Southeast

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 …

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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.

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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.

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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.

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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.

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