VIRGINIA BEACH, VA. — ARA has arranged the sale of Pembroke Lanes, a 300-unit, garden-style community located on Pembroke Boulevard in Virginia Beach. The Class B apartment community was 97 percent occupied at the time of sale. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Norfolk, Va.-based Harbor Group International LLC, in the transaction. Harbor Group International is a private real estate investment and management firm that controls a portfolio of international assets valued at approximately $3.8 billion. Virginia Beach-based Breeden Realty purchased Pembroke Lanes.
Southeast
SANFORD, FLA. — NAI Realvest has secured the $1.1 million sale of a second-floor office condominium at 5739 Byron Anthony Place in Sanford, about 25 miles north of Orlando. The condominium is located in Savannah Park at Heathrow near International Parkway and State Road 46. Paul Partyka of NAI Realvest represented the seller, Home Office Holdings LLC, in the transaction. The buyer was 5739 BAP LLC d/b/a Xcel Media. Xcel Media will operate its headquarters in the Savannah Park at Heathrow property.
If you subscribe to the notion that “a rising tide floats all boats,” then all of South Florida is benefiting from the renewed interest by out-of-market and international investors in all of the region’s commercial property sectors. In addition to regular South Florida investors from America’s Northeast and affluent Latin Americans, Florida has experienced a significant number of property acquisitions by Canadians in the last 18 months. While much of the international investment has focused on Miami/Dade County, one of the largest Broward County investments this year has come from Miami-based Fifteen Group, which recently acquired the Sawgrass Technology Park for $52 million in Sunrise, Fla. The Class B office and industrial buildings were formerly occupied by Racal Milgo and the seller had planned to redevelop the campus but never did. While industrial, multifamily and retail are garnering the most attention, the pricing structure for office properties is improving. The current cap rate for well-located, stabilized assets is on average 7.5 to 8.5 percent and falling as the market recovers. Much foreign investment is tied to capital flight and is less concerned with achieving the highest yield. As such, pricing is less important to those investors. In terms of sales …
When it comes to national economic cycles, Baltimore has always led a charmed existence. Its proximity to our nation’s capital, sustained strong consumer demographics and the presence of diversified industries have contributed to Baltimore entering recessionary times late and emerging early. New Centers Underway Five significant retail sites are either recently opened, under construction or nearing approval to initiate development. McHenry Row, positioned adjacent to the headquarters of the rapidly expanding Under Armour, is open and features a Harris Teeter grocery store. Baltimore City will also welcome a premier power center in 2013, as well as Canton Crossing, a 320,000-square-foot Harris Teeter- and Target-anchored center. This project is located east of the Inner Harbor on Boston Street and will be home to fast-casual restaurants and soft good retailers such as DSW, Michaels, Loft, Five Below, Ulta, Red Robin, Jimmy John’s and Chick-fil-A. In 2015, Baltimoreans on the north side of the city will begin shopping in the redeveloped Rotunda; D.C.-based Mom’s Organic Market is rumored to be the lead anchor. This renovation was spurred by the relocation of Giant Food to a larger footprint in the former Super Fresh at Green Spring Tower Square. Whole Foods is making whispers about …
OCOEE, FLA. — Marcus & Millichap has brokered the $9.6 million sale of a retail building anchored by LA Fitness, located at 1560 E. Silver Star Road in Ocoee, about 13 miles west of Orlando. LA Fitness occupies 93 percent of the 51,160-square-foot center, which has an additional 3,526-square-foot vacant space. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a private investor from Raleigh, N.C. Schneider also secured and represented the buyer, a REIT based in Boynton Beach, Fla.
LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.
TAMPA, FLA. — Industrial Property Group has arranged the $5 million sale of 41 Industrial Center, three office/warehouse buildings totaling 196,636 square feet at 5100 Causeway Blvd. in Tampa. Jeff Lamm and Tom Gibbs of Industrial Property Group represented the seller, 41 Industrial Center LP, in the transaction.
NEW PORT RICHEY, FLA. — Compass Self Storage LLC, a member of Cleveland-based Amsdell Cos., has purchased a self storage property, located at 4413 Madison St. in New Port Richey. The 65,000-square-foot property is the company's third acquisition in the greater Tampa Bay area and seventh self storage acquisition this year. Compass Self Storage will operate the property, which includes drive up access, climate controlled units, outdoor storage, outdoor parking and a full line of moving supplies.
ROANOKE, VA. — Cronheim Mortgage has arranged $6.6 million in acquisition financing for a new 103,402-square-foot distribution facility, located in the Roanoke Centre for Industry & Technology (RCIT) in Roanoke. The RCIT is a business park that houses tenants such as Orvis Inc., Elizabeth Arden, BellSouth and Advance Stores Co. Dev Morris and Andrew Stewart of Cronheim arranged the 13-year loan through Aviva Life and Annuity Co. at a fixed 3.8 percent interest rate. Morris and Stewart arranged the loan on behalf of the borrower, Monmouth Real Estate Investment Corp.
GREENVILLE, N.C. — The Hampshire Cos., a private real estate investment firm based in New Jersey, has acquired Lynncroft Shopping Center, a 180,000-square-foot power center located at 3150 Evans St. in Greenville. The center's tenant roster includes Lowes Foods, Best Buy, Bed Bath & Beyond, Ross Dress for Less, Ulta Beauty, David's Bridal and Omega Sports. The company purchased the center on behalf of the HUH US Real Estate Income Fund, which targets stabilized assets in the eastern U.S. The Hampshire Cos. purchased the center in a joint venture with MCB Real Estate and ARGUS Development Group, the original developers of the center. ARGUS continues to manage and operate the center. Approximately 2,500 square feet is available for lease at the property.