CAMBRIDGE, MD. — A 157,000-square-foot light manufacturing facility located at 807 Woods Rd. in Cambridge has traded. The industrial property is situated on 10 acres and was originally known as Airpax. Henry Hanna of Sperry Van Ness – Miller Commercial Real Estate represented both the seller, Sensata Technologies, and the buyer, JPJ807 Co. Sean Lynch of Jones Lang LaSalle also represented the seller. The buyer plans to redevelop and lease the property to businesses seeking manufacturing space and office space.
Southeast
ORLANDO, FLA. — The 315-room Westin Imagine Hotel, located adjacent to the Orange County Convention Center at 9501 Universal Blvd. in Orlando, has sold to ERGS WI Orlando REO LLC. A bank group named REDUS Imagine LLC foreclosed on the hospitality property earlier this year. Daniel Peek, Max Comess, Michael Weinberg, Paul Hsu and Cyrus Vazifdar of HFF represented the seller, which was legally represented by the Orlando law office of Lowndes, Drosdick, Doster, Kantor & Reed. The Pittsburgh, Pa., office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig represented the buyer. Pyramid Hotel Group operates the Westin Imagine Hotel and will remain in place.
CHARLOTTE, N.C. — Charlotte-based Pappas Properties and Allen Tate Co. have finalized plans for Phase II of Sharon Square. The $52 million Phase II will include 239 luxury residences and 22,000 square feet of retail space at the corner of Sharon and Fairview roads, adjacent to Phillips Place, in Charlotte. Phase II is scheduled to open in the fall of 2013. LS3P and Niles Bolton Architects designed Sharon Square, and Adolfson and Peterson is the general contractor. Charlotte’s first Whole Foods Market opened in the first phase of the project.
BRADENTON, FLA. — A joint venture between Northbrook, Ill.-based Middleton Partners LLC and Chicago-based Stage Equity Partners LLC, a healthcare real estate investment company, has acquired two medical office buildings totaling approximately 70,000 square feet in Bradenton. The buildings are more than 95 percent occupied, with approximately 60 percent of the space leased by a subsidiary of HCA Healthcare, one of Bradenton’s largest healthcare providers. A publicly traded healthcare REIT sold the properties.
NORTH CHARLESTON, S.C. — Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 and located adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.
BATON ROUGE, LA. — Boston Capital, a real estate investment and advisory firm specializing in tax-advantaged investments, is investing in The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge. The community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Humanities Foundation Inc., a Charleston, S.C.-based non-profit organization dedicated to affordable housing development, is the general partner. The Gardens Senior Apartments will include 49 one-bedroom and six two-bedroom units in a two-story building.
ORLANDO, FLA. — A one-story, 19,344-square-foot office building at 1001 N. Orange Ave. in downtown Orlando recently traded for $2 million. Donald F. Evans Trust sold the property, which was built by The Evans Group in 1998 and expanded in 2003, to Orlando-based 1001 North Orange Avenue LLC. Thomas Hankins and Eric Parrs of NAI Realvest represented the seller.
The Charlotte multifamily market continues its strong recovery and shows no signs of slowing down. All facets of the multifamily market are improving with tightening apartment fundamentals, increased transactional volume and the announcement of several high-profile development projects. According to RealPage MPF Research, the Charlotte market has experienced 6.8 percent rent growth during the past 12 months, which ranks third in the country behind only San Francisco and San José, California. The market has also absorbed more than 3,300 units in the same time period, lowering the overall market’s vacancy to approximately 6.5 percent — the lowest vacancy figure seen in Charlotte in more than a decade. Transaction volume in the Charlotte metro, while only half of the activity level in the Triangle market, has been relatively strong with approximately $800 million in sales during the past 12 months. Capital sources continue to flock to the highest-grade assets, particularly infill locations, where historically low interest rates boost investor returns. A recent illustration of this trend was Atlanta-based Post Properties’ purchase of the 360-unit Circle at South End from Crescent Resources for $74 million or $205,556 per unit, a record per-unit price for a garden-style community in the Carolinas. On the …
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. and Grosvenor Americas are planning to develop a 650,000-square-foot mixed-use complex in Washington, D.C.’s Capitol Riverfront district. It will be located between M and N streets, fronted by First Street, and close to the new Washington Nationals baseball park and the Navy Yard station on Metrorail’s Green Line. Skanska USA will develop an 11-story, 224,000-square-foot office building with 11,000 square feet of ground-floor retail space, and Grosvenor Americas will develop the remainder with a mix of residential and retail space. Gensler Architects will design the office building, which is aiming for LEED Platinum certification, and Skanska USA Building will be the construction manager. McCaffery Interests will oversee construction of Grosvenor Americas’ portion of the mixed-use development.
ROSWELL, GA. — The three-story, 52,000-square-foot North Fulton Medical Plaza recently opened at 4500 Hospital Blvd. in Roswell across from the main entrance to North Fulton Hospital. Indianapolis-based Duke Realty developed, financed, owns and manages the Class A medical office building that houses North Fulton Hospital’s Pain and Spine Center and Roswell Imaging Center. The facility is set to receive LEED certification by the U.S. Green Building Council. ASD of Atlanta and Lyman Davidson Dooley of Atlanta served as the project architects and Brasfield & Gorrie’s Atlanta office was the general contractor.