JACKSONVILLE, FLA. — A private party has borrowed an $8.43 million acquisition loan for the 400-unit Summer Oak at St. John's Apartments, which was purchased for $12.4 million. The Jacksonville property is currently 85 percent occupied. Freddie Mac financed the loan, which carries a 5.65 percent interest rate. Grandbridge Real Estate Capital arranged the funding.
WASHINGTON, D.C. — Skanska USA will break ground this month on the partially completed, Class A office building at 1015 Half St. in Washington. Completion is expected in December. Washington Design Group served as architect on the LEED-Silver project, which is being developed by Douglas Wilson Cos. and is being built to the General Services Administration's construction standards.
MIDDLE RIVER, MD. — Ace Logistics has leased 141,400 square feet from RREEF at 670 Chesapeake Park Plaza in Middle River. The warehouse lease serves as a relocation and expansion for the tenant. Cushman & Wakefield's Matthew Laraway and Robert Clements represented Ace Logistics. KLNB's Peter Dudley represented the landlord.
CHESTERTOWN AND CALIFORNIA, MD. — Marcus & Millichap has brokered two retail sales in Maryland. MWASH LLC has sold a Walgreens to an undisclosed party for $7.07 million. The property is located at the intersection of Washington Avenue and Morgenec Road in Chestertown. The firm's Dean Zang and Mark Taylor represented the seller. Zang and Taylor also represented Park Place Cal in its sale of an Olive Garden to an undisclosed party for $1.77 million. The newly constructed restaurant is located in the Park Place development at 45265 Abdell House Lane in California.
BESSEMER, ALA. — Colonial Property Services has sold a 2.02-acre property groundleased by Logan's Roadhouse to a Chicago-based investor for $1.3 million. The building is located at 5000 Band Blvd. in Bessemer. The Boulder Group's Randy Blankstein represented the buyer. Wes Cline of Coldwell Banker Commercial Eyster Properties represented the seller.
Orlando retail vacancy will rise again in 2010, partly as a result of significant blocks of vacant space in properties built during the past few years. While slumping demand has affected all vintages of assets, the vacancy rate in shopping centers constructed since 2007 topped 20 percent last year, much more than the marketwide rate for all properties. Continuing softness in the job market will reduce store visits and suppress spending, further influencing spacial demand and limiting the number of tenants available to fill new shopping centers. Additions to supply will not be a major factor this year, however, as completions will fall to the lowest annual level in at least 30 years. Housing starts, typically a precursor of retail property development, declined for four consecutive years through the end of 2009. Home building will likely remain depressed in 2010 while the economy continues to stabilize, thereby deterring retail developers. Following a year in which 39,400 jobs were eliminated, employers in Orlando will trim 1,000 positions this year, a 0.1 percent decrease. Completions will drop from 900,000 square feet in 2009 to 300,000 square feet this year. Falling rents and rising vacancy will force the delays of some developments currently …
JACKSONVILLE, FLA. — Vistakon has signed a 77,157-square-foot lease renewal with Eola Capital for space in Capital Plaza at Deerwood Park. The office building is located at 10301 Deerwood Park Blvd. in Jacksonville. Grubb & Ellis|Phoenix Realty Group's Jim Sebesta represented the tenant. Michael Loftin served as in-house representation for Eola Capital.
NEWPORT NEWS, VA. — Josef's Hospitality has purchased a five-story hotel, which was formerly branded Comfort Inn North of Orlando, from a receiver for an undisclosed amount. The shuttered hotel is located off the Lee Road Exit on Interstate 4. David Mumford and Burton Brooks of the Mumford Co. represented the seller.
TAMPA, FLA. — Tampa-based Allee Holdings has sold an 11,858-square-foot office building to Tradition Properties Armenia for $1.55 million. The property is located at 111 S. Armenia Ave. in Tampa. Grubb & Ellis|Commercial Florida's Richard Andretta and Rob Turner represented the seller.
ATLANTA — University Heights Atlanta Acquisitions has sold the 157-unit Suites Hotel to Frontline Management of Philadelphia in an all-cash transaction. Located at Underground Atlanta in the city's downtown area, the property will undergo significant renovations. The buyer will also rebrand the hotel as Comfort Suites Hotel Downtown/Atlanta Convention Center. Anthony A. Falor of Hodges Ward Elliot represented the seller.