The Atlanta multifamily market has experienced a 200-point jump in its vacancy rate when compared to the fourth quarter of last year. The market-wide total rate is sitting at 12. 5 percent, and the rate for Class B and Class C properties is a few percentage points higher. These numbers are, of course, a function of the recession and the overall lack of job stability in the city. When the jobs return, says Andrew Mays of Marcus & Millichap’s Atlanta office, the vacancy rate will start to recede. “Unemployment is the main deterrent to multifamily growth,” he says. “It’s such a function of the job market right now, and until we work our way through this, it’s going to take a little while to get that number back in check. Ideally, Atlanta performs much better around the high single digits.” Increased transactions from high net-worth buyers from South Florida, the Northeast and Chicago, along with the occasional foreign spender, has helped prevent a complete shutdown of the market. Mays says the number of transactions, and interest from international investors, will increase once lenders release more distressed assets onto the market. “Moving forward, It’s not going to be ‘06 or ‘07 …
Southeast
ATLANTA — Turner Construction Co. is set to break ground on the $63 million G. Wayne Clough Undergraduate Learning Commons in Atlanta. The 220,000-square-foot building will be located on the campus of the Georgia Institute of Technology. The building will include classrooms, science laboratories, lecture halls and computer rooms. Completion is slated for May 2011.
MORGANTOWN, W. VA. — Super 8 Motel Developers has sold a 58-room Super 8 Motel in Morgantown to Anami Hotels for an undisclosed amount. The buyers will undertake cosmetic renovations to the property. David Mumford, Ed James and Justin Pinkard of Mumford Co.'s Newport News, Va., office represented the seller.
NORTH CHARLESTON, S.C. — 7401 Northwoods Boulevard Holdings has sold the 197-room Ramada North Charleston to Homecourt Hospitality for an undisclosed amount. The property features a fitness room, indoor and outdoor pools, and 6,000 square feet of meeting space. Jones Lang LaSalle Hotels brokered the sale.
MURFREESBORO, TENN. — North American Development Group and Dunedin, Fla.-based The Barclay Group are hard at work on the 62,356-square-foot Market at Salem Cove. The $10 million Publix-anchored shopping center is located at the intersection of Highway 99 and St. Andrews Drive in Murfreesboro. Publix is scheduled to open in November.
MIAMI — Marcus & Millichap has represented both private parties in the sale of the 36,500-square-foot Navarro Tamiami Plaza for $6.67 million. The three-tenant property, which is anchored by Navarro Discount Pharmacy, is located at 12000 S.W. 8th St. in Miami. Navarro is currently fully occupied. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the Miami-based seller and the Dania, Fla.-based buyer.
RALEIGH, N.C. — Raleigh-based Nallapiti Properties has purchased a 56,700-square-foot warehouse from Timeberlake Investments for $3.12 million. The property is located at 501 S. New Hope Church Road in Raleigh. Commercial Associates' Hunt Wyche represented Nallapiti in the transaction. Colin Brown of Brown Commercial Realty represented the seller.
HILLSBOROUGH COUNTY, FLA. — Birmingham, Ala.-based Prudential Huntoon Paige has secured a $48 million construction loan for Tampa, Fla.-based Garrison Developer Group of Florida's 351-unit The Preserve at Alafia. The luxury apartment complex is located on the Alafia River in Hillsborough County. The five-story project features 3,000 feet of frontage on a wildlife conservation area and is currently 55 percent leased. The Preserve is slated to deliver during the summer of 2011. The complex is being developed with Alafia Crossing, a mixed-use development complimented by a Holiday Inn.
ORLANDO, FLA. — Velocity Acquisition I has signed a 100,800-square-foot warehouse lease with RREEF in Orlando. The space is located at 3019 Mercy Drive. Mohr Partners' Trent Smith represented the tenant. Tom McFadden and William Bradford of Orlando-based Southern Commercial Real Estate Advisors represented the landlord.
PENSACOLA, FLA. — A joint venture between Cogdell Spencer and Gen-Ex Holdings has completed The Woodlands Center for Specialized Medicine, a 75,985-square-foot medical office building. The three-story property is located at 4724 N. Davis Highway in Pensacola. Woodlands Medical Specialists has leased the entire building.