The Orlando office market has been recovering during the past 90 days in all aspects and classes. The vacancy rate has been improving. During the third quarter of 2011, it was between 16 percent and 18 percent, which is in line with the national average. According to REIS, the Sanford and Maitland submarkets have the lowest vacancy at 12 percent and 14 percent, respectively. Sales have been steady, especially bank-owned office buildings, which are trading around 20 to 30 percent below cost. One of the most noticeable sale transactions was $60.8 million sale of the 476,000-square-foot Bank of America Center in downtown Orlando, which Eola Capital sold to Parkway Properties Office Fund II LP in May of last year. Additionally, in October of 2011, Blackstone purchased Duke Realty’s office portfolio, totaling 10.1 million square feet for $1.08 billion. Included in that portfolio were a few assets in Orlando. There are also a few bank-owned office buildings that are under contract and expected close early next year. The Interstate 4 corridor from Disney to Sanford seems to be a hot spot for development as many companies are looking for more exposure and better access. Duke Realty is building the 133,000-square-foot Kirkman …
NORTH PORT, FLA. — The 346-unit Toledo Club Apartments, located at 3565 Island Club Dr. in North Port, has sold for $23.52 million. Amenities include two clubhouses, a Wi-Fi business center, two fitness centers, two pools, a spa, illuminated tennis courts, a volleyball court, a dog park and a car care center. Jamie May of Institutional Property Advisors' Tampa, Fla., office represented the seller, Mt. Horeb, Wis.-based The Gallina Cos., in the transaction and procured the buyer, West Springfield, Mass.-based Aspen Square Management.
MARYLAND — Scott Group has sold a four-property industrial portfolio totaling 192,900 square feet in Maryland to Korth Construction. The properties include the 75,000-square-foot Crain Centre in Glen Burnie; the 16,500-square-foot Dunmore Building in Capitol Heights; the 54,400-square-foot Ritchie Business Center in Capitol Heights; and the 47,000-square-foot Rainswood Building in Landover. Christopher Kubler of NAI KNLB's Columbia, Md., office represented the seller in the transaction and the buyer was self-represented.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 94,839-square-foot 56 Perimeter Center East, an office building located in Atlanta. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Rubenstein Partners, the seller, in the transaction. The buyer was The Simpson Organization.
HOMESTEAD, FLA. — Coral Gables, Fla.-based Continental Real Estate Cos. (CREC) has arranged the $5.22 million sale of 79 condo units, located in the 252-unit Caribbean Isles Villas Condominiums, located at 376 NE 26th Terrace in Homestead. The units were approximately 90 percent occupied at the time of the sale. Peter Mekras of CREC represented 13th Floor Investments, the seller, in the transaction.
ORLANDO, FLA. — Wyndham Vacation Ownership has signed a 230,000-square-foot lease at Sea Harbor Office Center, located at 6277 Sea Harbor Dr. in Orlando. David Chapin of Jones Lang LaSalle's Orlando office represented Lexington Realty Trust, the landlord, in the transaction. John Wanamaker of Orange City, Fla.-based Coldwell Banker Commercial/AI Group represented the tenant.
WASHINGTON, D.C. — New York City-based JOSS Realty Partners has sold the 88,074-square-foot 2131 K. Street N.W., an office building located in Washington, D.C.'s CBD, for $28.8 million. The 8-story building is 90 percent leased to tenants including George Washington University Hospital, Cardiology Associates, Atlantic Services Group, The George Washington University's National Health Policy Forum and Gambro Healthcare (Davita). Transwestern represented the seller in the transaction.
MIAMI — A 15,975-square-foot retail property, located at 801 Washington Ave. in Miami, has been sold for $13.15 million. The property is fully leased to tenants including Diesel Jeans, Dash Miami, LF Sportswear, OndadeMar and Solstice Sunglass Boutique. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, 801 Washington LLC, in the transaction. Adelaide Polsinelli and Kyle Woodruff of the firm's New York City office represented the buyer, a New York City-based investor in a 1031 exchange.
ATLANTA — Atlanta Property Group (APG) has purchased the 183,619-square-foot 1200 Ashwood, an office building located 1 mile north of the Ashford-Dunwoody/Interstate 285 Interchange in Atlanta, from Miami-based LNR for approximately $9.5 million. LNR serviced the loan made to the previous owner, Griffin Capital. APG will spend approximately $1 million to renovate the building's common areas and improve the property's aesthetic appeal. Will Yowell of CBRE's Atlanta office represented the seller in the transaction.
CHARLOTTE, N.C. — Malvern, Pa.-based Liberty Property Trust has acquired the 270,400-square-foot Charlotte Distribution Center South, located at 8910 & 8916 Pioneer Ave. in Charlotte. The two-building property is 100 percent leased to tenants including FedEx Smart Post and Premier Transportation & Warehousing. The company also acquired a 9.5-acre pad site located in front of Charlotte Distribution Center South for future development of a 105,000-square-foot industrial facility.