MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.
TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Westshore 500, a Class A, 129,728-square-foot office building in Tampa. The asset is located at 500 N. Westshore Blvd. in Tampa’s Westshore submarket. Fairlead Commercial acquired the asset along with equity partner Bridge Investment Group Partners, managers of the ROC Funds, for an undisclosed price. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE’s capital markets group represented the seller in the transaction. Fairlead has selected Claire Calzon and Joanne LeBlanc of Colliers International to lease Westshore 500.
MEMPHIS, TENN. — Target has leased 900,000 square feet of industrial space at 5461 Davidson Road in Memphis, a distribution center that features 30-foot clear heights. The retail giant will invest $50 million to reposition the property as a regional online fulfillment center. Patrick Walton and Kemp Conrad of Cushman & Wakefield-Commercial Advisors LLC represented the property’s owner, an asset management and investment firm, in the lease transaction. Patrick Burke of CBRE represented Target. The property, which is slated to be operational by mid-2015, is expected to generate more than 400 jobs. Target by Innotrac, a third-party logistics firm, will manage the facility.
MIAMI BEACH, FLA. — Nakash Holdings, an investment firm controlled by founders of jean designer Jordache Enterprises, has purchased The Setai Hotel in Miami Beach’s South Beach neighborhood for an undisclosed price. Nakash Holdings will own and operate 130 guest rooms in the historic Art Deco building, as well as units in the tower portion of the hotel. The hotel’s amenity package includes three infinity pools, four food and beverage outlets, an upscale spa and fitness center and more than 45,000 square feet of indoor and outdoor function space. The hotel’s Art Deco portion was built in the 1930s, and in 2004 Jean Michel Gathy and Jaya Ibrahim developed the hotel’s tower portion. The Art Deco building was redesigned in 2004 as well.
BROOKHAVEN, GA. — Colliers International has brokered the sale of The Clairmont, a 288-unit apartment community located at 3078 Clairmont Road in Brookhaven, a northeast suburb of Atlanta. New York-based GFI Capital Resources Group Inc. sold the asset to an affiliate of Equus Capital Partners Ltd., which will rename the property Madison Brookhaven. Equus plans to invest $3 million in capital improvements to the property, which was 95 percent occupied at the time of sale. The apartment community features a clubhouse, fitness center, two pools and a dog park. Equus affiliate Madison Apartment Group will manage the property. Ron Cameron and Will Matthews of Colliers International’s Atlanta office represented GFI Capital in the transaction.
MONROE, N.C. — Time Equities Inc. (TEI) has purchased Monroe Crossing Shopping Center, a 379,630-square-foot shopping center located at 2107-2133 W. Roosevelt Blvd. in Monroe, 25 miles southeast of Charlotte. The property’s tenant roster includes Belk’s flagship store, JC Penney, Sears, Hibbett Sports, Shoe Carnival, Buffalo Wild Wings and Planet Fitness. Cushman & Wakefield | Thalhimer represented the seller, Madison Marquette, in the transaction. TEI was represented internally by Ami Ziff and Jonathan Kim.
The Charleston office sector is robust, with movement in virtually every aspect of the market. Tenants have flocked to the city, leaving only a small number of available spaces for those looking to move or expand, particularly into larger spaces. What Renters Want Low vacancy citywide — in the Central Business District (CBD), the vacancy rate is under 5 percent — is driving an uptick in rents, with current rents ranging from $17 to $28 per square foot, depending on the age and location of the space. Landlord concessions are also falling off as space becomes tighter. The shift toward more open workspaces continues as technology advances, meaning a decrease in the number of private offices and an increase in community/collaborative spaces. With smaller computers, storage in the cloud instead of filing cabinets and the use of off-site printers, most offices in the city are down to less than 200 square feet per employee. Since Charleston has one of the highest overhead rates in the Southeast, cutting down on square footage is a priority for most companies. Development Underway More than $1 billion of projects across all property types are currently under construction on the Charleston peninsula alone, and for …
MIAMI — Skanska USA has signed a $101 million contract to build The Patricia & Phillip Frost Museum of Science in Miami. The 250,000-square-foot property will be located within the new Museum Park complex adjacent to the Perez Art Museum Miami overlooking Biscayne Bay and PortMiami. The new museum will include a planetarium, 500,000-gallon saltwater aquarium, five-story Innovation Center, sustainable roof with a hydroponic garden and exhibition galleries. The architect, Grimshaw Architects, is designing the museum to achieve LEED Platinum certification. Skanska USA plans to complete the museum in the summer of 2016.
NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.
ATLANTA — TPA Group has broken ground on two industrial facilities in metro Atlanta totaling roughly 1.7 million square feet. The properties include the 1.1 million-square-foot Fairburn Logistics Center in South Fulton County and the 614,000-square-foot Broadway Distribution Center in Braselton. Fairburn Logistics Center is a cross-dock building that will be located on Bohannon Road adjacent to the CSX Intermodal facility. The property features 36-foot clear heights and heavy trailer and car parking. Broadway Distribution Center will be located on Broadway Avenue with direct access to I-85. Both facilities will be built on a speculative basis. Mark Hawks and Todd Barton of CBRE will spearhead leasing efforts at the two properties.
