RALEIGH, N.C. — Duke Realty and Raleigh based-Kane Realty are developing CAPTRUST Tower at North Hills, a 17-story, 302,400-square-foot mixed-use office tower in Raleigh. The building will feature 274,000 square feet of Class A office space and 28,400 square feet of retail space. Lead tenant, CAPTRUST Financial Advisors, will occupy 51,000 square feet. Additional tenants include Ogletree, Deakins, Nash, Smoak & Stewart law firm and CB Richard Ellis. Executed leases total more than 100,000 square feet. The building will be located in North Hills, a 100-acre mixed-use district, at Six Forks Rd. and Interstate 440. Feature restaurants and retail shops will inhabit the first floor. Completion is scheduled for the first quarter of 2009.
Southeast
CHARLOTTE, N.C. — Charlotte-based Codgell Spencer has executed a merger valued at $247 million to acquire Marshall Erdman & Associates, effective in late February. The venture allows Codgell Spencer to broaden its healthcare real estate services and expand their clientele. Erdman, a design-build firm specializing in planning, designing and building healthcare facilities, will operate as a subsidiary and remain at their headquarters in Madison, Wis. Scott Ransom will continue to lead Erdman as President and CEO.
ALEXANDRIA, VA. — Regent University sold a five-story, 28,045-square-foot office building to The American Academy of Otolaryngology Head and Neck Surgery Foundation (AAOHNSF) for $10.2 million in Alexandria. Manny Fitzgerald of CB Richard Ellis’ Washington, D.C. office represented the buyer. AAOHNSF will relocate from their headquarters in Old Town Alexandria to the property, located at 1650 Diagonal Road, in July 2008.
SHEPHERDSVILLE, KY. — Indianapolis based-Lauth Property Group has broken ground on a speculative 936,000-square-foot bulk warehouse at Saltwater Business Park II in Shepherdsville. The Class A, master-planned park is located on Interstate 65, 16 miles south of the Louisville International Airport and UPS Worldport, the third largest air-cargo hub in the country. Commercial Kentucky, an alliance partner of Cushman & Wakefield, is representing Lauth on the leasing of the building. The project is scheduled for completion in the third quarter of 2008.
GAINESVILLE, FLA., AND ATHENS, GA. — St. Augustine-Fla.-based FortGroup Development sold four student housing properties, totaling 1.3 million square feet, 1,212 units and 3,409 beds, to Chicago-based Excelsior LaSalle Property Fund for $148.5 million. The portfolio includes two properties in the Southeast; the 504-unit Cabana Beach at 1601 SW 51st Terrace in Gainesville and the 240-unit Lodge of Athens at 211 North Ave. in Athens. Also, the sale involved a property in Texas and one in Missouri. Average prices for the portfolio were $122,525 per unit, $43,561 per bed and $114.59 per square foot. Marcus & Millichap’s Peter Katz, based in the Phoenix office, and Dorothy Jackman, of the Tampa office, represented both the seller and the buyer in conjunction with Kansas City, Mo.-based Laurel Wallerstedt, John Brigle in Tampa and Joe Dowdle of the Austin, Texas office.
KISSIMMEE, FLA. — Boca Raton, Fla.-based Southeast Centers is developing The Villages of Bellalago, a 103,000-square-foot upscale retail center on 19 acres in Kissimmee, for $25 million. The project will be divided into two retail centers flanking Bellalago, a 1,330-acre gated, lakeside community being developed by Coral Gables, Fla.-based Avatar Properties, on Pleasant Hill Road. The south center will feature 75,000 square feet of retail space on 13 acres and will be anchored by a 46,031-square-foot Publix. Other tenants include Buffalo Wings & Rings restaurant, Citrus Garden Chinese Restaurant, McDonald’s, Fifth/Third Bank and Jazzy Nail Salon. On the north side, a 28,000-square-foot retail center will feature a Walgreens Drug Store and SunTrust Bank. Phased delivery of the first tenants, including Publix, is scheduled for August. The project will employ a Mediterranean architectural theme.
BIRMINGHAM, ALA. — Nashville, Tenn.-based WexTrust Equity Partners sold a 294,000-square-foot, Class A industrial building in Birmingham for $14.4 million to an undisclosed buyer. The bulk distribution and light manufacturing facility, located in the Jefferson Metropolitan Industrial Park near Interstate 20, is 100 percent leased to Plastech Romulus, a manufacturer of plastic injection molded automotive components. Don Albright and Douglass Johnson of CB Richard Ellis’ Nashville office brokered the sale.
MIRAMAR, FLA. — Falcon Real Estate Investment Co. and their Kuwaiti-based partner sold a Class A, 49,650-square-foot office building for $14 million in Miramar to an undisclosed New York-based private investor. Sole tenant Royal Caribbean Cruise Lines recently signed a 10-year lease for the two-story, 8.2-acre property. The seller was represented by John Crotty and David Metalonia of Colliers Abood Wood-Fay in Coral Gables, Fla.
HALLANDALE, FLA. — Parsippany, N.J.-based ESS Prisa II sold Extra Space Storage, a 119,217-square-foot, 1,051-unit self-storage facility, to Newport Beach, Calif.-based Westport Properties for $7.7 million in Hallandale. Charles LeClaire and Mike Mele of Marcus & Millichap represented both the buyer and seller. The property is located at 450 Ansin Boulevard.
HENRY COUNTY, GA — Panattoni Construction broke ground on a $50 million, 1.5 million-square-foot distribution center in Henry County for Benton Harbor, Mich.-based Whirlpool Corporation. The project is located at 1350 SR Highway 42 on 91 acres and will feature 12,000 square feet of office space. Panattoni also developed the project, and the facility was designed by Irvine, Calif.-based Ware Malcomb. Construction is slated for completion in June 2009.