BETHLEHEM, GA. — A 45,200-square-foot, 12-screen Carmike Cinemas movie theater, located at the intersection of GA Highways 316 and 81 in Bethlehem, has sold for $8 million. The tenant commenced a 20-year, triple-net lease with rent bumps in January 2012. The seller was a local real estate company and the buyer was a national single-net, net-leased investment group.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $6.75 million sale of the 96-unit Croydon Arms, a vacant apartment building located at 3720 Collins Ave. in Miami Beach. Felipe Echarte and Joseph Thomas of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer, a Miami Beach-based private investor, in the off-market transaction.
Like most cities, Miami’s class A office market suffered during the depth of the recession: vacancy rates doubled, tenants gave back space, and many landlords offered significant incentives to close leases. Interestingly, the market bounced back sooner than many projected with leasing activity accelerating. New to market tenants began filling and backfilling space, foreign investment dollars began pouring in, and the market has benefitted from a flight to quality. There has been a real gravitation toward urban submarkets. Business hubs with residential and retail amenities such as Coral Gables, Doral and the Brickell Financial District have fared well despite the arrival of new product. We’re seeing an overall shift from suburban markets back to urban ones, which is consistent with what’s happening in cities across the U.S. The downtown Miami/Brickell market in particular is seeing high demand as the area comes to life as a 24/7 urban district with lively retail, available housing product at all points of the price spectrum, and many of Miami’s cultural and entertainment amenities. Planned upgrades to the nearby Port of Miami will stimulate further activity. 1450 Brickell office tower is now 80 percent leased just 18 months after delivery. The building has attracted many …
STERLING, VA. — Terreno Realty Corp. has purchased a 69,000-square-foot industrial property, located one mile from the Washington Dulles International Airport in Sterling, for $6.1 million. The property is fully leased to one tenant.
HOOVER, ALA. — A 10,000-square-foot office building, located at 4 Riverchase Ridge in Hoover, has sold for $1.2 million. Dan Lovell and Walter Brown of Graham & Co.'s Birmingham, Ala., office represented MGA Properties and Myrick Gurosky & Associates, the sellers in the transaction. The buyer was Spyer Investments and Doozer Software.
NEW PORT RICHEY, FLA. — A 43-unit, three-building apartment portfolio, located at 5528 Executive Dr. in New Port Richey, has sold for $1.17 million. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa, Fla., office, represented both parties in the transaction.
NASHVILLE, TENN. — Meridian Capital Group has secured $14.6 million in financing for three apartment complexes located in the Nashville MSA. The properties include Cedar Ridge, Green Wood and Meadow Wood. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged 10-year loans with 9.5 yield maintenance and a 30-year amortization schedule through Beech Street Capital on behalf of the borrower, CAPREIT.
SUN CITY CENTER, FLA. — NorthMarq Capital has arranged $4.6 million in first mortgage refinancing for the 97,450-square-foot Sun City Plaza, located at 1601 Sun City Plaza in Sun City Center. Matthew Kohlhoss of NorthMarq's Washington, D.C., office arranged the 10-year loan with a 25-year amortization on behalf of the borrower, Sun City LLC, through RiverSource.
CHESAPEAKE, VA. — Wood Partners has started construction on the $39 million, 280-unit Streets of Greenbrier, located at 929 Wintercress Way in Chesapeake. Amenities will includes a swimming pool, courtyards with grilling areas, dog park, play area, a car care center and a 5,500-square-foot clubhouse, which will contain a cyber cafe, 24-hour fitness center and a Nintendo Wii gaming area. KBS is the general contractor and Cline Design Associates is the architect. The first apartments will be available in January 2013, with construction completed in August 2013.
POTOMAC FALLS, VA. — CAPREIT has acquired the 103-unit The Commons on Potomac Square in Cascades, located at 21240 McFadden Square in Potomac Falls, from Comstock Homebuilding Corp. for $19.35 million. Construction on the four-story building was recently completed. Haze McCrary and Dave Belford of Bethesda, Md.-based Broad Street Realty represented the seller in the transaction. Jim Gulley represented the buyer.
