ALTAMONTE SPRINGS, FLA. — Jaimin Patel of Marcus & Millichap's Tampa, Fla., office has brokered the $6.2 million sale of a 264-unit Clarion Inn & Suites. The property is located at 230 W. State Road 436. The parties involved in the transaction were not disclosed.
Southeast
DEMOPOLIS, ALA. — The Mississippi-based grocery chain Vowell's Marketplace will open a location in Demopolis this March. The tenant will move into a 50,000-square-foot space vacated by Food World. Duckworth Realty's John Michael Holtmann represented Vowell's in the lease. Will Akin and Hugo Isom of the Shopping Center Group represented the undisclosed landlord.
JACKSONVILLE, FLA. — Grubb and Ellis|Phoenix Realty Group has represented two parties in the lease of a combined 100,000 square feet of industrial space in Jacksonville. The firm's J.R. Richardson, Bryan Bartlett and Dan Stover represented the landlord, Exeter Property Group, in its lease of 50,539 square feet to an undisclosed party. The property is located at 5515 W. 5th St. Studley's Steve Bates represented the tenant. Bobby Gatling of Phoenix represented Eagle Moving and Storage in a 50,000 square foot lease from an undisclosed landlord. The property is located at 2003 N. Ellis Road. Patrick Thornton and Christian Harden of Hallmark Partners represented the landlord.
KEARNEYSVILLE AND CABIN CREEK, W. VA. — Boston Capital has invested in Maryland-based TM Associates' rehabilitation projects of two affordable housing communities in West Virginia. Located in Kearneysville, the 56-unit Baker Heights Apartments will undergo a renovation totaling more than $22,400 per unit. Upgrades will include new roofs, doors, decks and windows. The 48-unit Chelyan Village Apartments, located in Cabin Creek, will receive more than $29,300 worth of renovations to each unit.
MATTHEWS, N.C., AND TAMPA, FLA. — Developers Diversified Realty Corp. of Beachwood, Ohio, will develop Best Buy stores in North Carolina and Florida. A 33,314-square-foot store will open in Matthews in August. The property will be located in the 247,525-square-foot Sycamore Commons. A 33,000-square-foot store is also slated for an August opening in Tampa. The store will be located in The Walk at Highwoods Preserve, a 150,529-square-foot shopping center.
FORT MYERS, FLA. — Fort Myers-based GT 40 has sold a 15,200-square-foot office building to Bonita Springs, Fla.-based 4571 Building LLC for $3.1 million. The buyer will reposition the property, located at 4571 Colonial Blvd. in Fort Myers, for medical use. Karen Johnson-Crowther of Colliers Arnold and Land Solutions' Randy Thibaut and Janie Hooker brokered the sale.
To take measure of the recession’s effect on office transactions in the Washington market, simply watch the city’s tenant base. In a town where the market-wide vacancy rate is 10.8 percent, lessees are being very careful about any real estate moves they make. Tenants who are active are obtaining short-term deals, hoping a brighter day is in the immediate future. “Getting decisions made takes considerably more time than in years past,” says Wendy Feldman Block of Studley’s Washington office. “Although some people feel that tenants are showing less hesitancy recently than they were 6 months ago, it’s very painful getting decisions made.” Hesitancy among landlords also is contributing to the city’s transactional slump. These owners are in financial trouble, but tenants are requiring massive tenant improvement packages and free rent before leases are signed. This culture leaves landlords in a bind; they want to get space leased up, but they also have to make money. If tenants were more prevalent, finding other interested parties wouldn’t be a problem, but the tenant pool has become smaller and smaller. “There are too few tenants for too much space — particularly for those who have requirements that are under 50,000 square feet,” she …
MIAMI — First Bank of Puerto Rico has sold the 30,000-square-foot GS2 office building to Larkin Hospital for $3.6 million. The property is located at 5996 S.W. 70th St. in Miami. The buyer will use the building for hospital staff. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller. Greg Zeifman and Ben Silver, also of the firm's Miami office, represented the buyer.
ORLANDO, FLA. — Duke Realty Corp. has offered lease renewals totaling 204,352 square feet in the Parksouth Distribution Center to five tenants. The eight-building, 990,091-square-foot property is located near Orange Blossom Trail in Orlando. Fresenius Manufacturing has renewed its 63,638-square-foot lease, and Armstrong Relocation Co. renewed its 58,138-square-foot lease. Additionally, SimCom International renewed for 38,762 square feet, Bright House Networks renewed for 32,375 square feet, and BBJ Party Linens renewed for 11,439 square feet. Tim Perry served as in-house representation for the landlord.
TENNESSEE AND ARKANSAS — Ashley Furniture Homestore has leased more than 75,000 square feet for two new stores in Tennessee and Arkansas. The tenant leased 51,000 square feet from Valley Investors at its 445,000-square-foot Centennial Crossing center in Memphis, Tenn. Ashley Furniture will move into a space vacated by Sportsman's Warehouse. The Shopping Center Group's Danny Buring represented the landlord. Ashley also leased 25,000 square feet from Stonemar Properties in the Bernard Court Shopping Center in Jonesboro, Ark. Buring and The Shopping Center Group's Robert Sloan represented Stonemar Properties. Leah Fyfe Stokes of CB Richard Ellis' Memphis office represented Ashley Furniture Homestore in the deals.