MIAMI BEACH, FLA. — The 14,987-square-foot SunTrust Bank building at 9600 Collins Ave. in Miami Beach’s Bal Harbour Village has sold for $13.5 million. An affiliate of the owner of Bal Harbour Shops purchased the office building from a wholly owned subsidiary of Inland American Real Estate Trust Inc. Casey Rosen and Mark Drazek of CBRE’s National Net Lease Property Group and Paco Diaz of its Miami retail team represented the seller.
Southeast
GOOSE CREEK, S.C. — An industrial property situated on 87.36 acres directly across from a Google data center in Mt. Holly Commerce Park off Highway 52 in Goose Creek has sold for $3.3 million. Thomas Buist Jr. of Lee & Associates’ Charleston, S.C. office represented the seller, Goose Creek Industrial Investors, and Milton Thomas III of Lee & Associates represented the buyer, EF Sanders LLC.
WASHINGTON, D.C. — Washington, D.C.-based MAC Realty Advisors LLC has placed $11 million in equity for acquisition and development of 2251 Wisconsin Ave., an existing commercial building in the Glover Park neighborhood of Washington, D.C., on behalf of Altus Realty Partners. Additionally, MAC placed a $28 million limited-recourse senior construction loan for the transaction. Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction will renovate the existing 30,000 square feet of retail space currently occupied by Washington Sports Club and Glover Park Hardware, and build an 81-unit residential building with a two-level garage.
LEXINGTON, KY. — The 14-story, 240,000-square-foot Chase Tower office building has sold for $11.9 million in Lexington. Lake Worth, Fla.-based In-Rel Properties acquired the property, which was built in 1973, and NAI Isaac Commercial Properties will handle leasing and property management services. Bruce Isaac of NAI Isaac Commercial Properties was the property’s court-appointed receiver during the past three years. Finally, Ralph Smalley of Jones Lang LaSalle’s Atlanta office and Paul Ray of NAI Isaac Commercial Properties represented the undisclosed seller. Chase Tower is located at 201 East Main and is the first acquisition for In-Rel Properties in Lexington.
IRONDALE, ALA. — Michael Randman of Birmingham, Ala.-based Southpace Properties has represented Mark Gold in the $2.2 million purchase of Grants Mill Station, a 226,837-square-foot shopping center in Irondale. CBRE Nashville represented the unlisted seller. Southpace Properties is Alabama’s largest independent commercial real estate firm.
CHARLOTTE, N.C. — Paragon Bank has acquired the 16,427-square-foot, Class A office building at 6337 Morrison Blvd. in Charlotte’s SouthPark submarket for an undisclosed price. The bank, which serves the financial needs of mid-sized commercial businesses and their owners, will relocate its offices from Two Piedmont Town Center. Jubal Early of Lincoln Harris represented Paragon Bank in the acquisition. David Dorsch and Rob Cochran of Cassidy Turley represented the unlisted seller.
WASHINGTON, D.C. — A 3,990-square-foot mixed-use property in Washington, D.C.’s Dupont Circle neighborhood has sold for approximately $1.4 million. The property is located at 1502 21st St. and is fully leased. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor. The buyer, also a private investor, was secured and represented by David Weber of Marcus & Millichap’s Washington, D.C., office.
The sun shines once again on Tampa’s office sector — especially for the Westshore submarket, the largest in the Tampa Bay area. Job growth and a lack of new development have led to strong net absorption and declining vacancy in 2012. All those factors create the very real possibility for speculative office development in 2013, especially given the region’s lack of large blocks of contiguous Class A space. Overall vacancy for Tampa’s 32 million-square-foot office market was 16.7 percent through the third quarter, a full percentage point lower than vacancy at the beginning of 2012. Westshore captured 250,000 square feet of the area’s 350,000 square feet of net absorption, but even the Downtown submarket totaled 100,000 square feet of net absorption through the third quarter — not bad for a section of the market that’s struggled disproportionately over the past few years and has 6.5 million square feet of office space. Conversely, Tampa’s I-75 submarket struggled, with negative 40,000 square feet of net absorption through the first three quarters of 2012, but it has a strong track record over the past 15 years and brighter prospects ahead. Net absorption could’ve been greater, too, but potential tenants waited out election results. …
ATLANTA — Clermont Hotel Partners LLC has purchased The Clermont Hotel, located at 789 Ponce de Leon Ave. in the Virginia Highlands submarket of Atlanta, with plans to redevelop the property as a boutique hotel. The historic building was built in the 1920s as apartments and converted to a hotel in the 1940s. The Clermont Hotel includes an iconic club on the ground level, which has been in operation for nearly 50 years. The hotel has been shut down since Dec. 31, 2009. Jake Reid of Franklin Street Real Estate Services represented the seller, Fairway Capital, in the transaction. The buyer is an affiliate of Nashville, N.Y.-based BNA Associates LLC.
NORTH CHARLESTON, S.C. — Charlotte, N.C.-based Beacon Partners has purchased North Rhett Commerce Center, a 511,891-square-foot industrial warehouse on 34 acres at 5801 North Rhett Ave. in North Charleston, for an undisclosed price. The facility houses tenants Husqvarna Professional Products and Integris Logistics. Beacon plans significant renovations and improvements during upcoming months to enhance the property’s functionality, energy efficiency and appearance. Beacon represented itself in the industrial transaction and Hagood Morrison of Colliers International represented the unlisted seller.