Southeast

LINCOLN PROPERTY ACQUIRES 847,000 SF BUSINESS PARK

by admin July 2, 2013

MIAMI — Dallas-based Lincoln Property Co., acting on behalf of a large pension-fund client, has purchased an 847,000-square-foot business park in Miami. Medley International Business Park West comprises 11 buildings that are located at the intersection of 105th Avenue and Okeechobee Road. The property was 93 percent occupied at the time of closing. Lincoln Property plans to reposition in the asset in the near term and has retained Americas Industrial Realty Corp. to lease the remaining space. With this purchase Lincoln Property now controls an industrial portfolio in south Florida totaling 1.3 million square feet. The seller in this transaction was TA Associates.

July 2, 2013

SOUTH FLORIDA OFFICE BUILDING TRADES FOR $6.5 MILLION

by admin July 2, 2013

BOCA RATON, FLA. — Avison Young has brokered the sale of Gallery Center, a 64,565-square-foot office building located at 604-622 Banyan Trail in Boca Raton. The Class B property, which recently underwent a capital improvements and repositioning plan, traded for $6.5 million. David Duckworth, Keith O’Donnell and Jonathan Senn, all of Avison Young’s south Florida office, represented the seller, First Southern Bank. The buyer’s name was not disclosed.

July 2, 2013

Industrial Southeast

COMPASS ROSE FOUNDATION TO OPEN AUTO VOCATIONAL SCHOOL

by admin July 2, 2013

JACKSONVILLE, FLA. — Compass Rose Foundation has acquired the former Mercedes-Benz Vehicle Processing Facility located in Jacksonville for $5.2 million. The 168,000-square-foot, single-story warehouse is located on 16 acres along Interstate 95 at 8813 Western Way. The buyer plans to convert the facility into a vocational school focusing on automotive technology, heavy equipment repair, manufacturing technologies, commercial truck driving and logistics management. Bruce Jackson of CB Richard Ellis represented Compass Rose in the deal. The seller was COFE Fund One-Western Way LLC.

July 2, 2013

Multifamily Southeast

PRG BROKERS 192-UNIT DISTRESSED MULTIFAMILY SALE

by admin July 2, 2013

LOUISVILLE, KY. — PRG Investments has brokered the sale of Colonial Oaks Apartments, a bank-owned multifamily property located at 101 Colonial Oaks Court in Louisville. The Class C community contains 192 units in nine buildings as well as a clubhouse. PRG’s Reed Winberg and Fred Sutterlin represented the seller. The buyer was a New York-based investment firm.

July 2, 2013

Multifamily Southeast

LOWE ENTERPRISES BEGINS REDEVELOPMENT OF WHEATON OFFICE

by admin July 1, 2013

WHEATON, MD. — Lowe Enterprises has started the redevelopment of 11411 Georgia Avenue, an existing five-story office building in Wheaton, into an apartment building. The company will add seven stories to the existing building, creating a 12-story apartment tower with 194 residences with a mix of studio, one- and two-bedroom units designed to appeal to young urban professionals. Construction began in mid-June with completion scheduled in 2014. Whiting Turner is the contractor for the project with Bonstra Haresign as the architect. Lowe Enterprises Investors acquired the property on behalf of a pension fund client in September 2011. Lowe currently manages nearly 2 million square feet of commercial property in the Washington, D.C., area.

July 1, 2013

Multifamily Southeast

SBV COMMUNITIES ACQUIRES MISTY CREEK APARTMENTS IN GREENSBORO

by admin July 1, 2013

GREENSBORO, N.C. — SBV Communities has acquired the 168-unit Misty Creek Apartments in Greensboro. The purchase is the first in the state for the multifamily owner and operator and marks the continuing expansion of its portfolio. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its portfolio.

July 1, 2013

Multifamily Southeast

ARA EXECUTES SALE OF 308-UNIT COMMUNITY IN VIRGINIA

by admin July 1, 2013

ALEXANDRIA, VA. — ARA has announced the sale of Bennington Crossings, a 308-unit multifamily community located in Northern Virginia’s Alexandria submarket. Drew White and Ryan Ogden of ARA’s MidAtlantic-based office represented the seller, the privately-held Greenwood Village, Co.-based Laramar Group, in this transaction. JBG Cos., a private, Washington, D.C.-based commercial real estate firm acquired the property. Constructed in 1962 and renovated in 2008, the property reported 95 percent occupancy at the time of sale.

July 1, 2013

Restaurant Southeast

TROPICAL SMOOTHIE CAF SIGNS MULTI-UNIT FRANCHISE IN RALEIGH

by admin July 1, 2013

RALEIGH, N.C. — Tropical Smoothie Café has announced the signing of a multi-unit development deal with Raleigh entrepreneur Sherman Dye, which will bring five Tropical Smoothie Café locations to the city in the next three years. Tropical Smoothie Café operates nine cafes across North Carolina, three locations in the Raleigh-Durham market and others in Nags Head, Southern Shores, Greenville, Winston-Salem and Southport. The new Raleigh deal is part of the 341-unit brand’s nationwide growth strategy to open 40 additional locations throughout the U.S. in 2013.

July 1, 2013

Market Reports North Carolina Southeast Market Reports

Vacancy Rate Drops to Low Levels in Triangle Office Market

by admin July 1, 2013

While most office markets are bifurcated between Class A and the rest, the Triangle market has a particularly pronounced disparity that is driving market trends. In the first quarter of 2013, Class A vacancy was 12.7 percent — nearly half that of both Class B (24.7 percent) and Class C (23.0 percent). The playing field, in terms of both tenant desires and rental rate differential economics, is skewed heavily in favor of Class A space, which currently only has six options for tenants seeking blocks 50,000 square feet or greater. Not even projects currently under construction, including the NC State Employees Credit Union’s downtown Raleigh headquarters and Diamond View III in downtown Durham, offer available space in that range. Class A vacancy is at its lowest rate in nearly five years and is only slightly above the 11 percent range that spurred the office building boom between 2005 and 2007. The lack of available large blocks has already resulted in lost opportunities and market timing mismatches for potential preleasing or build-to-suit tenants, such as Wyrick Robbins Yates & Ponton. The law firm recently renewed and expanded its lease in place at The Summit in the West Raleigh submarket, due to …

July 1, 2013

Multifamily Southeast

BLUE ROCK PARTNERS ACQUIRES TAMPA APARTMENTS FOR $38.8M

by admin June 28, 2013

BRANDON, FLA. — Tampa-based Blue Rock Partners LLC, in conjunction with Goff Capital Partners, has acquired the 366-unit Westbury at Lake Brandon apartments in Brandon for $38.8 million. Blue Rock’s acquisition holdings now surpass 6,400 units in the Tampa Bay and Orlando area, including 2,286 units in Brandon. ARA brokered the transaction of Westbury at Lake Brandon, which is located at 1210 Westbury Pointe Drive. Broadstone Westbury LLC was the seller and KeyBank arranged acquisition financing.

June 28, 2013

Newer Posts

Older Posts

Upcoming Events

Sep
03