BALTIMORE — CBRE Capital Markets has arranged $77.9 million in permanent financing for Spinnaker Bay Apartments and The Promenade at Harbor East in Baltimore. CBRE worked on behalf of H&S Properties Development Corp. to arrange two permanent loans through its Fannie Mae DUS program. Joe Donato led CBRE’s Washington, D.C., team in arranging the permanent financing. Spinnaker Bay is a 315-unit, Class A multifamily community at 707 S. President St. in Baltimore, and The Promenade at Harbor East is a 113-unit Class A multifamily community at 1001 Aliceanna St. in Baltimore.
Southeast
DULUTH, GA. — ViaSat Inc., which produces satellite and other digital communication products for the government and commercial customers, has begun construction on a 60,000-square-foot expansion at the firm's facility in Duluth. The company will invest $10.5 million in the build-to-suit project located at 1725 Breckinridge Plaza. The company's Duluth campus is ViaSat's second largest location in the nation, following behind its headquarters in Carlsbad, Calif. The Duluth warehouse focuses on antenna systems and commercial networks. Lindsay Martin, project manager with the Georgia Department of Economic Development, along with the Gwinnett Chamber Economic Development, assisted with the project.
BIRMINGHAM, ALA. — The Willows, a 170-unit apartment community in Birmingham, has sold for $5.2 million. David Oakley of Hendricks-Berkadia’s Alabama office represented the seller, Willows Partners LLC, an Alabama limited liability company. Willow United LLC purchased the multifamily property.
HOLLY SPRINGS AND CARY, N.C. — CBRE/Raleigh has finalized a co-leasing agreement with Kite Realty Group to lease Holly Springs Towne Center, a 545,000-square-foot regional shopping center in Holly Springs, and Parkside Town Commons, a 572,000-square-foot mixed-used development in Cary. Kite Realty Group owns both retail developments. Holly Springs Towne Center is under construction and includes tenants Target, Dick’s Sporting Goods, Marshalls, Michaels and Petco. Target and other retailers are expected to open in March. Parkside Town Commons will break ground this spring and will be anchored by Target and Harris Teeter. Charlie Coyne, Reagan Crabtree, Spencer Borders and Lisa Dorminey of CBRE/Raleigh will handle retail leasing for both developments.
RALEIGH, N.C. — The 183,500-square-foot Falls Village Shopping Center has sold in Raleigh for an undisclosed price. Anchor tenants include TJ Maxx, HomeGoods and Dollar Tree. Casey Rosen and Mike Burkard of CBRE’s National Retail Investment Group represented the seller, an affiliate of Greensboro, N.C.-based Bell Partners Inc. A joint venture between New York-based DRA Advisors LLC and Atlanta-based RCG Ventures LLC purchased the retail property, which was built in 1973 and renovated in 2002.
The Orlando office market continued to inch forward during the third quarter of 2012 with modest net absorption of 74,851 square feet. This marks the ninth straight quarter of positive net absorption for the Orlando office market, which includes more than 38 million square feet of Class A and B office space. Overall vacancy, however, rose 28 basis points quarter over quarter to 17.89 percent due largely to negative absorption in the Maitland Center submarket and due to an increase in available sublease space. The uncertainty created by the presidential election and the pending “fiscal cliff” were likely a factor in these modest third quarter results. Otherwise, office demand fundamentals continue to steadily improve. According to the Bureau of Labor Statistics, unemployment levels dropped to 8.4 percent in September, down from 8.7 percent in August. The office market will ultimately benefit from a multiplier effect as increases in construction and trade today should lead to increased demand for professional services and therefore increases in office using employment in the near future. Positive absorption in the third quarter was mostly due to growth within the Downtown/CBD submarket where 76,287 square feet of space was absorbed. The remaining non-CBD submarkets had mixed …
ORLANDO AND FERNANDINA BEACH, FLA. — The Shopping Center Group has brokered the sale of two retail properties in Orlando and Fernandina Beach. The 100,385-square-foot Millenia Crossing in Orlando sold for $34.5 million. The Orlando retail property was built between 2009 and 2012, and is anchored by Nordstrom Rack. It is situated in front of the only IKEA store in the Orlando MSA and is 100 percent leased. The Shopping Center Group represented the seller, an affiliate of Madison, Wis.-based EJ Plesko and Associates. An affiliate of The Morris Companies of New Jersey acquired Millenia Crossing. Additionally, the 53,144-square-foot The Shops at Amelia Market in Fernandina Beach in the Jacksonville, Fla., area sold for an undisclosed price. The retail property is located in the heart of Amelia Island and anchored by the only Harris Teeter grocery store in Florida. It was built in 2000 and is 91 percent leased. The Shopping Center Group represented the seller, EDENS. An Atlanta-based affiliate of The Simpson Organization acquired The Shops at Amelia Market.
TUSCALOOSA, ALA. — HFF has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly constructed off-campus student housing community serving the University of Alabama in Tuscaloosa. HFF worked exclusively on behalf of Ellis-Trick Multifamily to place a 10-year, fixed-rate loan through Freddie Mac’s CME Program. Loan proceeds were used to refinance the original construction debt on the 162-unit, 308-bed student housing property. The Bluff at Waterworks Landing is located less than one mile from the University of Alabama campus at 534 Seventh Ave. near the intersection of Jack Warner Parkway and McFarland Boulevard. Adam Herrin led the HFF team.
MIAMI — The 203,567-square-foot Aventura Business Park has sold for $17.3 million. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both the unlisted seller and the buyer, Bristol Group Inc. The three-building property was completed in 1989 and is located off Interstate 95 and Ives Dairy Road.
HANOVER COUNTY, VA. — Rutland Commons, an approximately 110,000-square-foot, Kroger-anchored shopping center at 9351 Atlee Rd. in Hanover County, has sold for $7.1 million. The Rebkee Company purchased the retail property, and Connie Jordan Nielsen and Nicki Jassy of Cushman & Wakefield/Thalhimer represented the company in its purchase. It was purchased from Crosland Rutland LLC as an investment. Jassy and Pam Strieffler, also with Cushman & Wakefield/Thalhimer, have been selected by Rebkee as the exclusive leasing agents for the shopping center.