ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
Southeast
NORTH CAROLINA AND VIRGINIA — New York-based Savills Granite has represented Greensboro, N.C.-based The Starmount Company in the sale of a retail and office portfolio to the joint venture of CBL & Associates Properties and the Teachers’ Retirement System of the State of Illinois for $356.6 million. CBL also acquired a portfolio of eight community centers and a 12-office building portfolio from Starmount, bringing the total value of Starmount’s sales to $540.8 million. Included in the transaction are: Friendly Center, a 1-million-square-foot property located in Greensboro, N.C., that plans to add 20,000 square feet by spring 2008; The Shops at Friendly Center, a 253,000-square-foot property that plans to add 62,500 square feet by summer 2008; Green Valley Office Park, a six-building portfolio in Greensboro; eight community centers located in Greensboro and High Point, N.C.; a 12-building office portfolio located in Greensboro and Raleigh, N.C., Newport News and Chesapeake, Va.; and the Renaissance Center, a 355,000-square-foot shopping center located in Durham, N.C.
COLLIERS DICKINSON FACILITATES 995-ACRE SALE JACKSONVILLE, FLA. — Hobart Joost, Jr., of Colliers Dickinson in Jacksonville has represented Bacardi Bottling Corp. in the $20 million sale of 995 acres, located at the northeast quadrant of Pecan Park Road and Interstate 95 in Jacksonville. University Park, Fla.-based Benderson Development, d/b/a Rum East, purchased the site for development of a regional activity center to include office and retail space as well as 319 acres of industrial land.
ABERDEEN, MD. — Opus East and the U.S. Army are developing the Government and Technology Enterprise (G.A.T.E.), a 200-acre development at Aberdeen Proving Ground in Aberdeen. Opus plans to build three buildings on the first land bay to be developed, including a research and development facility and two speculative office buildings. The first building is a 60,000-square-foot single-story research and development facility that is expected to be complete by summer 2008. The second building planned is an 80,000-square-foot office building, which will be underway in 2008. The G.A.T.E. project is part of the U.S. Army’s Enhanced Use Lease (EUL) program. Under the terms of the EUL, Opus will lease each land bay for 50 years, allowing the U.S. Army to develop underutilized property and redirect the proceeds back into the maintenance and improvement of Aberdeen Proving Ground facilities.
VIRGINIA BEACH, VA. — Lowe’s Home Centers has acquired Giant Square Shopping Center in Virginia Beach, a 155,130-square-foot property, from Giant Square Shopping Center Corp. for an undisclosed amount. The owner plans a new Lowe’s Home Improvement Store, situated on 12.15 acres at 717 Independence Blvd. Gerald Divaris, Alex Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer in the transaction.
ORLANDO, FLA. — Lake Cay Commons, a 108,000-square-foot mixed-use retail project, is set to open in March 2008 at the intersection of Universal Boulevard and Canadian Court in southwest Orlando. It will feature a 13,000-square-foot grocery store anchor, adjacent 13,000 square feet of retail shops, another 42,000-square-foot building with retail shops and second-floor offices as well as outparcels. Newnan, Ga.-based Thomas Enterprises is the developer and J. Raymond Construction is the general contractor.
MIAMI— Boston-based developer E.A. Fish Associates is developing Latitude One, the first Class A office condominium built in the Brickell corridor of Miami. The commercial component of the luxury condominium Latitude on the River, Latitude One is a 24-story ultra modern office building, located at 175 S.W. Seventh St. along the Miami River. Businesses operating out of Latitude One will include trial attorneys Lyons & Lurve and Assist Card of Florida. The tower consists of 231,000 square feet of Class A office space. Designed by Arquitectonica, the mixed-use community will encompass three separate components including the 44-story, 452-unit residential tower; a 10,000-square-foot building housing a retail bank; and Latitude One.
HENRICO COUNTY, VA. — Lee Warfield and Pete Waldbauer of Thalhimer, a member of the Cushman & Wakefield Alliance, have represented Sam’s Club in its purchase of 16.3 acres of land at the intersection of Interstate 64 and Laburnum Avenue in Henrico County. Sam’s East purchased the acreage from Laburnum Associates for $3 million for the development of a Sam’s Club within White Oak Village.
PORT CHARLOTTE, FLA. — Owen-Ames-Kimball Co. has completed construction of Phase I of the Harbor Nissan car dealership building in Port Charlotte. The 36,000-square-foot project includes a showroom with offices and a vehicle service area with 20 work bays. The project is being completed in two phases, which allows the dealership to remain open during construction. Phase II will begin soon and include the demolition of the old building.
SHELBYVILLE, TENN. — First Colony Healthcare has begun construction on a 30,000-square-foot medical office building in Shelbyville. The project is a significant part of the development of the replacement hospital for Bedford County Medical Center, also under construction. First Colony Healthcare is collaborating with Southland Constructors and Thomas, Miller & Partners on this project. Expected to be complete in summer 2008, the facility will feature custom-designed medical practice suites.