Southeast

CONSTRUCTION BEGINS ON $24 MILLION MIXED-USE PROJECT IN FLA.

by admin May 2, 2011

PENSACOLA, FLA. — Construction has begun for Airport and 12th, a $24 million, 11.44-acre mixed-use development at Pensacola Gulf Coast Regional Airport in Pensacola. The developer of the project is Sandspure Development, an affiliate of Gulf Breeze, Fla.-based Innisfree Hotels. The project contains more than 11 acres of office and retail space as well as a 127-room Hyatt Place Hotel. Innisfree Hotels will build and manage the hotel, which will connect directly to the airport terminal. Philip Partington of Pensacola-based SMB Architecture has been selected as the architect, Birmingham, Ala.-based Robins and Morton has been selected as the general contractor, and Justin Beck of Pensacola-based Beck Property Co. has been chosen to market the five outparcels. Airport and 12th will open in March 2013.

May 2, 2011

JV PURCHASES D.C. MULIFAMILY PORTFOLIO

by admin May 2, 2011

WASHINGTON, D.C. — A joint venture between Wellington, Fla.-based The Bainbridge Cos., Greenwich, Conn.-based Starwood Capital and a major institutional investor has purchased the seven community, 1,626-unit portfolio of multifamily properties in Virginia and Maryland. The properties include: the 190-unit Amberton Apartments in Manassas, Va.; the 252-unit The Reserve at Regency Park Apartments in Centreville, Va.; the 228-unit Westfield Village Apartments in Centreville; the 216-unit Saddle Ridge Apartments in Ashburn, Va.; the 290-unit The Reserve at Towne Center Apartments in Potomac Falls, Va., the 252-unit Woodside Apartments in Lorton, Va.; and the 198-unit Clary's Crossing Apartments in Columbia, Md. The undisclosed seller was represented by Scott Melnick and Al Cissel of Jones Lang LaSalle's Bethesda, Md., office and Christine Espenshade of the firm's Baltimore office.

May 2, 2011

Hospitality Southeast

DEBARTOLO DEVELOPMENT ACQUIRES NOTE TO HOLIDAY INN EXPRESS

by admin May 2, 2011

JACKSONVILLE, FLA. — Tampa, Fla.-based DeBartolo Development has purchased the note to the Holiday Inn Express and Suites located at 10148 New Berlin Rd. in Jacksonville directly from an undisclosed bank for a 29 percent discount to the current debt. The 90-unit hotel contains an outdoor pool, fitness center, a 2,000-square-foot meeting room and an atrium/breakfast room.

May 2, 2011

Industrial Southeast

CLASS-A DISTRIBUTION BUILDING SELLS IN ORLANDO

by admin April 29, 2011

ORLANDO, FLA. — Denver-based DCT Industrial Trust has acquired a 50,000-square-foot, Class A distribution center in Orlando for $3 million. The building is 100 percent leased to a single tenant. John Frederick with Orlando-based Realty Capital represented the seller. The buyer was not represented.

April 29, 2011

Industrial Southeast

WAREHOUSE BUILDING IN FLA. SELLS FOR $2.12 MILLION

by admin April 29, 2011

FORT LAUDERDALE, FLA. — Indiana-based United Investment Group purchased a 24,000-square-foot warehouse in Fort Lauderdale for $2.12 million. The building contains 5,000 square feet of high-end office space and outside storage. There is also a cell tower on the property. The buyer was represented by Koreena Rivers of Fort Lauderdale-based Morris Southeast Group/CORFAC International. The seller, Gra-Mar Realty, was represented by Bruce Nathanson of Keyes Realty's Plantation, Fla., office.

April 29, 2011

Office Southeast

CHANTILLY BIOPHARMA SIGNS 76,776-SQUARE-FOOT LEASE

by admin April 29, 2011

CHANTILLY, VA. — Chantilly BioPharma signed a 10-year lease for 79,776 square feet at Avion Flex Tech I & II, located at 3701 and 3725 Concorde Pkwy. in Chantilly. Avion Flex Tech I & II are within the 188-acre Avion Business Park, a business campus containing 19 buildings. Tom Cresce and Chris Lucey of Cassidy Turley's Vienna, Va., office handled the leasing.

April 29, 2011

Office Southeast

DODMI ACQUIRES MEDICAL OFFICE BUILDING FOR $1.92 MILLION

by admin April 29, 2011

FORT LAUDERDALE, FLA. — Fort Lauderdale-based Dodmi purchased a 9,000-square-foot, single-tenant medical office building, located at 2540 N.E. 9th St. in Fort Lauderdale, for $1.92 million. The seller was Fort Lauderdale-based Leela Holdings. Ken Morris of Fort Lauderdale-based Morris Southeast Group/CORFAC International was the sole broker in the transaction.

April 29, 2011

Multifamily Southeast

244-UNIT PALM GROVE APARTMENTS SELLS FOR $5.55 MILLION

by admin April 28, 2011

TAMPA, FLA. — The 244-unit Palm Grove Apartments, located at 5039 Chalet Ct. in Tampa, has sold for $5.55 million, or $22,746 per unit. The seller, C-III (a CMBS special servicing company), and the undisclosed buyer were represented by Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street Real Estate Service's Tampa office.

April 28, 2011

Industrial Southeast

INDUSTRIAL BUILDING SELLS FOR $2.8 MILLION

by admin April 28, 2011

JESSUP, MD. — A 42,000-square-foot industrial and warehouse building, located at 10621 Riggs Hill Rd. in Jessup, has sold for $2.8 million. Jasper Engines and Transmissions purchased the 3.2-acre building, which offers 20 foot ceilings, four loading docks and approximately 2,000 square feet of mezzanine storage space. Allan Riorda of NAI KNLB's Ellicott City, Md., office represented the buyer. The seller, the estate of Kenneth Marshall, was represented by Jonathan Green and Chris Kubler of NAI KNLB's Ellicott City office.

April 28, 2011

Office Southeast

JV ACQUIRES TWO EAST TAMPA OFFICE BUILDINGS

by admin April 28, 2011

TAMPA, FLA. — Penn-Florida Companies and Edge Principal Advisors formed a joint venture to purchase two east Tampa office buildings, the 187,5000-square-foot Lakeview Center office campus and the 85,063-square-foot Eastpointe office building, from East Tampa, LLC, for an undisclosed price. The joint venture plans to renovate Lakeview Center, with completion set for this summer. No brokers were involved in the transaction.

April 28, 2011

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