ORLANDO, FLA. — The 147,389-square-foot Silver Star Logistics Center, a manufacturing and logistics building located at 1900 W. New Hampshire St. in Orlando, has sold for $3.5 million. The property includes 6,820 square feet of office space, 28-foot clear ceiling heights, rail-spur service, covered loading docks and parking for more than 30 trailers. Joe Rossi of Lincoln Property Co. represented the seller in the transaction.
Southeast
WASHINGTON, D.C. — NorthMarq Capital has arranged $15.45 million in first mortgage refinancing for the 398-unit Vista Ridge Apartments, an affordable housing community located in Washington, D.C. Melissa Marcolini Quinn and Robert Rothaug of NorthMarq's Orlando, Fla., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
ATLANTA — The 312-unit Axis at Perimeter, a Class AA apartment community located at 8 Perimeter Center E. in Atlanta, has sold for $53.5 million, according to DeKalb County records. Amenities include a resort-style pool with cabanas and an outdoor living room with fire pit. The property is 94 percent leased. Derrick Bloom, David Gutting and Elliot Howell of Jones Lang LaSalle represented Lane Co., the seller, in the transaction.
LAKELAND, FLA. — Twenty-five shopping centers, located in Florida, have sold for $50 million. The properties, which averaged 10 to 14 percent NOI's and were 70 to 100 percent leased, were auctioned by Lakeland-based Higgenbotham. More than 60 bidders participated online through HAI's online bidding platform.
WASHINGTON, D.C. — Boston-based EVL Associates has purchased a 91,312-square-foot office building, located at 1776 Massachusetts Ave. NW in Washington, D.C., for $45.5 million. The property is 96 percent leased to tenants that include Boston University, the Brookings Institution and Johns Hopkins University. Paul Hanafin and Richard Siegel of West, Lane & Schlager Realty Advisors represented the seller, 1776 Mass Ave LLC, managed by New York-based JOSS Realty Partners, in the transaction.
DELRAY BEACH, FLA. — Wood Partners has plans to break ground in July on the $26.9 million, 116-unit Midtown Delray, an apartment complex located at 4200 Old Germantown Rd. in Delray Beach. Completion is slated for September 2013. Amenities will include a clubhouse, swimming pool and tot lot. Current Builders is the general contractor for the project, AW Architects is the architect, Michael B. Schorah & Associates is the civil engineers and Urban Design Kilday Studios will design the landscape.
ATLANTA — Timbervest has signed a 17,059-square-foot lease in Building 200 of Northcreek Park, an office building located at 3715 Northside Parkway in Atlanta. David Rubenstein and Tom Tindall of Cresa's Atlanta office represented the tenant in the lease negotiations. CBRE Global Investors, the landlord, was self-represented by Katherine Lynch.
The dust seems to be settling in northeast Florida’s industrial market after the recession. Sales are still down and asking prices continue to decline for traditional industrial properties, but institutional investors throughout the state seem to be in acquisition mode. While investors are looking, there are not many properties for sale. Despite the fact that Jacksonville is the third largest industrial market in Florida, not many institutional-quality industrial properties come onto the market frequently. Rental rates seem to have stabilized for quality properties and landlords are beginning to reduce the value of concessions offered to tenants. The current overall industrial vacancy rate for northeast Florida is about 9.6 percent compared to 9.7 percent this time last year. Although this is still on the high side for our market, it is still much more favorable than Savannah, Georgia, where the reported vacancy rate is close to 16 percent. Savannah is one of the more competitive markets with Jacksonville, due to its vibrant port traffic. Recent transactions that have helped northeast Florida maintain single- digit vacancy rates include Saddle Creek Corp.’s 213,000-square-foot lease in the former General Motors parts distribution center, which is owned by Cabot Properties and located in the Flagler …
WINSTON-SALEM, N.C. — A 10,125-square-foot CVS/pharmacy, located in Winston-Salem, has sold for $3.45 million. The freestanding building is leased to CVS/pharmacy through Jan. 31, 2023. Terry Marks of New Hope, Pa.-based National Net Lease Investors represented the buyer, a Pennsylvania-based investor, in the all-cash transaction. The seller was a North Carolina-based developer.
CHAPEL HILL, N.C. — The 42,370-square-foot, 433-unit Ironclad Self Storage, located at 102 Vickers Rd. in Chapel Hill, has sold for $3.11 million. Joy Godbold of Percival McGuire Commercial Real Estate and Argus Self Storage Sales Network represented the seller, W. Mitchell, in the transaction. Phoenix-based Amerco Real Estate, the buyer, also purchased an additional 5 acres for future expansion.