BALTIMORE — St. John Properties’ 71,000-square-foot headquarters building, located at 2560 Lord Baltimore Dr. in Baltimore, has received LEED Gold certification. The two story property includes green features such as a high-efficiency HVAC system, high performance windows, sustainable lavatory fixtures, a white thermoplastic polyolefien roofing system, wetland/forest preserves, drought-tolerant landscaping and low VOC paints, carpets and adhesives. The building is St. John Properties’ 14th project to receive LEED certification.
ARLINGTON, VA. — Lowe Enterprises has commenced construction on the $70 million renovation of the 308,000-square-foot 1400 Crystal Drive, a 13-story office building located in the Arlington submarket of Crystal City. The redevelopment will include the addition of a floor-to-ceiling glass facade and expansion of existing floor plates. The building is designed to achieve LEED Gold Certification. Completion is slated for April 2013.
CHARLOTTE, N.C. — Greensboro, N.C.-based Bell Partners has acquired the 214-unit Morrison at South Park Apartments, located at 721 Governor Morrison St. in Charlotte. Amenities include a pool, fitness center, clubroom and courtyards. The buyer plans to upgrade several of the amenities and renovate all units.
ORLANDO, FLA. — The design-build team of SchenkelShultz Architecture and McCree General Contractors has commenced construction on the $13.3 million, 59,511-square-foot Valencia College West Campus Building 10, located at 1800 S. Kirkman Rd. in Orlando. The three-story facility will house Valencia's Continuing and International Education office, the Office of Information Technology, classrooms, a testing center, administrative offices and meeting rooms. Completion is slated for January 2013.
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.