ATLANTA — Charlotte, N.C.-based Crescent Resources, in a financial joint venture with Canadian-based Manulife Financial, is developing Phipps Tower, a $175 million, 486,000-square-foot office building in Atlanta’s Buckhead district. The LEED-certified, 20-story building will be located at the intersection of Lenox Road and Phipps Boulevard. The property will feature a five-level parking garage and a lobby-level restaurant, café and convenience shop. Construction is slated for completion in January 2010.
DAYTONA BEACH, FLA. — An undisclosed Palm Beach, Fla.-based buyer has purchased Village Plaza, a 75,823-square-foot shopping center in Daytona Beach, from Prime Equities, for $9.3 million. The center is located along Belville Road. Tenants include Verizon, Subway, Daytona Beach Tag Agency and Publix administrative offices. Jeff Pocklington, Mike Pocklington and Martin Forster of Orlando-based Pocklington, Pocklington & Forster Retail, a member of the Cushman & Wakefield Alliance, were the sole brokers in the transaction.
ORLANDO, FLA. — Aspen A&D has acquired a 216,000-square-foot manufacturing facility in Orlando, from Justine Realty Corp., for $6.4 million. The facility is located at 1854 Central Florida Pkwy., and is leased long-term to Sonoco Corp. Craig Duke and Cory Kroeger of Duke Kroeger & Co. represented the buyer, and the seller was represented by Matt Sullivan and Wilson McDowell of Colliers Arnold.
GREER, S.C. — Passco Grier Piedmont has purchased Piedmont Plaza Shopping Center, located at 1326 West Wade Hampton Blvd. in Greer, from Greer/Piedmont Joint Venture, for an undisclosed amount. The buyer plans to redevelop the property with the assistance of Navarro Real Estate.
ORLANDO, FLA. — Columbus, Ohio-based Cypress Lake Properties has acquired a 5.1-acre industrial site in southeast Orlando, from Chicago-based CalEast Industries, for $1.4 million. The property is located at 1611 Cypress Lake Dr. The buyer plans to develop an 83,000-square-foot distribution warehouse building on the site. George Livingston and Christie Alexander of NAI Realvest’s Orlando office negotiated the transaction.
FORT MYERS, FLA. Stevens Construction has begun construction on Phase I of Parker Commons located off Daniels Parkway in Fort Myers. The entire office condominium consists of one two-story and nine one-story office buildings, totaling 88,500 square feet. Phase I includes the first four buildings and is scheduled for completion in early 2006. Dave Van Loon of Stevens Construction is the project manager. Sheeley Architects designed the project.
FLORENCE, KY. Babies R Us has signed with Lake Bluff, Ill.-based Pine Tree Commercial Realty to anchor Turfway Commons located on the northwest corner of Spiral Drive and Houston Road adjacent to a strip retail center and Sam s Club. The retail center will be converted from an existing 118,000-square-foot Wal-Mart. Construction will begin in mid-2006 with delivery set for spring 2007.
JAMES ISLAND, S.C. — Charleston, S.C.-based Anchor Commercial is developing Cross Creek Village, a mixed-use development on James Island, located along Folly Road. Phase 1 includes a 66,739-square-foot, three-story building comprised of ground floor retail, ranging from 1,272 to 13,174 square feet; an outpatient surgery and associated diagnostics center operated on the second floor by Roper St. Francis Hospital, opening in 2009; and medical office suites on the third floor, ranging from 1,383 to 18,000 square feet. Future phases will include retail and residential components. Construction is projected for completion in April 2009.
ORLANDO, FLA. — Chicago-based First Industrial Realty and the California State Teachers’ Retirement System (CalSTRS) have acquired 134 acres in Orlando for the development of First Park Groveland. The industrial park will be adjacent to the Christopher C. Ford Commerce Park, along Highway 27. Initial plans include build-to-suit and speculative facilities or land parcel sales to strategic corporate customers. David Murphy and Kevin Hoover of CB Richard Ellis arranged the land transaction.
BOCA RATON, FLA. — Ronald Levine of Meridian Capital Group’s New York office has arranged financing in the amount of $49 million for the construction and conversion of Bacara located at 3201 Clint Moore Rd. in Boca Raton. The 224-unit, 388,792-square-foot luxury condominium complex will be amended to include the ground-up construction of 28 new townhomes. The developer, Ceebraid Signal Corp., is using a portion of the financing to convert the existing 224 units into luxury condominiums.