RALEIGH, N.C. — Meridian Development Group, in a joint venture with Singerman Realty Estate LLC, acquired a 235,404-square-foot industrial property at 3401 Gresham Lake Road in north Raleigh. The new ownership plans to extensively renovate the property into a Class facility known as North 540 Distribution Center. Chris Norvell and Jackson Rives of Cushman & Wakefield | Thalhimer are handling the property’s marketing and leasing responsibilities.
Southeast
ATLANTA — Bull Realty has arranged the $4.3 million sale of 1753 Peachtree St., a 1.2-acre site in Atlanta’s Buckhead submarket. UHS-Pruitt, a healthcare real estate owner and operator based in Norcross, Ga., purchased the land from Woodhaven Ventures LP. UHS-Pruitt plans to develop an upscale, six-story skilled nursing facility on the property that will house 120 beds. The corner site is located within a half mile of Piedmont Hospital and the Shepherd Center. Michael Bull and Daniel Latshaw of Atlanta-based Bull Realty represented the seller in the transaction. Rush Bradley of Lavista Associates represented the buyer. The site is located at the intersection of Peachtree Street and Huntington Road.
MIAMI — White & Case LLP has signed a long-term lease renewal for 57,954 square feet of office space at Southeast Financial Center, a 1.2 million-square-foot office tower in Miami’s CBD. The tower is the tallest and largest office building in Florida, according to Jones Lang LaSalle. Donald Cartwright and Nicole Vassilaros of Jones Lang LaSalle represented the landlord in the lease negotiations. Tere Blanca of Blanca Commercial Real Estate Inc. represented White & Case in the transaction.
WALDORF, MD. — A new Silver Diner is set to open a new location at The Shops at Waldorf in Waldorf. The new 6,500-square-foot restaurant is slated to open in spring 2014. Silver Diner operates 15 locations in the Washington, D.C., metropolitan region, with the new Waldorf location being the only Silver Diner restaurant in southern Maryland. Madison Marquette manages The Shops at Waldorf, a 495,162-square-foot neighborhood center.
CARY, N.C. — Dominion Realty Partners LLC, a multifamily developer and investor based in Raleigh, N.C., has broken ground on Parkside Place, a 294-unit apartment community. The Class A community will be located on a 13-acre tract at the intersection of Highway 55 and Highway 540 in Cary, which is within the Raleigh-Durham-Chapel Hill Triangle area. The community will feature a swimming pool with a sundeck and will be integrated with Parkside Town Commons, a 435,000-square-foot retail center whose tenants include Target, Harris Teeter, Frank Theatres, Field & Stream and Golf Galaxy. Dominion Realty will lease and manage the new community on-site. The new apartment community is expected to be delivered in the first quarter of 2015.
COCONUT CREEK, FLA. — CBRE has arranged the sale of a 32,635-square-foot, two-story building at 3700 Coconut Creek Parkway in Coconut Creek. The South Florida Academy of Learning purchased the property from the Technological University of America for approximately $4.9 million. The property will be the new home for the South Florida Jewish Academy. The property was built in 1976 and renovated in 2008. It features 17 classrooms, two laboratories, a library, data center, auditorium, café and faculty room. Deanna Lobinsky, Dominic Montazemi, Travis Herring, Katherine Ridgway, Scott O’Donnell, Jason Hochman and Miguel Alcivar of CBRE brokered the transaction.
SANFORD, FLA. — NAI Realvest has arranged the $3 million sale of a 242,000-square-foot warehouse and distribution facility at 1201 Cornwall Road in Sanford. George Livingston, Christie Alexander, Drew Saphos and Paul Vera of NAI Realvest represented the seller, Columbus, Ohio-based Lake Mary Industrial Partners LLC. Colliers International represented the buyer, 1201 Cornwall LLC.
MORRISVILLE, N.C. — Duke Realty has signed Flextronics Americas LLC to a lease renewal for 322,699 square feet of space at 1000 and 1200 Innovation Avenue within Woodlake Center in Morrisville. Woodlake Center is a master-planned industrial park totaling 812,000 square feet. Jackson Rives of Cushman & Wakefield | Thalhimer, along with Duke Realty’s Hooker Manning, represented Duke Realty in the transaction.
FORT LAUDERDALE, FLA. — Greenspoon Marder, a full-service business law firm, has leased four floors at 200 E. Broward Blvd., a 21-story Class A office tower in downtown Fort Lauderdale. The law firm’s 64,964-square-foot lease and expansion is the largest law firm lease renewal and expansion in South Florida this year, according to Jones Lang LaSalle. Sandra Andersen of Jones Lang LaSalle represented the landlord, VV USA City LP, an entity represented by Invesco Real Estate. Thomas Capocefalo and Gregory Katz represented Greenspoon Marder in the transaction. With the lease, 200 E. Broward Blvd. is 88 percent leased.
The tide is changing for subcontracting in the Washington, D.C., multifamily market. In the past year, while much of the country has been in recovery, Washington construction managers experienced a white-hot market in wood-frame, market-rate apartments. Along with multiple building opportunities, there was an abundance of qualified subcontractors offering extremely competitive pricing. Currently, new properties continue to be developed, but reductions in the subcontracting pool and changes in building codes are creating a climate of increased pressure for construction managers. Subcontractor Capacity Recently, our industry has seen unprecedented subcontractor failures, workforce leaving the area and some company owners leaving the business altogether because they are not willing to risk their livelihoods anymore. Profits and cash flow were just too tight. At the same time, more than 20,000 units will be added to the D.C. market during the next two years. Affordable and tax credit markets have come back strong as well, and rent increases in the new ground-up apartments have created a booming submarket in Class B renovations. For example, Snell Construction Corp. of Arlington, Va., is repositioning two major properties: Southern Towers, a 2,500-unit, 1960s era high-rise community in Alexandria, and Monticello Gardens, with 794 apartments in Falls Church, …