SPOUT SPRINGS, N.C. — Quantum Real Estate Advisors has brokered the sale of a 6,895-square-foot Advance Auto Parts store located in Spout Springs. The store is a build-to-suit for Advance Auto Parts, which has 15 years remaining of its initial lease term at the time of sale. Jordan Kaufman of Quantum Real Estate Advisors represented the seller, a North Carolina-based developer, in the transaction. The buyer is based in South Carolina and purchased the facility in an all-cash transaction.
Southeast
NORTH CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has brokered the sale of the former corporate offices of Atlantic Occupational Health, located at 3625 W. Montague Ave. in North Charleston. Sweatwater Holdings LLC purchased the approximately 6,920-square-foot medical office property for $825,000 as an investment. Philip Owens of Cushman & Wakefield | Thalhimer represented the seller, 3625 Montague Avenue LLC, in the transaction.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has announced that MBA’s chief economist Jay Brinkmann will be retiring in early 2014. Brinkmann has been with MBA since 2001 and has served as the association’s chief economist since 2008. “Having the opportunity to work for the mortgage industry through all of the changes of the last 13 years, not to mention becoming MBA’s chief economist at the onset of the recession, has been a tremendous but exhausting experience,” said Brinkmann. “My wife Nancy and I own an historic old home in New Orleans and we have decided that the time has come to relocate down there on a more full-time basis to be closer to family, especially our new grandson, and to see if we still remember how properly to boil a pot of crawfish. I am looking forward to seeing what it is like to trade the sturm und drang of daily life in Washington for the luxury of reading the Wall Street Journal on my front porch while the streetcars roll by.”
Demand for industrial space remains strong in Miami’s commercial real estate market as enhancements and improvements to the city’s airport and seaport — along with the expansion of the Panama Canal — promise to bring a boom in trade to the South Florida area. In July, Miami’s industrial real estate vacancy rate stood at 5.8 percent, nearly four percent below the national average of 9.4 percent, according to the National Association of Realtors (NAR). Experts agree that Miami’s industrial real estate vacancy rate will continue to shrink as local infrastructure enhancements and improvements near completion, leading many companies that already utilize industrial space to vie for a slice of the 220 million square feet of storage and warehouse space presently available in Miami-Dade County. The new tunnel, rail and the deep dredge at the port, along with terminal improvements at the airport, have increased demand for millions of additional square feet of industrial space from users and offshore investors from South America, Canada, Europe, and China, both to lease and purchase property. Investors and users realize Miami will experience an increase in trade and commerce once the Panama Canal expansion is finished and they want a stake in it. Once …
CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.
JACKSONVILLE, FLA. — NorthMarq Capital has secured $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit multifamily community located at 6650 Corporate Center Parkway in Jacksonville. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Epoch Properties Inc.
ST. PETERSBURG, FLA. — Pollack Shores Real Estate Group has recently acquired The Coves of Brighton Bay, a 382-unit apartment community located in St. Petersburg. The company has purchased 1,090 multifamily units in Central Florida in the past eight months. Pollack Shores plans to make capital improvements to the property, including upgrading the siding from stucco to Hardie Plank, installing new windows and renovating the clubhouse and apartment interiors.
TUPELO, MISS. — HREC Investment Advisors has arranged the sale of a 158-room Hilton Garden Inn in downtown Tupelo. Peachtree Hotel Group purchased the hotel and will take over the property management responsibilities. Patrick Culligan of HREC's Memphis office and Scott Stephens of HRE's Tampa, Fla., office represented the seller, Tom Ricketts and Master Hospitality Services, in the transaction.
MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
ATLANTA — Cushman & Wakefield's capital markets team in Atlanta has arranged the sale of a nine-building, 2.4 million-square-foot industrial portfolio in Atlanta. The properties are located in Atlanta's two strongest industrial submarkets — I-20 West and Airport/South Atlanta. The portfolio is fully leased to tenants such as Electrolux, Iron Mountain, Aaron's and TOTO Americas. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Clarion Partners, in the transaction. The buyer was Exeter Property Group, a private real estate investment firm based in Plymouth Meeting, Pa.