DORAL, FLA. — PS Business Parks has broken ground on a 75,000-square-foot warehouse in the Miami International Commerce Center. The Class A property is located at 8216 NW 14th St. in Doral. The firm is also redeveloping 60,000 square feet of space in the park. The Miami International Commerce Center will span more than 3.2 million square feet when complete.
HOLLYWOOD, FLA. — A West Palm Beach, Fla.-based firm has sold the 24-unit Mediterranean at Young Circle to a company based in Dania Beach, Fla., for $3.1 million. Located at 1800 Jackson St. in Hollywood, the property was originally conceived as a condominium development, but the buyer will lease the units as apartments. Evan Kristol and Still Hunter, III, of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller. Elliot Shainberg of the firm's Miami office represented the buyer.
ANNE ARUNDEL COUNTY, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged a $4 million loan for the Horizons mixed-use facility. Located in Anne Arundel County, the property spans 116,000 square feet. Advantus Capital Management financed the loan.
Industrial developers in the Louisville area are struggling to remain busy at a time when construction starts are non-existent. The area usually attracts logistics companies and distribution firms that benefit from Louisville’s location and the city’s transportation routes. But today, tenants simply aren’t interested in building new properties, and developers can’t secure the financing needed to construct speculative developments. “Most developers are hurting right now,” says Michael Norris of Ray & Associates/TCN Worldwide. “A lot of developers are struggling to make their financial obligations.” New development has stopped, but tenants and buyers are still looking around, searching for good deals. In the past two quarters, Norris has seen a few 100,000-square-foot leases in Louisville; this isn’t much compared to pre-recession activity, but it means the market is still moving. According to CB Richard Ellis, more than 32 firms were looking for spaces of more than 100,000 square feet during the second quarter. Big leases in the second quarter include Motorcycle Superstore’s 126,000-square-foot lease and CAT Logistics 50,000-square-foot lease. In order to attract these deals, landlords are piling on the incentives. “Landlords are getting creative, either offering additional TI or offering several months of free rent. They have to offer the …
VERO BEACH, FLA. — The School District of Indian River County has completed the development of its 167,500-square-foot Storm Grove Middle School in Vero Beach. The $34.3 million property is located at 6400 57th St. Each grade is separated into an individual building on the campus, which SchenkelShultz Architecture designed to achieve the LEED Gold guidelines for schools. The campus features a cafeteria, administration offices, a 9,000-square-foot cafeteria/multipurpose room and nine science labs.
ARLINGTON COUNTY AND FAIRFAX COUNTY, VA. — A joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund has purchased more than 75 percent ownership interests in apartment complexes in Virginia. The deal includes the 414-unit Bailey's Crossing, located near the intersection of Interstate 395 and Route 7 in Fairfax County. The property, which features a swimming pool and a fitness center, is 90 percent complete. Also included is the 234-unit 55 Hundred, located at 5500 Columbia Pike Road in Arlington County. The 10-story property is 99 percent complete.
TAMPA, FLA. — AIMCO has sold the 348-unit Bridgeview Apartments to a Florida-based investment group for $21 million. The 297,928-square-foot property, which is located in a 21-acre nature preserve, is 95 percent occupied. Apartment amenities include a resort-style swimming pool and a fitness center. Marcus & Millichap's Jamie May and Matt Mitchell brokered the sale.
CHARLESTON, S.C. — Gildan ActiveWear has purchased the 850,000-square-foot Mikasa Distribution Facility from American Commercial for $20 million. The property is located on 81 acres of land at 1980 Clement Ferry Road in Charleston. Charlie Moore and F. Daniel Batten of Charleston-based NAI Batten & Moore brokered the sale with the help of Thomas Turner, James Belcher and Don Moss of Southampton, Penn.-based Hart Corporation.
COLUMBIA, S.C. — Bruce Foster of NorthMarq's Atlanta office has arranged a $49 million loan for the 390-unit Woodlands of Columbia student housing complex. The property is located on Southern Drive near the University of South Carolina campus in Columbia. Woodlands can house up to 1,209 students. Freddie Mac financed the 10-year loan, which carries a 30-year amortization schedule.
NEWPORT NEWS, VA. — Newport Housing has sold the 300-unit Townes at Jones Run townhouse development to Breeden Investment Properties for $23 million. The property consists of 38 one- and two-story buildings on 24 acres of land in Newport News. Amenities include a 4,000-square-foot clubhouse and a pool. Michael Early of Marcus & Millichap's Williamsburg, Va., office and Steve Witten and Victor Nolletti of the firm's New Haven, Conn., office brokered the sale.