SARASOTA, FLA. — MyUS.com has leased 60,000 square feet of warehouse space from Meridian Development Group in the firm's 1 million-square-foot Meridian Distribution Center. The tenant's space at the Sarasota property allows it to occupy 40,000 additional square feet. The move, which is a consolidation of two existing locations, brings 60 new jobs to the county. Ian Black Real Estate's Steve Horn represented MyUS.com. Cushman & Wakefield's Tim Callahan represented the landlord.
HOWARD COUNTY, MD. — Bavar Properties Group has broken ground on the 164-unit The Enclave at Emerson multifamily complex. Located off Gorman Road in Howard County, the 8.2-acre property will include both luxury apartments and townhomes. The firm also is constructing a 5,000-square-foot clubhouse that will include a business center, a fitness center, a theater room and a billiards room.
BALTIMORE COUNTY, MD. — Holland Construction Corp. has broken ground on the first phase of the 80-unit Patapsco Overlook, a complex for adults aged 55 and older. The Active Adult property, located off Thistle Road in Baltimore County, is being developed by J. Kirby Development. Amenities include grill and picnic areas, and a car wash. The development schedule of future phases will be dictated by the success of the initial phase.
NAPLES, FLA. — J.L. Wallace of Fort Myers, Fla., has finished work on a 12,900-square-foot CVS/pharmacy store located at 8831 Immokalee Road in Naples. Robert Reid Wedding Architects designed the property, which features a drive-thru area. Coastal Engineering Consultants also provided services.
WASHINGTON, D.C. — Ari Firoozabadi of Marcus & Millichap has represented a private buyer in the $2.15 million sale of an 18-unit apartment complex in Washington to an undisclosed seller. The property is located at 626 Independence Ave. Capital Bank financed the transaction.
CHARLESTON, S.C. — Healthcare Trust of America has purchased the 45,500-square-foot Cannon Park Place from a private party for $10.44 million. The Class A medical office building is located adjacent to the Medical University of South Carolina's campus. Rite Aid and University Medical Associates lease 80 percent of the fully leased building.
LARGO, FLA. — Wallace Associates of St. Petersburg, Fla., will soon begin work on a 105,000-square-foot renovation to a diagnostic clinic in Largo, transforming it into the West Bay Professional Plaza. The medical office plaza will be located at 1551 West Bay Drive. The property is located in a Brownfield Designation Area.
CLEARWATER, FLA. — Waters Edge Clearwater and REDUS Clearwater Bluff have purchased the 153-unit Water's Edge condominium building from an affiliate of Concierge Asset Management for an undisclosed price. The 26-story property is located at 331 Cleveland St. in Clearwater. Amenities include a pool, a spa and a fitness center.
The Orlando multifamily market has exhibited noticeable improvement this year, and is gaining momentum toward a very strong recovery. After 3 years of rent and occupancy losses due largely to the global recession, apartment fundamentals in Central Florida have registered gains again in 2010. With more than 207,000 new jobs expected locally through 2015 and a very favorable supply/demand balance during the next few years, investors see strong upside in the Orlando apartment market moving forward. Sales volume in Orlando has increased significantly through mid-year, and is up from the historic lows of 2009. Through June, the local market has seen approximately $188 million in multifamily sales — already approaching last year’s total of $219 million but still largely off the 2005 high of $3.2 billion. Cap rates have compressed considerably during the last several months, and most buyers are securing Freddie Mac debt on new acquisitions. Lenders have been the most active sellers in 2010 thus far, and institutional buyers have returned to the acquisition market. New private equity groups — both national and foreign — have also been drawn to Orlando during the last 12 months. Average rents are projected to increase about 1 percent in the second …
LARGO, FLA. — Formulated Solutions has acquired a 142,000-square-foot industrial development in Largo from Smith & Nephew United for $8.3 million. The two-building property, which was built in 1988, is located at 11775 Starkey Road. It contains warehouse, office and lab space. John Dunphy of Colliers International represented the seller.