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.
Southeast
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 …
BLADENSBURG, MD. — Federal Capital Partners, along with its partners Angelo, Gordon & Co. and The Donaldson Group, have sold The Phoenix, a three-tower high-rise apartment community in Bladensburg, for $48.6 million. The 447-unit complex is located near the intersection of the Baltimore-Washington Parkway and Annapolis Road. The partnership stabilized the property with capital improvements including a new façade, new windows, landscaping improvements, pool and playground renovations, elevator modernizations, new mechanical and plumbing systems and fencing and security upgrades. The main lobbies and apartment interiors were also renovated as tenants vacated their units. The property was 95 percent leased at the time of sale.
SAVANNAH, GA. — Ben Carter Enterprises, a full-service commercial real estate firm based in Atlanta, has acquired several buildings and has contracts on more than 20 more across five blocks on Broughton Street, a main thoroughfare in downtown Savannah’s historic district. The company will launch the Broughton Street Project, which will feature national retailers and restaurants alongside local boutiques, galleries and neighborhood eateries, according to Ben Carter, founder of Ben Carter Enterprises. The portfolio of buildings spans 150,000 square feet. The company plans to convert the upper level spaces to 100 urban lofts. Carter credits Lori Judge of Judge Commercial for the project.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $19 million sale of HSBC Plaza, a 46,000-square-foot retail shopping center at 19120 S. State Road 7 in Boca Raton. The property features a freestanding CVS/pharmacy and an HSBC Bank branch outparcel. Douglas Mandel and C. Todd Everett of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, the property’s developer, in the transaction. Mandel and Everett also advised the buyer. The retail center was 95 percent leased at the time of sale to tenants including Dunkin’ Donuts and Med Express.
BLUFFTON, S.C. — Rendina Cos. has completed the $16 million Bluffton Medical Campus, a 60,000-square-foot, two-story outpatient center in Bluffton, S.C. The center is located 12 miles from its parent hospital, Hilton Head Hospital. The facility consolidates many of the services Hilton Head Regional Healthcare offers in Bluffton, including an imaging center, nuclear medicine camera, ultrasound, radiography, orthopedics, a breast health center and various physician offices.
ST. PETERSBURG, FLA. — Bessolo Design Group, an architectural firm based in St. Petersburg, has been awarded design contracts for four seniors housing facilities in Florida. The projects include the 84-unit, 60,000-square-foot Watercrest of Sebastian in Sebastian; the 60-unit, 40,000-square-foot Watercrest East Lake ALF and Memory Care in Tarpon Springs; the 160-unit Bright Oaks in Fort Myers; and an unnamed 180-bed, 97,748-square-foot skilled nursing facility in Gainesville.
ATLANTA — Origin Capital, a Chicago-based real estate investment manager, has acquired its fourth asset in Atlanta: Centrum at Glenridge. The 186,360 square foot office building is located at 780 Johnson Ferry Road and is LEED Gold certified. Centrum at Glenridge will be part of Origin Capital's second value-add fund — Origin Capital Fund II LLC. Michael McDonald and Kennedy Hicks of Eastdil Secured brokered the transaction. The seller was Atlanta-based Ackerman & Co. and Northwestern Mutual. Located in Atlanta's Central Perimeter submarket, Centrum at Glenridge is currently 84 percent occupied, with the bulk of occupancy leased on a long term basis to Haverty Furniture Cos. Inc. and Cumulus Media. Origin plans to undertake several capital improvement projects, including the modernization of the building’s elevators, parking garage repairs, the creation of a tenant lounge and upgrades to the multi-tenant floor bathrooms. Origin has selected the Atlanta office of Stream Realty Partners to provide property management and leasing services for the asset. Amenities at Centrum at Glenridge include a tenant conference room, an on-site café and an exercise facility.