NORFOLK, VA. — Cushman & Wakefield | Thalhimer has brokered the $1 million sale of a 21,300-square-foot industrial facility, located at 3700 Progress Road in Norfolk. Bill Throne and Eric Throne of Cushman & Wakefield's Virginia Beach office represented both the buyer, 3700 LLC, and the seller, Thirty Seven Hundred Progress Rd LLC, in the transaction. The buyer purchased the property as an investment for Bimbo USA Distribution Facility.
RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.
WANDO, S.C. — Avison Young has arranged a 49,600-square-foot lease for office/warehouse space, located at 2509 Clements Ferry Road in Wando, 22 miles north of Charleston. Todd Garrett and Ben Poblano represented the landlord, Yeros Investments LLC, in the lease deal. David Seay of Seay Development represented the tenant, The Tides Commodity Trading Group Inc.
While out national and local news outlets inundate us with what is going on in Washington, D.C., these days, word may not be on the street yet that the industrial real estate market just north of D.C. has begun to see significant improvement, something that has been slow in the making. This market has always been on the radar of the top real estate investors and remains a sought-after destination for industrial investment. The Baltimore-Washington (BW) Corridor industrial real estate market, historically one of the strongest in the country, received a gut punch in 2008 much like the rest of the real estate markets throughout the country. Defined as mostly Howard and Anne Arundel counties, this 46 million-square-foot market is essentially the area between the Baltimore Beltway and the Washington Beltway, a distance of 25 miles along Interstate 95. This market acts as the “last mile” of distribution to the affluent suburbs of the Capital Region. Prior to the fourth quarter of 2012, most leasing activity in this market consisted of tenants downsizing or shopping their renewals to anxious owners looking to fill recent holes in their portfolios. The results were lower rental rates, more concessions and generally lower investment …
BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.
WASHINGTON, D.C. — Paramount Group, a real estate investment and management firm based in New York, has purchased the Commercial National Bank Building, located at 700 14th St. N.W. in Washington, D.C.'s East End. The acquisition bring's Paramount's total Washington, D.C., portfolio to more than 1.8 million square feet in six trophy assets. The property is located within one block of the White House. The building was built in 1917 and is listed on the National Register of Historic Places. Eastdil Secured represented the seller, Tishman Speyer, in the transaction. Dan Lauer represented Paramount Group in-house.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors (AKREA), a joint venture between Adler Group and Kawa Capital Management, has purchased Carmel Executive Park, a 225,000-square-foot business complex in Charlotte. The six-building property is located at the intersection of Carmel and Pineville-Matthews roads and houses more than 100 tenants, including Liberty Mutual Insurance, JP Morgan Chase Bank, Crump Life Insurance Services, Bank of North Carolina and Hanson Brick East. The property is currently 95 percent leased. The transaction is the first purchase for Adler Kawa Real Estate Fund II. AKREA purchased the property from Pizzagalli Properties, which originally developed the property in 1990. Patrick Gildea and Ryan Clutter of CBRE represented the seller in the transaction. Charles Foschini, Christopher Apone and Compie Newman of CBRE's Debt & Equity Finance Group arranged acquisition financing.
RICHMOND, VA. — Thalhimer Realty Partners, the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has purchased Deering Manor Apartments in Richmond for $3.7 million. The 168-unit multifamily property is located at 2712 Hopkins Road. Thalhimer purchased the property from 2712 Hopkins Road Holdings LLC, which CW Capital controls. Thalhimer has engaged Cushman & Wakefield | Thalhimer to manage the community.
TAMPA, FLA. — ABILITY Network Inc., a healthcare technology company, has leased 11,720 square feet of office space at One MetroCenter in Tampa's Westshore Business District. One MetroCenter is located in MetWest International, a 32-acre mixed-use development. ABILITY Network will consolidate two Tampa offices totaling 75 employees to its new office space. Angela Odell of Taylor & Mathis and David Green of Jones Lang LaSalle negotiated the transaction. With the deal, One MetroCenter is 92 percent leased.
ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners, has acquired a 17-story, 187,000-square-foot office building in downtown St. Petersburg for $20 million. The Class A office building, formerly known as Wells Fargo Plaza, is located at 150 Second Ave. North. In June, Wells Fargo vacated its 22,000-square-foot office at the property, dropping the building's occupancy to 65 percent. Larry Feldman of Feldman Equities will spearhead leasing and redevelopment efforts at the property, and Tower Realty Partners will handle management responsibilities. Dale Peterson of CBRE's Tampa office arranged the deal. This is the second acquisition in downtown St. Petersburg for the joint venture. About two years ago, the joint venture bought the 242,000-square-foot City Center office building. The property, which was 44 percent occupied at the time of purchase, is now 94 percent occupied.