May 28, 2010
80,000-SQUARE-FOOT SENIOR-LIVING FACILITY PLANNED IN ORLANDO
ORLANDO, FLA. — Avalon Park Group is planning to develop an 80,000-square-foot assisted-living and memory care facility on Tanja King Parkway and Avalon West Boulevard near downtown Avalon Park in Orlando. The company has received approval for its pre-application for the $15 million project. Designed by Orlando-based Baker Barrios Architects, the 90-unit, 128-bed facility will feature six neighborhoods, each with 15 studios or one-bedroom units. Additionally, the property will feature outreach rooms, a wellness area, occupational and physical therapy services, a salon and a spa.
WELLS REIT II OBTAINS $500 MILLION IN FINANCING
NORCROSS, GA. — Wells REIT II has received $500 million in new financing for future operations. The 3-year, unsecured revolving credit facility was issued by a syndicate of lenders led by JPMorgan Chase Bank NA. Wells originally sought $350 million in financing, but received additional interest from lenders. The REIT will use the financing to enhance and add to its real estate portfolio. The current portfolio includes 91 buildings in 23 states, Washington, D.C., and Russia, covering more than 20 million square feet. Wells REIT II is advised by Wells Real Estate Funds.
OCI CHEMICAL LEASES 13,770 SQUARE FEET IN MARIETTA, GA.
MARIETTA, GA. — OCI Chemical, a subsidiary of South Korea-based OCI Company LTD, has signed a lease for 13,770 square feet of office space at Five Concourse Parkway, Suite 2550, within Concourse Corporate Center in Marietta. The company is relocating its North American headquarters to the new facility from 1800 W. Oak Commerce Court in Marietta. Billy Hobbs and Jason Jones of CresaPartners Atlanta represented the tenant; Teresa Johnson of Cousins Properties Inc. represented the owner, TIA-CREF, in the transaction. Terms of the lease were not released.