HOLLYWOOD, FLA. — CBRE has brokered the $31.5 million sale of Emerald Place, a 300-unit apartment community located at 3910 N. 56th Ave. in Hollywood. The property includes a swimming pool, clubhouse, two tennis courts, children’s playground and night-time security. Emerald Place Apartments LLC purchased the asset from Emerald Place LLC. Calum Weaver and Robert Given led the CBRE South Florida Multifamily team in representing the seller.
ADAMSVILLE, ALA. — Marcus & Millichap has brokered the $2.7 million sale of Adamsville Town Center, a 26,026-square-foot strip retail center in Adamsville. Built in 2006, the property’s tenant roster includes Dollar General, Advance America, 1st Franklin, Papa John’s Pizza, Alfa Insurance and Alabama Power. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a limited liability company based in Birmingham, in the transaction. The buyer was a private investment firm based in Birmingham.
BALTIMORE — Tribune Media Co. has sold its printing facility at 300 E. Cromwell St. in Baltimore for $46.5 million. The 60-acre property holds the printing facility for The Baltimore Sun, a Tribune-owned newspaper that currently has a long-term lease on the property. The net proceeds after transaction costs and taxes are slated to be roughly $30 million. The buyer was undisclosed.
MELBOURNE, FLA. — BishopBeale plans to construct Pineda Landings, a 50,000-square-foot, 17.5-acre retail development at the corner of Wickham Road and Jordan Blass Drive in Melbourne. The shopping center will be anchored by The Fresh Market, the first location for the specialty grocer in Brevard County. The shopping center is expected to open for business by the fall of 2015. BishopBeale will handle all leasing and development management for the project.
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.
