Southeast

IDI BEGINS CONSTRUCTION FOR TWO INDUSTRIAL PROJECTS

by admin June 19, 2013

MIRAMAR AND DAVIE, FLA. — IDI has commenced construction for industrial buildings at two of its South Florida business parks. In Miramar, IDI will construct a 300,428-square-foot building within its 77-acre Miramar Business Centre. This project marks the final building in the business park, which will contain 1.1 million square feet upon its completion. In nearby Davie, IDI will construct a 122,175-square-foot building within Davie Business Center. This project marks the first building constructed in the 42-acre business park, which will contain 705,000 square feet of industrial space at full build-out. Both buildings will be built to LEED-Silver standards. Completion for both projects is expected in December.

June 19, 2013

TRINITY CAPITAL ADVISORS ACQUIRES DURHAM OFFICE BUILDING

by admin June 19, 2013

DURHAM, N.C. — Trinity Capital Advisors has acquired a 73,446-square-foot office building located within Meridian Business Park in Durham. Anchor tenants at the property include SRA International and Lockheed Martin Corp. Trinity plans to recapitalize and reposition the asset with the short-term goal of achieving full occupancy. The seller in the deal was Byrd Meridian LLC. The purchase price was not released.

June 19, 2013

Industrial Southeast

NGP REALTY BROKERS 300,000SF DISTRIBUTION FACILITY

by admin June 19, 2013

JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group (NGP) has brokered the sale of a 300,000-square-foot distribution facility located at 5550 W. 5th St. in Jacksonville’s Westside submarket. NGP’s John Richardson and Bryan Bartlett represented the seller, Zell Enterprises. Bob Hillis of Hillis Properties represented the buyer, Dupuy Storage Florida. The sale price was undisclosed.

June 19, 2013

Hospitality Southeast

HERSHA HOSPITALITY EXPANDING COURTYARD MIAMI BEACH OCEANFRONT

by admin June 19, 2013

MIAMI BEACH, FLA. — Hersha Hospitality Trust is completing an expansion and renovation of the Courtyard Miami Beach Oceanfront, which is located at 3925 Collins Ave. in Miami Beach. The project includes a 93-room oceanfront tower, which will be complete in the fall. Additional improvements will include a new 32-foot lobby bar and lounge, a new fitness center, a redesigned main pool area, a new pool and a new tiki bar deck area.

June 19, 2013

Multifamily Southeast

VENTERRA REALTY ACQUIRES TUSCANY AT LINDBERGH

by admin June 18, 2013

ATLANTA — Venterra Realty has acquired Tuscany at Lindbergh, a 324-unit, Class A multifamily community located at 600 Garson Drive in Atlanta. Constructed in 2001, the property features one- through three-bedroom units averaging 1,034 square feet. Community amenities include a resort-style swimming pool, a fitness center, an executive center and a media room. Occupancy was 95 percent at the time of closing. Cortney Cole of Holliday Fenoglio led the team that represented Venterra in the deal. The buyer procured fixed-rate acquisition financing through MetLife.

June 18, 2013

Multifamily Southeast

MHA BROKERS $31.6 MILLION MULTIFAMILY SALE

by admin June 18, 2013

DURHAM, N.C. — Multi Housing Advisors (MHA) has brokered the sake of 1520 Magnolia, a 280-unit apartment community located in Durham, for $31.6 million. Constructed in 2001 and located at 1101 Exchange Place, the Class A property features units with double crown molding, 9-foot ceilings, garden-style tubs, and built-in bookshelves and desks. Property amenities include a 24-hour fitness center, on-site laundry facilities, a pool with a sundeck, a 2-mile jogging trail and concierge services. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, Columbia, S.C.-based Estates, Inc. Nashville, Tenn.-based Carter Haston is the buyer.

June 18, 2013

Hospitality Southeast

LAURUS CORP. ACQUIRES D.C.-AREA SHERATON HOTEL

by admin June 18, 2013

BELTSVILLE, MD. — Laurus Corp. has acquired the Sheraton Washington North Hotel in the Washington, D.C., suburb of Beltsville. The hotel is situated near the intersection of the Capital Beltway and Interstate 95. The nine-story hotel contains 207 guestrooms and features 5,410 square feet of meeting space, a restaurant and bar, a lounge, an outdoor swimming pool, a fitness center, and a business center. Laurus plans to renovate the property and bring in a new operator. The seller’s name and the purchase price were not disclosed.

June 18, 2013

Multifamily Southeast

NEW ORLEANS-AREA DISTRESSED APARTMENT COMMUNITY SELLS

by admin June 18, 2013

GRETNA, LA. — Marcus & Millichap has completed the sale of Pine I and II, a 143-unit distressed multifamily property located in the New Orleans suburb of Gretna. The property is located at 112 and 250 Holmes Blvd. The two communities, which contain a total of 27 two- and three-story buildings, were constructed in 1968 and 1978. They were extensively renovated in 2006 following Hurricane Katrina. Boyan Radic and Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, B-G&G Investors LLC, and the note holder, Hudson Advisors. Radic and Green also selected the deal’s stalking horse bidder and eventual buyer, a Florida-based limited liability company.

June 18, 2013

Civic Southeast

CONSTRUCTION CONTINUES FOR SAENGER THEATRE RENOVATION

by admin June 18, 2013

NEW ORLEANS — Construction will be complete in October for the $52 million renovation of the historic Saenger Theatre in New Orleans. The building was first constructed in 1927 at the corner of Canal and North Rampart Street, and it has been the focus of redevelopment since being damaged by Hurricane Katrina ion 2005. The City of New Orleans, Canal Street Development Corp. and Houston-based ACE Theatrical Group are overseeing the project. The interior paint and veneer is being stripped and replaced with the original color palette. Historic decorative elements are being installed. The stagehouse is also being expanded. The project architect is Washington, D.C.-based Martinez + Johnson, and the general contractor is Metairie, La.-based Broadmoor Construction.

June 18, 2013

Retail Southeast

MARCUS & MILLICHAP COMPLETES $17.38M NET LEASE RETAIL SALE

by admin June 17, 2013

MIAMI — Marcus & Millichap has completed the sale of a retail building located at 2121 Biscayne Blvd. in Miami for $17.38 million. Staples occupies the building on an 15-year net lease that began in 2008. The property is certified LEED-Gold and is zoned for up to 36 stories of future development. Alvin Mansour of Marcus & Millichap’s San Diego office partnered with Alex Zylberglait and Ryan Shaw of the firm’s Miami office to represented the seller, 2121 Biscayne Blvd. LLC, as well as the undisclosed buyer.

June 17, 2013

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