritt & Co. represented the seller. Michael Chase represented the buyer in-house.
What area is your expertise? • Columbia, S.C. What trends do you see presently in retail development in your area? • Currently, there are several active types of development: Wal-Mart and Target anchored community centers ranging from 200,000 to 300,000 square feet Unanchored retail strips from 6,000 to 20,000 square feet Auto dealerships relocated from in town to suburban locations Additional home improvement locations Bank locations Fast food locations What type of retail product is doing well in your area? • All retail seems to be quite strong at this point Who are the active retail developers in your area? • Active retail developers are Fletcher Bright, WRS, Edens & Avant, Kahn Development, and Owen Development. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • Village at Sandhill is a 1 million-square-foot lifestyle center in Northeast Richland County. It is being developed by Kahn Development of Columbia. This project has introduced the lifestyle center to the region and created a retail anchor in Columbia’s fastest growing suburb. • The Shoppes at White Knoll is a 250,000 square foot development that was recently completed in the Redbank submarket. WRS …
BALTIMORE — N.J.-based ARC Properties, and its affiliate ARCWheeler, have acquired the 2-acre McCormick Spice land site in Baltimore’s Inner Harbor area from Sparks, Md.-based McCormick & Co. ARC will develop a 60-story, 1.6-million-square-foot mixed-use project on the property, which will include 600,000 square feet of office space, 225 hotel rooms, 150 condominiums and 80,000 square feet of retail. Construction will be completed in three phases.
MONROE COUNTY, GA. — Atlanta-based IDI has purchased a 257-acre land parcel from the Monroe County Development Authority for the construction of Meridian 75 Logistics Center in unincorporated Monroe County, for an undisclosed price. The project, valued at $125 million, will consist of four distribution facilities totaling 3 million square feet. Spaces options range from 100,000 square feet to more than 1.2 million square feet for build-to-suit and inventory space customers. Pad-ready sites for buildings, ranging from 200,000 square feet to more than 1.2 million square feet, will be ready for occupancy in third quarter 2008, at which time IDI will consider constructing its initial 500,000-square-foot building. The project is located at the intersection of Interstate 75 and Rumble Rd. Tommy Arnold of RT Realty’s Atlanta office represented the buyer in the land transaction.
MIAMI — Hyundai Mobis Corp. has acquired 18 acres in Beacon Lakes Business Park from AMB Codina Beacon Lakes LLC for the future site of its 400,000-square-foot Latin American Service Parts headquarters in Miami, for an undisclosed price. The property is located on the southwest corner of NW 17th St. and NW 132nd Ave. John Vaught and Elsa Heredia of CB Richard Ellis’ Miami Airport office represented the buyer. David Albert of Flagler Real Estate’s Miami office represented the seller.
AVONDALE ESTATES, GA. — A.G. Armstrong Development’s Tampa, Fla. and Atlanta offices will develop a 5-acre, 350,000-square-foot mixed-use project in Avondale Estates, located east of Atlanta. The project will include retail, offices and multifamily residences that reflect the area’s Tudor-style architecture as part of the redevelopment of the city’s downtown. Phase 1 will include a Publix grocery store, retail, parking structure and residential building. Phase 2 will feature a second residential building with retail on the first floor. Roswell, Ga.-based Randall-Paulson Architects designed the project. Construction is slated to begin in April and be completed in mid-2009.
FORT MYERS, FLA..— Bonita Springs, Fla.-based Pelican Bay Development will develop Alico Commons, a $28 million, 120,000-square-foot retail center in Fort Myers, located at the intersection of Alico Rd. and Highway 41. Tenants include Office Depot, Florida Bank, CVS Pharmacy, Baskin Robbins/Dunkin’ Donuts, Arby’s and a gas station. A major grocery store tenant, yet to be named, will occupy 45,000 square feet. Construction is slated to begin in April and complete in May 2009.