Southeast

GREYSTEEL BROKERS SALE OF MIDRISE MIXED-USE PORTFOLIO IN D.C.

by admin September 9, 2013

WASHINGTON, D.C. — Greysteel, a Washington, D.C.-based investment real estate services firm, has arranged the sale of a two-building, midrise portfolio containing 92 apartments and one ground-floor retail unit. The portfolio is located at 7611 and 7701 Georgia Ave. N.W. in northwest D.C., one block from Silver Spring, Md. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown and Lance Ahmadian represented the seller, BBS Associates, in the transaction. The buyer was WC Smith, a generational family-operated real estate company based in D.C.

September 9, 2013

ROCK APARTMENT ADVISORS ARRANGES $3.2M SALE OF BIRMINGHAM LOFTS

by admin September 9, 2013

BIRMINGHAM, ALA. — Rock Apartment Advisors, a Birmingham-based apartment brokerage services firm, has closed the $3.2 million sale of The Blach's Lofts at North 20th Street in downtown Birmingham. The community features 24 loft-style units and approximately 5,000 square feet of commercial space, which is fully leased. The property was built in 1923 and renovated in 2008-2009. Justin Uffinger of Rock Apartment Advisors brokered the sale.

September 9, 2013

Industrial Southeast

EASTON & ASSOCIATES ARRANGES INDUSTRIAL LEASE IN MIAMI

by admin September 9, 2013

MIAMI — Easton & Associates, the commercial real estate brokerage division of The Easton Group, has arranged a 61,700-square-foot lease for warehouse space at a distribution center in Miami. Rana Furniture leased space at the center, located at 7821 N.W. 67th St. Jim Armstrong and Mike Waite of Easton & Associates represented both the tenant and the landlord, SPG NW 77th Court LLC, in the lease deal.

September 9, 2013

Florida Market Reports Southeast Market Reports

Orlando Hotel Forecast Calls for Mostly Sunny Conditions

by admin September 9, 2013

In just one generation, the Orlando market and its surrounding area became one of the premier vacation destinations in the United States and the world. With a room inventory second only to Las Vegas, this tourist hot spot strongly felt the financial market meltdown of 2008. However, the last two years have seen the hotel market undergo a strong recovery. In fact, the rate of recovery in the region’s hotel segment is stronger than for hotels nationwide. This trend and the lean operations many hotels adopted during the downturn should produce excellent operating returns for hotels in the region for the foreseeable future, assuming no overbuilding. Improving Vital Signs With a 2008 total room inventory in the metro Orlando region of 111,551 rooms and 437 properties, hoteliers could demand an average daily rate of $106.25. According to STR, in 2009 that daily rate dropped a very painful 11.8 percent to $93.70. This corresponded to a drop in occupancy from 65.2 percent to 60 percent. Between 2008 and 2012, the total inventory of both rooms and properties increased. This growth saw the number of properties rise to 456 and total room inventory to 117,396 in 2012. The permanent and temporary closing …

September 9, 2013

Southeast

STEIN TO INVEST $17.2M TO DEVELOP SELF STORAGE IN METRO ATLANTA

by admin September 6, 2013

ATLANTA — Stein Investment Group has initiated its $17.2 million investment to bring nearly 250,000 square feet of self storage space to metro Atlanta. Construction is underway on Decatur Street Self-Storage in Atlanta's Old Fourth Ward neighborhood. The five-story property will span 110,000 square feet and include 854 units. The property will include two oversized elevators, covered loading/unloading area, drive-up exterior units and a conference facility. Stein also closed on the site for Johnson Ferry Self-Storage in East Cobb, a submarket located north of Atlanta. Both properties are slated for an early 2014 completion. Stein is planning on investing $6.5 million in the three-story Johnson Ferry property, which will span 90,000 square feet and include 573 units. The facility will include storage supplies, coffee bar, Wi-Fi access, community bulletin boards, two oversized elevators, climate-controlled units and climate-controlled wine storage. Atlanta-based Universal Self Storage manages Stein's storage facilities.

September 6, 2013

Industrial Southeast

DERMODY BREAKS GROUND ON 631,336 SF INDUSTRIAL PROPERTY IN METRO LOUISVILLE

by admin September 6, 2013

SHEPHERDSVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter at I-65, a 631,336-square-foot industrial development located in Shepherdsville, about 15 miles south of downtown Louisville. The property will be located at 972 Conestoga Parkway in the Settlers Point Business Park. The development will feature 36-foot clear ceiling heights, T-5 lighting and 2,000 linear feet of exposure on I-65.

September 6, 2013

Multifamily Southeast

ROBINSON DEVELOPMENT TO BUILD LUXURY APARTMENT COMMUNITY NEAR RICHMOND

by admin September 6, 2013

CHESTERFIELD COUNTY, VA. — Norfolk, Va.-based Robinson Development Group has plans to break ground on a new Class A, luxury apartment community in Chesterfield County in the fourth quarter. The new community will be located on Charter Colony Parkway within the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center, about 16 miles west of Richmond. Hank Boyd of BB&T's Norfolk office originated construction financing for the project, which is slated to open in fall 2014. The project is a joint venture between Robinson Development and Drucker & Falk, which will provide leasing and management services for the facility. This will be the joint venture's second apartment project.

September 6, 2013

Multifamily Southeast

M&M ARRANGES $4.8M SALE OF APARTMENT COMMUNITY IN SPARTANBURG, S.C.

by admin September 6, 2013

SPARTANBURG, S.C. — Marcus & Millichap has brokered the $4.8 million sale of Timber Creek, a 116-unit apartment community located at 501 Camelot Drive in Spartanburg. The community was built in 1972 and renovated in 2008. Timber Creek was 98 percent occupied at the time of sale. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller and the buyer, both limited liability companies, in the transaction.

September 6, 2013

Southeast

AVISON YOUNG OPENS OFFICE IN GREENVILLE, S.C.

by admin September 6, 2013

GREENVILLE, S.C. — Greenville-based commercial real estate brokerage firm Colonial Commercial has partnered with the South Carolina offices of Avison Young, resulting in the opening of a new Avison Young office in Greenville. The new office is Avison Young's 37th office outside of Canada and its third in South Carolina. The expansion adds eight new members to Avison Young: Reggie Bell, managing director; Kyle Putnam, senior vice president of investment services; Todd Justice, senior vice president of investment services; David Rosenberg, associate; John Odom, associate; John Saunders, associate; Shawn Hammond, associate; and Cort Nagle, associate. Bell, Putnam and Justice are also principals of Greenville operations for the firm. The new Greenville office will be located at 300 E. Coffee St. in downtown Greenville.

September 6, 2013

Multifamily Southeast

TRADE STREET ACQUIRES TALISON ROW NEAR CHARLESTON FOR $48M

by admin September 5, 2013

DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.

September 5, 2013

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