CLERMONT, FLA. — Chester C. Fosgate Co. has sold a 2-acre retail property, located at 1800 E. Hwy. 50 in Clermont, to Rich Filet for $2.38 million. The site contains a 13,086-square-foot CVS/pharmacy. Daryl Carter of Orlando-based Maury L. Carter & Associates, along with Michael Zimmerman of Delray Beach, Fla.-based RJS Realty Group, represented the seller in the transaction.
Southeast
CLEARWATER, FLA. — AmeriLife Group has signed a 70,706-square-foot lease at the 146,000-square-foot Prestige Place, a two-building office park located at 2600-2650 McCormick Dr. in Clearwater. Alan Feldshue and Melanie Jackson of Colliers International's Tampa Bay, Fla., office represented the tenant in the lease transaction. Hans Kaunath and Judy Healey of Tampa, Fla.-based Ciminelli Real Estate Services of Florida represented CW Capital Asset Management, the landlord.
Nashville’s economic growth has remained positive throughout 2011, strengthening Nashville’s position as one of the more resilient and dynamic metropolitan areas in the southern U.S. Through August of 2011, the metro has recovered more than half of the jobs lost during the recession, having added nearly 22,000 jobs since the beginning of 2010. Currently the unemployment rate in Nashville is hovering around 8.4 percent, compared with 9.1 percent at the national level. The area has become a prime relocation destination for major corporations, bringing well-paying jobs to the area. In 2009, Nissan relocated its headquarters from Los Angeles to Cool Springs, and now employs more than 1,300 people. Amazon recently announced two new major facilities that will bring more than 1,500 jobs to the area. GM plans on restarting assembly at its Spring Hill plant, creating 1,700 jobs as part of the new labor deal. The area has become more than just the country music capital. It is now a hub for higher education and healthcare, as the three largest employers are Vanderbilt, HCA and St. Thomas Health Services. Like many markets across the U.S., the Nashville multifamily market has now rebounded beyond pre-recession levels in terms of both occupancy …
Amid the current economic uncertainty, the office market continued to mark positive gains within the third quarter seeing 193,955 sq. ft. of positive absorption. Although well short of pre-recession levels, this quarter’s performance shows a steady increase in leasing velocity as the Orlando market has averaged only 119,881 sq. ft. of quarterly absorption over the past year. The Orlando economy has continued to stabilize. Monthly decreases in unemployment have become somewhat of a trend as the latest local unemployment statistics for August saw a year-over-year decrease from 11.7% to 10.3%. This sustained trend does wonders for local economic sentiment, especially among small business owners whose bottom line is highly dependent on the spending habits of other businesses within the local market. The Orlando CBD saw another quarter of positive absorption with Class B space leading the submarket to a total net gain of 26,352 sq. ft. Maitland Center is also beginning to show improvement with 31,289 sq. ft. of positive absorption. The majority of this quarter’s positive gains were seen in the Southwest submarket which absorbed 93,145 sq. ft. of space amid a mix of expansion and new tenants. Average rental rates rose slightly to $20.68 overall. Also noteworthy this …
KISSIMMEE, FLA. — Lane Co. has sold the 384-unit Verano Apartments, located at 2200 Villa Verano Way in Kissimmee, to Waterton Associates for an undisclosed price. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented the seller in the transaction.
DORAL, FLA. — Franklin Street Real Estate Services has negotiated the $3.67 million sale of the 44,100-square-foot Emerald Farms property, an industrial facility located at 9800 NW 17th St. in Doral. Joel Kattan and Hernan Prohaszka of Franklin Street's Fort Lauderdale, Fla., office represented the buyer, GK Emerald, an entity that includes K.G. International and a sister company, in the transaction. Nick Wigoda of Jones Lang LaSalle's Miami office represented the seller, Wells Fargo Bank, which acted as Trustee for JP Morgan Chase.
COLUMBIA, MD. — New Boston Fund has purchased the 84,300-square-foot Stevens Forest Green, an office building located in the Hillside Executive Park at the interchange of Route 29 and Broken Land Parkway in Columbia. James Wellschlager and Jonathan Carpenter of Cassidy Turley's Baltimore office represented LNR Partners, the seller, in the transaction. The buyer was self-represented by John Thompson and David Langol of New Boston's Mid-Atlantic office.
ALEXANDRIA, VA. — Prudential Mortgage Capital has arranged $80.5 million in refinancing through Freddie Mac for the 461-unit The Encore, a multifamily community located at 4619 Seminary Rd. in Alexandria. Jason Miller of Prudential Mortgage Capital Cos.' Washington, D.C., office arranged the 7-year loan on behalf of the borrower, Virginia-based Bonaventure Realty Group.
CHARLOTTE, N.C. — Cushman & Wakefield Sonnenblick Goldman's Atlanta office has arranged $25.7 million in acquisition debt financing on behalf of a partnership between AREA Property Partners and DW Management Co. The partnership used the funds to purchase a 559,750-square-foot building, located at 12801 Jamesburg Dr. in Charlotte, and a 443,520-square-foot building, located at 1075 Taylor Rd. in Chicago. A domestic bank provided the 5-year loan.
MIRAMAR, FLA. — Atlanta-based IDI has started construction on the 264,074-square-foot Miramar Centre Business Park Building A, located at 15701 SW 29th St. in Miramar. The speculative distribution center and warehousing facility will be built to LEED Silver certifications standards. The 70-acre Miramar Center business park is projected to have 10 buildings totaling more than 1 million square feet. Currently, there are seven buildings totaling 600,000 square feet on the site. Completion for Building A is slated for July 2012.