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.
Southeast
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.
LARGO, FLA. — Fort Lauderdale, Fla.-based Integra Real Estate Corp. has acquired a 10,300-square-foot shopping center, located at U.S. 19 and East Bay Drive in Largo. Tenants include FedEx Kinko's and Einstein Bros. Bagels. Joe Tyszko of Insite Real Estate represented the seller, a private investor, in the transaction. The buyer was self-represented by Michael Rechter.
TAMPA — The 25-unit Merasol on Bayshore, a foreclosed multifamily property located at 6515 Bayshore Blvd. in Tampa, has sold for $1.04 million. Kevin Kelleher, Darron Kattan and Bob Goldfinger of Franklin Street represented both the seller, a regional bank, and the buyer, a private local investor, in the transaction. The property was acquired with neighborhood stabilization funds, and the buyer has planned an extensive renovation.
BETHESDA, MD. — Silverspot has signed a 50,000-square-foot lease at the 1 million-square-foot Rock Spring Centre, a mixed-use development located along Old Georgtown Road and Rock Spring Drive in Bethesda. The Peterson Cos. and DRI Development Services plan to break ground this summer on the project, which will include 549,900 square feet of office space, 210,000 square feet of retail space, the 12-screen Silverspot movie theater, a 40,000-square-foot health club, a 200-room hotel and 161 residential units. Silverspot, which is slated for completion in spring 2014, will offer a full-service cafe and bar, lounge area and concession stand. Bill Miller and Alex Walker of Transwestern represented the development team in the transaction. Mathew Focht and Sierra Group represented the tenant.
GREER, S.C. — KBS Legacy Partners Apartment REIT has acquired the 240-unit Crescent Park, a Class A apartment complex located at 401 Elizabeth Sarah Blvd. in Greer, from Crescent Apartments LLC for $20.6 million. The property is 95 percent leased. Amenities include a resort-style pool, clubhouse, billiards room and fitness center.