SANFORD, FLA. — Space Port USA has acquired an office/warehouse property in Sanford from McWeeney-Smith Real Estate Partnership of Orlando for $600,000. The building totals 12,000 square feet and is located at 751 Central Park Dr. within Central Florida Industrial Park. Michael Hedrich of NAI Realvest represented the seller, and David Hammett of CRE Advisors represented the buyer.
“Hot” does not adequately describe Miami’s current residential real estate climate. Back from the brink of extinction in late 2009, the residential condominium market in Miami is currently booming. The apartment market is booming as well, but did not take it on the chin like the condominium market did. From 2009 to 2010, Greater Downtown Miami was considered one of the most overbuilt markets in the country. Developers delivered approximately 34,000 condos in the market in a six-year period, more than double what was delivered in the prior 40 years. The majority of those units came on line during the crash, which left Miami with an unsold inventory or more than 20,000 units in early 2010. Forecasters expected it would take 10 or more years for that inventory to be absorbed. Today that inventory of developer-owned units is down to less than 900, according to Condo Vultures, Miami’s condo watchdog. One can almost say that Brazil and Argentina brought back Miami’s high-rise condominium market. Brazilians and Argentineans in particular, but not exclusively, have experienced hyperinflation — to the point of scheduling the purchase of groceries on payday — like few others. They therefore have an acute understanding of the need …
DURHAM, N.C. — Federal Capital Partners (FCP) has acquired Erwin Square Plaza, a 238,792-square-foot office building located in downtown Durham, for $37.5 million. The property, which sits at 2200 W. Main St. within the Erwin Square master-planned development, comprises a 10-story tower flanked by two, two-story retail and office wings. The building was 96.2 percent occupied at the time of closing by a tenant roster that includes Duke University and Duke University Health System-related companies. In the near term, FCP plans to renovate the property and upgrade it to institutional quality. Ben Kilgore of CB Richard Ellis represented FCP in the deal.
MAUMELLE, ARK. — Dallas-based Mohr Capital has acquired the former Scholastic Books distribution center in the Little Rock suburb of Maumelle. The seller was Scholastic, which had already vacated the property. The building features 34- to 46-foot clear ceiling heights, rail access and ample trailer parking. Mohr, which enters the Little Rock market with this purchase, plans to reposition the property as Little Rock Logistics Center. It will complete major improvements to 200,000 square feet of the building to accommodate an incoming tenant and offer the remaining 300,000 square feet for lease. Little Rock-based Irwin Partners will handle the leasing assignment. Scott Henry and Gary Horn provided in-house representation on behalf of Mohr. Northmarq Capital and Protective Life Insurance Co. provided acquisition financing.
DULLES, VA. — Holliday Fenoglio Fowler (HFF) has brokered the sale of two industrial buildings adjacent to Dulles International Airport for $9.63 million. The buildings total 83,086 square feet and are situated within NorthPointe, an industrial property located less than one-half mile from the airport’s cargo entrance. The two buildings are 87 percent leased to a tenant roster that includes The Richards Corporation. The HFF team of Bruce Strasburg and Samuel Fagelson represented the seller, Velsor Properties.
CHARLOTTE, N.C. — Crescent Communities has acquired a 2.3-acre site in Charlotte’s Dilworth neighborhood for the construction of a more than $50 million multi-use community. Crescent Dilworth will contain 300 luxury apartments above street-level retail space. The apartments will comprise a mix of studio through two-bedroom units along with walk-up units and 2,600-square-foot deluxe units. The community will feature a clubhouse, pool, athletic facilities, bicycle storage and a repair center, and a rooftop terrace overlooking Sugarcreek Greenway. The seven-story building will be constructed at the corner of East Morehead Street and Harding Place, across from Carolinas Medical Center. Crescent is partnering with locally based Southern Apartment Group, which originally assembled the land parcels, for the project. BB+M Archiotecture will design Crescent Dilworth. Construction will begin this fall, and completion is expected in spring 2015.
LARGO, FLA. — Marcus & Millichap has brokered the $2.45 million sale of the ground lease to a Chase bank branch located in Largo. The property was constructed in 2012 and is the outparcel to a Walmart Neighborhood Market. Chase occupies the property on a 20-year ground lease with rent escalations every five years. Sonny Molloy of Marcus & Millichap’s Atlanta office brokered the deal. The property traded at a 5.13 percent cap rate.
ORLANDO — Calkain Cos. has brokered the sale of a single-tenant, approximately 28,000-square-foot office building located in Orlando for $6.33 million. The building is currently occupied by the U.S. Department of Homeland Security under a lease with three firm years remaining and a rolling termination option thereafter. Calkain’s Patrick Nutt and Brian O’Hear represented LNR Partners, which served as special servicer for the foreclosed property. The buyer was a Florida-based investor. The property traded for $225 per square foot at an 8.69 percent cap rate.
WASHINGTON, D.C. — Ground has broken for the first project at St. Elizabeths East Campus, a 183-acre campus located in southeastern Washington, D.C. The Gateway Pavilion will be a $5 million outdoor space that will provide venues for casual dining, a farmers market, and cultural and entertainment events while the rest of the campus is under development. The D.C. Office of Planning & Economic Development has proposed several adaptive reuse projects for Phase I of St. Elizabeths including: 500,000 square feet dedicated to academic and innovation-minded companies; a 400,000-square-foot, mixed-use town center; approximately 100,000 square feet of trophy office space; and civic space.
CLERMONT, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has been selected to design Phase II of The Glen at Cagan Crossings. The project will add six three-story buildings to the Clermont multifamily community, bringing its total to 792. Forum also designed Phase I of The Glen at Cagain Crossings. Phase II construction will begin this fall. The Glen is part of the Cagan Crossings mixed-use community, which contains retail, restaurants and residences. Cagan Management Group is its owner and developer.