The office market in the Baltimore metropolitan statistical area — which encompasses the counties of Anne Arundel, Baltimore, Harford, Howard, and the eastern portion of Carroll County, as well as Baltimore City — experienced a slight uptick in activity in the fourth quarter of 2012. The market saw a 0.49 percent decrease in direct vacancy, dropping from 15.77 percent in the third quarter of 2012 to 15.28 percent in the fourth quarter. This dip is attributed to nearly 100,000 square feet of positive absorption within the overall market. As with any statistical number, a closer look at these numbers reveals several patterns that may or may not be indicative of larger economic trends within the market. The northern part of the market, consisting of Baltimore and Harford counties, saw negative absorption of 100,531 square feet. The 0.44 percent increase is directly attributed to office properties in Harford County entering the market at various levels of occupancy, including a 75,493-square-foot building outside the U.S. Army’s Aberdeen Proving Ground that entered the market completely vacant. Further inspection of activity throughout the north part of the market indicates that small and medium size tenants — firms under 20,000 square feet — are still …
JACKSONVILLE, FLA. — GoldOller Real Estate Investments has acquired Country Club Lake Apartments in Jacksonville for $56 million. The 555-unit complex is located in the East Jacksonville section of the city and the transaction was part of GoldOller's open-ended apartment fund. The fund, launched in 2010, now includes a portfolio of 6,500 units in seven states, valued at $500 million. Country Club Lake includes three swimming pools, three clubhouses and an adjacent golf course.
MELBOURNE, FLA. — Pollack Shores Real Estate Group has acquired the 252-unit Polo Glen Apartments in Melbourne for $28.2 million. Matrix Residential will manage the Class A gated community. The property is 94 percent occupied and amenities include a heated pool, fitness center, and playground. Kevin Judd of ARA arranged the sale and Stephen Farnsworth of Walker & Dunlop secured a 10-year, Freddie Mac loan for the property. The community is located at 3603 Middleburg Lane.
ATLANTA — The state of Georgia has selected Manhattan Construction Co. to build the $9.5 million headquarters for Georgia Poultry Laboratory Network. The 38,000-square-foot facility will be located off Highway 365 in unincorporated Hall County, Ga. Construction of the single-story building, which will include laboratories and office space, is slated to begin in April. Completion is scheduled for 2015. The network provides diagnostic and monitoring services to Georgia's commercial poultry industry to ensure the safety of poultry products.
MIRAMAR, FLA. — Riviera Point Holdings has started vertical construction of the $17 million Professional Center at Riviera Point, the Miramar market's first Class A office development since 2009. Located on a four-acre site at University Drive and the Florida Turnpike, the 70,000-square-foot property is also the first Broward office development being funded through the job-creating international EB-5 investment. Itsaca Construction Associates will serve as the general contractor. Corrales Architectural Group designed the project.
CORAL GABLES, FLA. — A Florida-based developer has acquired a 1.4-acre multifamily site in Coral Gables for $8.5 million. The site was one of two vacant sites along Ponce De Leon Boulevard. Rosendo Caveiro and Brad Capas of Cushman & Wakefield represented the seller in the transaction. The Roseview Group engaged a local broker on behalf of the lender and oversaw the preparation of the marketing package.
ORLANDO — Pennsylvania Real Estate Investment Trust has sold Orlando Fashion Square Mall for $35 million as part of its previously announced plan to dispose of certain non-core assets. The 1.1 million-square-foot regional mall is anchored by Dillard's, JC Penney, Macy's and Sears. As of Dec. 31, 2012, the mall was 80 percent leased and sales at the property were approximately $233 per square foot.
COLUMBIA, MD. — Developers have broken ground on the $100 million Metropolitan Downtown Columbia, a 380-unit apartment complex. A partnership between Orchard Development, Kettler and Howard Hughes Corp. is constructing the property, which will include 14,000 square feet of ground-floor retail space. The complex is slated to open in late summer 2014. Amenities will include a clubhouse, fitness center, media and game rooms, a courtyard featuring an outdoor screening room, a pool and cabanas.
ALEXANDRIA, VA. — MAC Realty Advisors has arranged nearly $50 million in financing for the development of Braddock Metro Place, a 165-unit apartment community in Alexandria. JW Capital Partners and its local partner plans to break ground on the 10-story property near the Braddock Metro Station this quarter. John Moriarty & Associates will serve as the general contractor. Andrew McAllister, Bruce Levin and Caren Garfield led the MAC Realty team that secured $18.6 million from an insurance company and an additional $29.2 million in senior construction-to-permanent financing from a life insurance company.
ATLANTA — Nightingale Properties has acquired Atlanta's One Hartsfield Centre from a large European pension fund for $10 million. The 147,731-square-foot office property overlooks the north end of Hartsfield-Jackson Atlanta International Airport. Last December, Triumph Motorcycles signed a long-term lease to move its North American headquarters into the property. Mike Shelly and Sonia Winfield of Cassidy Turley represented the seller in the transaction. One Hartfield Centre is the second office building that New York-based Nightingale has acquired in the Atlanta area. The investor also owns retail centers in metro Atlanta.