Southeast

PUBLICLY TRADED REIT ACQUIRES 50,000 SF WAREHOUSE IN MIAMI-DADE COUNTY

by admin March 15, 2013

MIAMI — Terreno Realty Corp. (NYSE: TRNO), a publicly traded REIT, has acquired a 50,000-square-foot industrial warehouse at 12600 NW 107th Ave. in Miami-Dade's Medley submarket for $5.1 million. CaribTrans Inc., a Caribbean shipping company offering air and ocean freight services, occupies the property. Steven Medwin and Nick Wigoda of Jones Lang LaSalle (JLL) represented the seller, LMS Realty, in the transaction. According to JLL, Miami’s position as the gateway to and from Latin America and the Caribbean, coupled with increasing trade activity with Europe and Asia, has led institutional-grade owners to make significant long-term investments in the area. Miami broke into the top 10 customs districts in the U.S. in 2012, with a record $124.7 billion in trade volume being routed through the area. The stock price of San Francisco-based Terreno Realty closed at $17.68 per share on Thursday, March 14, up from $13.59 per share one year ago.

March 15, 2013

$46M CONSTRUCTION LOAN PAVES WAY FOR PIER PARK NORTH SHOPPING CENTER

by admin March 14, 2013

PANAMA CITY BEACH, FLA. — A joint venture of The St. Joe Co., Casto and Strategic Retail Advisors has received a $46 million construction loan from U.S. Bank to finance The Pier Park North Shopping Center. The 360,000-square-foot center will be located in Panama City Beach across from the Pier Park Lifestyle Center at the intersection of U.S. Highway 98 and State Road 79. Dick's Sporting Goods, Michaels, Pier 1 Imports and Kirkland's committed last fall to anchor the center. Additional tenants will include Bed Bath & Beyond, Mattress Firm, Men's Warehouse, PetSmart, Rooms to Go and Shoe Carnival. The Pier Park North Shopping Center will open in spring 2014. A Casto-affiliate, based in Sarasota, Fla., will develop the center.

March 14, 2013

Retail Southeast

CREC SELECTED TO LEASE EIGHT CENTERS IN FLORIDA

by admin March 14, 2013

MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado, Clewiston Town Center, Polo Grounds Mall, #1 Marketplace, The Shops of Bird Road, Tropical Plaza, Gables Grand Plaza and Red Road Commons. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.

March 14, 2013

Southeast

STUDENT HOUSING COMMUNITY TO OPEN IN 2013 NEAR LIBERTY UNIVERSITY

by admin March 14, 2013

LYNCHBURG, VA. — Entasis Design Architects a student housing and multifamily architecture firm, and Langley Apartments, a developer and property management company, are currently building The Vue at Cornerstone. Student housing developer and builder CampusWorks is managing the construction. The Vue is a 166 bed, two-phased project consisting of five buildings and two clubhouses with a student lounge that features a double-sided fireplace, billiards and an Internet café. The community is inside the Cornerstone planned community. The project will open for the fall 2013 semester. Entasis Design recently completed The Vue at College Square, which is a townhouse project that is also in the Liberty University market.

March 14, 2013

Retail Southeast

BOULDER GROUP ARRANGES $11M WALGREENS SALE IN NORTH MIAMI BEACH

by admin March 14, 2013

NORTH MIAMI BEACH, FLA. — The Boulder Group has arranged the $11 million sale of a triple net-leased Walgreens property at 15050 Biscayne Blvd. in North Miami Beach. The 14,500-square-foot property was built in 2010 and the lease features a unique 11 percent rental escalation in the primary lease term. Walgreens has 22 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Montreal, Canada-based private partnership, in the transaction. The buyer was a Massachusetts-based limited partnership.

March 14, 2013

Office Southeast

L4 CAPITAL SELECTS CASSIDY TURLEY TO MARKET COURTHOUSE SQUARE OFFICE COMPON

by admin March 14, 2013

LEESBURG, VA. — Developer L4 Capital Partners has selected Cassidy Turley to lease the office component of Courthouse Square, a mixed-use development in downtown Leesburg. The project is slated to begin construction in the fourth quarter of 2013 and includes 110,560 square feet of Class A office and retail space. Bert Harrell, Anthony Chang and Chris Darlingof Cassidy Turley will market the property, which is located across the street from the Loudoun County Courthouse at the intersection of Church and Loudoun streets. The $45 million project is scheduled for completion in 2015. The office component will feature four outdoor terraces, green-roof systems, bicycle storage and a shower room. The development will also include 21,300 square feet of retail and restaurant space.

March 14, 2013

Mixed-Use Southeast

CRESCENT BREAKS GROUND ON $67M MIXED-USE COMMUNITY IN BUCKHEAD

by admin March 13, 2013

ATLANTA — Crescent Resources has broken ground on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead's Terminus master development by Cousins Properties. The community will be built on the development's last vacant three acres, adding 355 luxury apartments. The site currently contains dining, retail and office space. The apartments are expected to be available by next spring.

March 13, 2013

Multifamily Southeast

CBRE ARRANGES $28M ACQUISITION LOAN FOR ORLANDO APT. COMMUNITY

by admin March 13, 2013

ORLANDO — CBRE has arranged a $28 million acquisition loan for Broadwater Apartments, a 408-unit multifamily property located at 6677 Tanglewood Bay Drive in Orlando. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan through Freddie Mac on behalf of the borrower, Advenir@Broadwater LLC. Apartment units at the property average 817 square feet, and the community consists of 22 two-story buildings. Community amenities include two pools with spa, a fitness center, clubhouse and an indoor racquetball court.

March 13, 2013

Industrial Southeast

TERRENO PICKS UP $5.1M INDUSTRIAL PROPERTY IN MIAMI-DADE COUNTY

by admin March 13, 2013

MEDLEY, FLA. — Terreno Realty Corp. has acquired a 49,000-square-foot industrial property at 12600 NW 107th Ave. in Medley, for $5.1 million. The property is fully leased to one tenant and includes dock-high truck loading on two sides and land for trailer storage or building expansion. The estimated stabilized capitalization rate of the property is 6.3 percent.

March 13, 2013

Retail Southeast

FLORIDA RETAIL BUILDING TRADES FOR $5.1M

by admin March 13, 2013

OLDSMAR, FLA. — Marcus & Millichap has arranged the sale of North Tampa Shores, a 31,022-square-foot retail property in Oldsmar for $5.1 million. The property is located at 4009-4013 Tampa Road and tenants include FedEx, AT&T, Flamestone American Grill and Moe's Southwest Grill. Rob Keeler of Marcus & Millichap represented the buyer, a limited liability company.

March 13, 2013

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