South Florida, the densely packed grid squeezed between the Atlantic Ocean and the Everglades, is back on the priority list of retailers that, until recently, were content to hang out on the beach and wait for more inviting waters, so to speak. Over the past few months, the list of the most active newcomers has included Toys “R” Us, Babies “R” Us, Ross Dress for Less, Sports Authority and Dick’s Sporting Goods, just to name a few. And while the region is still a long way from the blistering pace of activity that was evident during the housing boom, there are other positive signs of life. A year and a half ago, similar to most major cities across the U.S., shopping center landlords in Miami and South Florida were fending off an overabundance of aggressive rent requests from retailers. All too often, in an effort to grasp some security for the future, many had to give in to retailers’ insistent demands for relief. In fact, many chains managed to lock into long-term leases at low- to mid-double-digit rent amounts in class “A” centers that used to command $25- or even $30-per-square-foot. During the past few months, however, the flood of …
MIRAMAR, FLA. — Riviera Point Holdings has broken ground on the $17 million, 70,000-square-foot Professional Center at Riviera Point, a two-building office complex located on University Drive in Miramar. The first building is funded by $7.5 million from investors from Venezuela, Argentina and Spain through the EB-5 program. Boca Raton, Fla.-based Corrales Architectural Group designed the property and Cushman & Wakefield has been retained as the leasing agent. The first building is slated for completion in February 2013.
DECATUR, GA. — The four-building Winn Medical Center, located across from DeKalb Medical in Decatur, has sold for $3.67 million. The buildings total 62,000 square feet. Paul Johnson, Chris Dundon, Dave Linder and Bob Johnson of Grubb & Ellis' Atlanta office represented AB Winn Medical, the seller, in the transaction. Atlanta-based Ackerman & Co., the buyer, was self-represented by Chadd Evans.
DAVENPORT, FLA. — Marcus & Millichap has arranged the $2.12 million sale of the 104-room Quality Inn — Davenport, located at 43824 Hwy. 27 in Davenport. Ahmed Kabani of Marcus & Millichap's Miami office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
SPARTANBURG, S.C. — A 50,000-square-foot industrial building, located at 4250 Orchard Park in Spartanburg, has sold for $1.72 million. The building is fully leased to Spartan Foods of America and serves as its corporate headquarters and primary production facility. Drayton Calmes and Frank Norvell of Charleston, S.C.-based Norvell Real Estate Group represented the seller in the transaction. San Francisco-based Redland Group, the buyer, was self-represented.
GLENDALE, CALIF. — Glendale-based Public Storage has purchased a six-property self-storage portfolio for $42 million. The 517,000-square-foot portfolio consists of 5,500 storage units. The properties are located in Philadelphia; Wayne, N.J.; Randolph, Mass.; Montclair, Calif.; and Pompano Beach and Hialeah, Fla. The portfolio is currently 65 percent occupied. Marc Boorstein and Jeff Jacobson of Chicago-based MJ Partners represented the seller, Babcock and Brown, and four lenders in the transaction.
WASHINGTON, D.C. — The 522,000-square-foot Terrell Place, located at 575 7th St. NW, has achieved LEED Platinum certification for Existing Buildings: Operations & Maintenance. Beacon Capital Partners and General Electric Pension Trust own the property, which is the first trophy office building to receive this designation. Cassidy Turley's Sustainability Services team handled the project management.
WASHINGTON, D.C. — Greysteel has arranged the sale of two multifamily buildings in Washington, D.C., totaling 69 units, for $2.32 million. The properties include the 33-unit 1 Hawaii Ave. NE and the 36-unit 113 Wilmington Place SE. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Bethesda, Md.-based Greysteel, along with Marcus & Millichap, represented the sellers in both transactions. For 1 Hawaii Ave. NE, Carroll Associates sold the property to Mayfair LLC for $1.32 million. For 113 Wilmington Place, RM Cohen Investment Co. sold the property for $1 million.
DUNCAN, S.C. — Perrigo Co. has signed a 300,000-square-foot lease, located at 110 Hidden Lake Cir. in Duncan. The company will relocate and expand its operations from the SC Technology and Aviation Center in Greenville, S.C. Grice Hunt and Ford Borders of Greenville-based NAI Earle Furman represented the tenant in the lease transaction.
SUITLAND, MD. — Meridian Capital Group has arranged $16.3 million in acquisition financing for the 315-unit Parkway Terrace Apartments, located at 3415 Parkway Terrace Dr. in Suitland. Jacob Katz of Meridian's Bethesda, Md., office secured the 10-year loan with 2.5 years of interest only through Beech Street Capital.