HUNTSVILLE, ALA. — Capital Advisors has secured approximately $2.18 million in acquisition financing for a Romano's Macaroni Grill at 5901 University Drive in Huntsville. The 25-year loan carries a 25-year amortization schedule. The loan's 5.25 percent interest rate is fixed for 20 years and resets to market rate on its 20th anniversary. Cotten Volman of Capital Advisors' Birmingham office arranged the financing on behalf of the borrower, Second Florida BS Investments LLC, which was provided by Capital Advisors' correspondent lender, StanCorp Mortgage Investors LLC.
Southeast
After five years of economic challenges, the Orlando industrial market — hit harder than any other industrial region in Florida — is rebounding. During the recession, central Florida experienced what amounted to a full stop in home construction, the failure of dozens of banks and almost no foreign investment. Vacancy rates for Orlando’s industrial warehouse market peaked in 2010 at nearly 15 percent and remained high until 2011. But now the economy is picking up. Payrolls expanded by 4,400 jobs year-over-year for the period ending in May and construction of multifamily residential has grown consistently. The improvements are part of a trend that could extend for years. Today, the industrial market that had the highest vacancy rates in the state is now experiencing the greatest absorption, with 1.1 million square feet leased in the second quarter of this year, for a six-month total of 2.4 million feet. That’s a 19.3 percent gain over the same period in 2011 and the third consecutive quarter of positive absorption. The overall vacancy rate has fallen to 10.7 percent, and that doesn’t tell the whole story. Outlying areas and Class C properties are lagging. In Class A and Class B properties in southwest Orlando …
The major headlines dominating the greater Baltimore region this summer involved the unexpected resurgence of our beloved professional baseball team following nearly two decades of performing at a level below .500, and the logistical challenges facing the organizers of the second annual Grand Prix racing event scheduled for the Labor Day weekend. Connecting this news to the regional retail environment, we see a tremendous amount of winning and successful projects emerging throughout the area, combined with a great deal of noise and fast-moving activity. Fasten your seatbelts for a quick lap around the Charm City marketplace. Downtown CBD As General Growth Properties slowly emerged from bankruptcy, the company renewed its focus on re-energizing its retail assets lining the retail magnet known as the Inner Harbor by attracting new merchants and restaurants and upgrading the physical plant. The arrival of Bubba Gump Shrimp Co. and Ripley’s Believe It or Not Museum were among the notable adds. There is still some work to do with regard to reinvigorating The Gallery at Harborplace, which has lost some luster due to the emergence of Harbor East, but the improvements have been noticeable and well received. In Baltimore, the waterfront rules. The Cordish Company rebounded …
ORLANDO, FLA. — Highpoint Club Apartments, a 43-building, 348-unit multifamily community in Orlando, has traded for $30 million. Sentinel Real Estate Corp. soldthe property to Robbins Property Associates. Highpoint Club was built in 1995 and is located within the Waterford Lakes neighborhood in Orlando’s University/East Orange County submarket. Amenities include a clubhouse with wi-fi access, a resort-style pool, a business center, tennis courts and a basketball court. Jamie May of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented Sentinel Real Estate Corp.
CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
ATLANTA — A joint venture between Clarion Partners and Seefried Industrial Properties is developing a 285,600-square-foot distribution facility at SouthPark Distribution Center near Hartsfield-Jackson International Airport in Atlanta. The property is being constructed for Pittsburgh-based PPG Industries, a global supplier of paints, coatings, optical products, chemicals, glass and fiberglass. PPG Architectural Finishes Inc., a subsidiary of PPG Industries, will be the tenant and will use the facility as its Southeastern distribution center. The industrial project will be completed in December. Trevor Ragsdale, Paul Roeser and Alan Clayton of Jones Lang LaSalle represented PPG Industries. “As the existing Class A space is leased, coupled with limited new development, companies like PPG who desire to increase their operating efficiencies by leasing a facility with modern building specifications need to enter into build-to-suit transactions like this one,” says Tom Flanigan, senior vice president of Clarion Partners.
WINTER PARK, FLA. — CNL Construction Real Estate has begun construction on an 85,000-square-foot Class A office building in Winter Park. The office building, called Heritage Park, will be home to Brasfield & Gorrie’s regional headquarters in Florida. CNL Bank will also be a tenant. Heritage Park will be completed in late 2013.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
TAMPA, FLA. — Sun Pointe Lake, a 350-unit multifamily community at 14200 Bruce B. Downs Blvd. in Tampa, has traded for $14.2 million. A Miami-based private investor sold the property to an Alabama-based student housing operator. Sun Pointe Lake was built in 1981 and is situated on approximately 21 acres near the University of South Florida. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Tampa-based Franklin Street Real Estate Services represented both parties. “The buyer saw the opportunity to redevelop this apartment community into a fully furnished, master-metered student property,” says Goldfinger. “They will spend significant capital to modernize the property allowing it to compete with newer construction community around the University of South Florida.”
MURRELLS INLET, S.C. — Flagship Capital Partners, the investment affiliate of Charlotte, N.C.-based Brackett Flagship Properties, has acquired the 17,694-squarefoot Inlet Medical & Dental Center office building in Murrells Inlet. Flagship purchased the property through Flagship Healthcare Real Estate Fund, its recently launched private equity fund. Inlet Medical Associates, an affiliate of Roper Saint Francis physician practice, anchors the building that is 100 percent leased. Other tenants include Adult & Children’s Dentistry, Bio Identical Hormones, Clinical Research Authority and Myers Podiatry Clinic.