NAPLES, FLA. — A three-story, 30,039-square-foot Class B office building at 1250 Tamiami Trail North in Naples has traded for $3.5 million. Jefferson-Pilot Investments Inc., a subsidiary of Lincoln National Financial Group, sold the property to Gracen Associates LLC. William Mankin of Colliers International Southwest Florida represented the seller and Chip Olson of Naples-based Colonial Square Realty represented the buyer. Current tenants include Ryder Orthopedics, Creative Images Hair Design, Wolf & Layton Dentistry and others.
Southeast
The Nashville metropolitan retail market remains strong in comparison to the rest of the United States as the overall vacancy rate dropped to 5.7 percent at the end of the third quarter. Nashville’s MSA has grown to more than 1.6 million residents and ranks as the 38th largest MSA in the country with Nashville being the largest core population in the state of Tennessee. The strong economy is supported by diverse sectors of industry including healthcare, entertainment, education, and automotive. At the end of the third quarter, the unemployment rate dropped to only 7.3 percent compared to the national average of 8.6 percent. Highly sought after retail submarkets, such as Green Hills, Brentwood, and Midtown/West End Avenue corridor, have little to no vacancy which has spurred a new trend in Nashville: urban and mixed-use redevelopments. The lack of available large tracts of land for development in and around metro Nashville has created significant demand back into the core urban markets of Nashville. For example, following the success of the highly touted Hill Center retail/office project a few years ago, the Green Hills Mall underwent a major expansion to accommodate Tennessee’s first Nordstrom and Container Store in 2011. In Brentwood, Bristol …
CHARLOTTE, N.C. — The Keith Corporation has sold a nine-building industrial portfolio totaling approximately 1.4 million square feet across the state of North Carolina. S&F Acquisitions Inc., a joint venture between Schmier & Feurring Properties Inc., L&J Schmier Investment Co. and Indepencia Asset Management, purchased the portfolio for $84 million. Chris Norvell and Scot Humphrey of Cushman & Wakefield/Thalhimer’s Capital Markets team as well as Stewart Calhoun, Jim Carpenter and Mike Davis of Cushman & Wakefield’s Industrial Advisory Group represented The Keith Corporation. The properties include five buildings in Lincoln County Industrial Park in Lincolnton, N.C., two buildings in Sherrill Industrial Park in Statesville, N.C., one building in Cleveland County Industrial Park in Kings Mountain, N.C., and one building in Rock Creek Center in Whitsett, N.C. The buildings are 100 percent leased to a variety of tenants including Crate & Barrel, Lenovo and United Technologies.
CHARLOTTE, N.C. — Trinity Capital Advisors, through a joint venture with Pacific Coast Capital Partners, has purchased two Class A office and warehouse buildings in Shopton Ridge Industrial Park at 3845 Shopton Rd. and 3810 Shutterfly Rd. in Charlotte for an undisclosed price. The two buildings total 211,200 square feet and include tenants Linde Gas, Apria Healthcare and Cardinal Health.
FAIRFAX COUNTY, VA. — NAI KLNB, in conjunction with C-III Realty Services, has brokered the sale of 7200 Fullerton Road, a 79,000-square-foot warehouse in Fairfax County, for $5.5 million. Chris Kubler, Marc Tasker and Ryan Moody of NAI KLNB and Linda Simpson of C-III Realty Services represented the seller, C-III Asset Management LLC. Buyer Curtis Investments was self represented. The building was constructed in 1977 and is located adjacent to the Fairfax County Parkway, Backlick Road and the National Geospatial-Intelligence Agency headquarters building.
SMITHFIELD, VA. — Calkain Cos. has facilitated an approximately $3.4 million sale of a Tractor Supply Co. store in Smithfield. A private 1031 investor acquired the retail property. A full-service commercial real estate development firm based in the mid-Atlantic region sold the property. Andrew Fallon of Calkain Cos. represented the buyer.
HOLLYWOOD, FLA. — The Seminole Tribe of Florida Inc. and Stiles Construction, a division of Stiles, have partnered to create Seminole Development and Construction LLC. The newly created venture provides both Seminole Tribe of Florida and Stiles with access to a range of real estate construction project opportunities within the Native American tribal network and also includes projects planned under the auspices of the U.S. federal government. The first project to emerge from the partnership is Seminole Classic Casino, a 140,000-square-foot renovation at 4150 N. State Road 7 in Hollywood. Other Seminole projects in the pipeline include Brighton Public Safety Complex and a new Noodle Bar at the Hard Rock Seminole Casino. The Seminole Tribe of Florida is headquartered in Hollywood.
FLORIDA AND ALABAMA — CBRE Capital Markets has arranged approximately $60.1 million in financing for the acquisition of seven shopping centers in Florida and the refinance of a 135,000-square-foot Lowe’s Home Improvement in Opelika, Ala. on behalf of H&R REIT. The Florida properties include: The Shops at Mission Trace in St. Augustine, Fla. Corridors at Ponte Vedra in Ponte Vedra Beach, Fla. First Merritt Center in Merritt Island, Fla. Mandarin Oaks in Jacksonville, Fla. Publix at Holly Hill in Daytona, Fla. Publix at Summer Bay in Clermont, Fla. Regency Village in Orlando, Fla. The purchase price for the seven Florida shopping centers totals $80.4 million. Six of the seven shopping centers are anchored by Publix. Corridors at Ponte Vedra is anchored by Fresh Market. H&R REIT is a Toronto Stock Exchange listed, open-ended real estate investment trust.
ANNAPOLIS JUNCTION, MD. — TA Associates Realty has acquired a 144,571-square-foot distribution warehouse at 9060 Junction Dr. in Annapolis Junction for $8.25 million. The industrial property is 48 percent leased with immediate access to Route 32 and Interstates 95 and 295. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Emory Properties.
BETHESDA, MD. — HFF has financed Phase I of The Fairmount, a planned 17-story, 70-unit condominium project at the corner of Old Georgetown Road and Fairmount Avenue in Bethesda on behalf of 4990 Fairmount LLC. A $6.5 million acquisition and pre-construction loan was arranged through Bank of Georgetown. Sue Carras, Walter Coker and Brian Crivella led the HFF debt and equity team and Martin McCarthy led the Bank of Georgetown team.