COMMERCE, GA. — Hillwood Investment Partners, in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund, has signed Ollie’s Bargain Outlet Inc. to a 962,280-square-foot industrial lease. The bargain retailer has leased space at Commerce 85 Distribution Center in Commerce as its distribution hub for the Southeast. The property is located at 1523 Steve Reynolds Industrial Blvd. The property is Ollie’s first distribution center in Georgia. John Van Buskirk of Jones Lang LaSalle represented Ollie’s in the lease transaction. Greg Haynes of CBRE Inc. brokered the lease on behalf of Hillwood.
Southeast
KISSIMMEE, FLA. — Marcus & Millichap has brokered the $12 million sale of Pleasant Hill Self Storage, a 981-unit, 106,475-square-foot self storage facility located at 4390 Pleasant Hill Road in Kissimmee. Michael Mele of Marcus & Millichap’s Tampa office, along with Douglas Mandel and C. Todd Everett of the firm’s Fort Lauderdale office, represented the seller, a West Palm Beach, Fla.-based limited liability company, in the transaction. Mele and Everett also represented the buyer, a New York-based private investor.
MIAMI GARDENS, FLA. — Franklin Street Real Estate Services has arranged the $6 million sale of a five-building, 112-unit apartment community in Miami Gardens. The property is located at 611 N.W. 177 St. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor named George Dancea, in the transaction. Another local investor purchased the property and plans to invest approximately $1 million to upgrade the property.
NORFOLK, VA. — CBRE | Hampton Roads has arranged the $4.1 million sale of the Virginia Renaissance Center at 2424 Springfield Ave. in Norfolk. The Schaubach Cos. purchased the former Ford plant from VRC Ventures. Ken Benassi and Worth Remick of CBRE | Hampton Roads represented the seller in the transaction.
WEST PALM BEACH, FLA. — McCraney Property Co. has plans to develop a new speculative warehouse/distribution center in its Vista Business Park, a 500-acre, Class A business park in West Palm Beach. The two-building, 100,000-square-foot project is the first new construction at the park in five years. City National Bank provided construction financing, Jose Jaramillo of JJ Architectural Group designed the facility and Michael Falk of Michael Falk & Co. LLC is handling leasing responsibilities. McCraney Property Co. expects to break ground in the first quarter of this year.
MIAMI — FA Commercial has arranged the sale of Plaza 8 St. Neighborhood Shopping Center, located at 9600 S.W. 8th St. in Miami. The 55,814-square-foot shopping center was 96 percent leased at the time of sale to tenants including New Era Health Center and Pizza Hut. The property sold for approximately $8.5 million. Fabio Faerman of FA Commercial represented the undisclosed seller in the transaction.
SARASOTA, FLA. — The William Warren Group, a private self storage developer and operator based in Santa Monica, Calif., has purchased Lock Tite Self Storage in Sarasota for $8.1 million. The 675-unit, 79,355-square-foot facility is located at 4625 Clark Road. The William Warren Group will rebrand the property to its own brand, StorQuest Self Storage. The property is the company’s 19th self storage acquisition in Florida.
TYSONS CORNER, VA. — A joint venture between Kettler and PS Business Parks LP has filed an application with Fairfax County to develop a luxury mixed-use apartment community in Tysons Corner, about 16 miles west of Washington, D.C. The joint venture plans to develop the property at 7915 Jones Branch Drive beginning in late 2015, according to Kettler. The property will span between 275 and 400 residential units and include a small public park, a dog park and play area for children. The joint venture has selected Design Collective Inc. to design the new community. The design team also includes landscape architect Parker Rodriguez Inc. and civil engineer VIKA.
BROOKLYN PARK, MD. — The Greysteel Co. has arranged the $6.5 million sale of Arundel Village Plaza shopping center, a 54,480-square-foot shopping center located at 5501-5517 Ritchie Highway in Brooklyn Park, about five miles south of Baltimore. The property was 88 percent occupied at the time of sale to eleven tenants including a Taco Bell/Long John Silver’s combination restaurant, Domino’s Pizza, Valvoline Instant Oil Change and the state of Maryland Department of Health & Mental Hygiene. Gil Neuman led Greysteel’s retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
The Raleigh industrial market dipped slightly in the third quarter of 2013 with negative net absorption, yet overall it improved from a year earlier, in part because of the general health of the North Carolina economy. Four factors are pushing the state’s economic recovery: a manufacturing revival, a construction surge, a boost of college graduates who are attracting knowledge-based industries and an influx of retirees, according to Dr. Michael L. Walden, a North Carolina State University professor and author of a report on the North Carolina economy that was published in the summer of 2013. The combination of factors led Dr. Walden to forecast that North Carolina’s Research Triangle, which includes Raleigh, would have an unemployment rate below 6 percent by the end of 2014. Ironically, some of the positive news for the state’s economy is putting pressure on the region’s industrial marketplace and driving these trends in Raleigh: • Net positive migration and population growth, year-after-year • The loss of industrial development opportunities to the homebuilding industry • Local pressure to prioritize live/work/play environments and de-emphasize industrial development • Constrained land supply • A lack of institutional grade space Consistently ranked by Forbes as one of the best places …