CLINTON, MISS. — Hertz Investment Group (HIG) has acquired South Pointe Business Park, a 395,920-square-foot Class A office building in Clinton, a town in the Jackson MSA. HIG purchased the four-story, three-pod suburban office building from a private investment group for $20.5 million. The park is currently 93 percent leased to tenants such as the Mississippi Department of Revenue, University Physicians, Lockheed Martin and Verizon Wireless. South Pointe was originally constructed as the headquarters for WorldCom.
BOCA RATON, FLA. — Crocker Partners has purchased two office towers in Boca Raton’s Town Center Mall area from MetLife Real Estate Investors for an undisclosed price. The two properties, known as One Town Center and The Plaza, span 339,000 square feet and were 42 percent leased at the time of sale to tenants such as Wells Fargo and Kayne Anderson Real Estate Advisors. Crocker Partners purchased the two towers, which were both originally developed by Crocker entities, in a partnership with Siguler Guff. Crocker Partners will manage the properties and CBRE will handle leasing responsibilities.
DELAND, FLA. — Equus Capital Partners Ltd. has sold Madison Carrington Place, a 224-unit apartment community in Deland, roughly 30 miles north or Orlando. The private equity real estate fund manager sold the asset to Bluerock Partners for $14.3 million. Constructed in 1987, the apartment community features a clubhouse, pool, fitness center, tennis and volleyball courts and a playground. The property was 94 percent leased at the time of sale. Luke Wickham and Sheldon Granade of CBRE represented Equus Capital Partners in the transaction.
Over the last four years, North Florida’s industrial market appears to have stabilized. While rental rates remain flat offering a variety of expansion opportunities for users and tenants, rental increases and new construction opportunities may be right around the corner. Consider the facts: the Jacksonville industrial vacancy rate now hovers around 8.5 percent, the lowest in the last five years and down from a high of 11.4 percent in 2010. Rental rates, now in the $3.98 per square foot range for the last two quarters, have stabilized from a high of $4.38 per square foot reported in the first quarter of 2010, according to CoStar. Because of a finite supply, with an increase in demand for Class B and Class C space, a rent increase may be in the forecast. Add with the lack of choices for large blocks of Class A space, expect more build-to-suit activity, or speculative construction. In 2014, two speculative industrial projects were announced in Jacksonville. In order to meet a contractual construction deadline within the city of Jacksonville’s master developer agreement, Hillwood Investment Properties launched a 510,000-square-foot cross-dock project at Alliance Florida. Hillwood was chosen as the master developer of Alliance Florida, formerly Cecil Commerce …
TRINITY, FLA. — The new Holiday Inn Express in Trinity, a town in west Florida roughly 33 miles northwest of Tampa, will be the first-ever hotel in the city. The 86-room hotel will feature a swimming pool available 24 hours, fitness center and 46-inch TVs and Wi-Fi in every room. Berkshire Hathaway HomeServices Florida Porperties Group brokered the sale of the hotel, which will be delivered in fall 2015. MPH Hotels will operate the new Holiday Inn Express upon completion.
SLIDELL, LA. — Doster Construction Co. has commenced construction on the Springs of Fremaux Town Center in Slidell, roughly 33 miles north of New Orleans on the other side of Lake Pontchartrain. The new community will be part of the new Fremaux Town Center mixed-use development. Ranging from studios to three bedrooms, the asset will feature a 4,000-square-foot clubhouse, resort-style pool, 24-hour fitness center, business center, dog park, pet spa, car care center and attached and detached garages. The project team includes developer Continental Properties Co. Inc. and architect Phillips Partnership.
MOBILE, ALA. — Marcus & Millichap has brokered the $5.8 million sale of Vigouroux Marketplace, a 66,125-square-foot shopping center anchored by Winn Dixie and Rite Aid. The shopping center is located at 9948 Airport Blvd. in Mobile. Built in 1997, the asset was 92 percent leased at the time of sale. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a Mobile-based limited liability company, in the transaction. Jason Cropper of Marcus & Millichap’s Little Rock office represented the buyer, a New York-based private investment group.
FERNANDINA, FLA. — A member of Amsdell Cos., Compass Self Storage, has purchased a Class A self storage property located at 2641 Bailey Road in Fernandina Beach. Compass will operate the 68,000-square-foot facility upon closing. The self storage center features indoor climate controlled units, digital surveillance, electronic access and truck rental. The facility will be the 14th self storage property for Compass in Florida and the 12th that the company has opened in 2014.
NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has brokered the $1.5 million sale of an 18,500-square-foot office/warehouse building, located at 3445 Buffalo Ave. in North Charleston. The property is fully leased to HD Supply. Drayton Calmes of Norvell represented the buyer, Marshall Bridge Capital LLC, in the transaction. Charlie Moore of Carolina Commercial represented the seller.
MIAMI — Swire Properties Inc. has topped off the 40-story EAST, Miami hotel, located at 89 S.E. Eighth St. in Miami’s Brickell neighborhood. The property is the first of six buildings to complete vertical construction in Swire’s $1.05 billion Brickell City Centre, a 5.4 million-square-foot mixed-use development. The hotel will feature 263 rooms, as well as 89 apartment units, a signature restaurant, meeting rooms, swimming pool and fitness center. The project team includes Americaribe and John Moriarty & Associates. EAST, Miami is slated to open in winter 2015.