ATLANTA-The corporate offices of Marriott's top-tier hotel brand will check out of its 35,000-sf quarters at Monarch Plaza in Buckhead next summer and relocate in the Baltimore, MD/Washington DC area. The move is not expected to impact the Atlanta-area's two Ritz-Carlton hotels.
ATLANTA-In order to speed the planned conversion of the 178-unit, two-building Lenox Villa apartment complex in Buckhead to condominiums, LeCraw paid a $1-million prepayment penalty on top of the $16.1-million price, taking the tally to $96,000 per unit.
PHILADELPHIA-A group of New York investors, identified as 11-17 West Market Street LLC, buys the 72,000-sf PNC Building at that address in Downtown Wilkes-Barre, PA from locally based-Deauville X LP. It is reportedly fully-leased.
PHILADELPHIA-Pittsburgh's baseball and football teams partner in a 25-acre mixed-use development between Heinz Field and PNC Park along the Allegheny riverfront. Columbus, OH based-Continental Real Estate will develop the $200-million, 1.2-million sf project.
ATLANTA-Marietta Medical Center is locally based-Kirbo Property Services' first office acquisition. The company, in partnership with locally based-Scott & Associates, paid $13.1 million to LaSalle Bank for the 100,000-sf, 95%-leased center across from WellStar Kennestone Hospital.
ATLANTA-Greensboro, NC-based Gruber, Tyler & Black Properties buys Evans Crossing, a 98.5%-occupied, 92,051-sf shopping center in Augusta, GA from Jacksonville, FL-based Regency Centers. While the price was not disclosed, recent sales of similar area properties suggest it was about $11.5 million.
CALIFORNIA, PA-The Pennsylvania Department of Environmental Protection breaks ground on a "green" office building in Washington County. The $2-million building will be the state's district mining office and the DEP's third to employ green building and design techniques.
BLUE BELL, PA-An area architectural firm leases 19,000 sf in a 48-000-sf renovated office building in this suburb of Philadelphia. With three other real estate industry tenants, occupancy rises above 50%. Rental rate is estimated at $23 per sf.
PHILADELPHIA-Milwaukee, WI-based Associated Sales & Bag Co. buys a distribution center near Carlisle, PA from locally-based Andrew H. Walters Trust. The location near I-85 and the PA Turnpike gives Associated easy access to its customers in the east.