The secret to success in any market is diversity. When a city’s economy isn’t wedded to a single industry, there’s more chance that area can survive a downturn. Crews Johnston of Colliers Turley Martin Tucker says Nashville is such a place. The city has a significant healthcare presence and a number of automakers, but Johnston says none of these industries have suffered an outright collapse akin to the downfall of the big financial firms. “Everybody talks about a diversified economy; we actually have one,” he says. This array of companies has left Nashville office brokers with a better outlook on the current crisis than their contemporaries in similar markets. Unemployment is sitting steady, and office vacancy has topped out at around 13 percent, with most of the empty space situated in the downtown and airport markets. The Interstate 65 corridor, which includes the Cool Springs and Brentwood submarkets, is actually doing relatively well. In fact, national tenants looking to move into Nashville often find the market is tight. According to Johnston, four or five national firms are currently circling the city, looking for available space. On the flip side, very little is happening in the sales arena. Sellers are reluctant …
BALTIMORE — Healthcare Trust of America has purchased the Smyth Professional Building, a 62,000-square-foot medical office property, from MedStar Health for $11.25 million. The property is attached to Good Samaritan Hospital in Baltimore. Smyth Professional Building is 98 percent leased; MedStar and Johns Hopkins University occupy 61 percent of the building.
BALTIMORE — MdBio Foundation has sold the 56,000-square-foot MdBio Research Center to Rockville, Md.-based Emergent BioSolutions for $7.85 million. The property sits on 5.3 acres at 5901 E. Lombard St. in Baltimore. Mike Norris, Adam Nachlas, Henry Bernstein and Robert Scheer of Scheer Partners brokered the sale.
JACKSONVILLE, FLA. — Comcast of Greater Florida/Georgia has signed a 106,253-square-foot lease with Flagler for space in Deerwood North, located at 4600 Touchton Rd. in Jacksonville. Four buildings totaling 500,000 square feet comprise the business park. Comcast will move into four floors in the property early next year. Ross Carrier served as in-house representation for Flagler. David Fahey of Binswanger represented Comcast.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 83-unit Tampa Heights Apartments between two private parties for $3 million. The property is located at 4817 Temple Heights in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa office brokered the transaction.
GAITHERSBURG, MD. — Beacon Place LLC has borrowed $20.88 million to finance the acquisition of Beacon Place at the Kentlands, a 240-unit apartment complex located at 916 Beacon Square Court in Gaithersburg. The 10-year loan carries a 2-year interest-only term and a 30-year amortization. The apartment, which was built in 1991, is 94 percent leased and features a fitness center, a clubhouse and a car wash. Brendan Coleman of Walker & Dunlop secured the loan.
SPARTANBURG, S.C. — Healthcare Trust of America will soon purchase the 108,500-square-foot Mary Black Medical Office Building from an undisclosed seller for $16.25 million. The property is located on the campus of Mary Black Memorial Hospital in Spartanburg. The property, which was built in 2006, is 65 percent occupied.
GREENSBORO, N.C. — Market Street Storage, a venture between Gateway Holdings of Winston Salem, N.C., and Return Holdings of Charlotte, N.C., has opened the nearly 100,000-square-foot Gateway Storage Solutions. The 8.3-acre property is located at 3939 W. Market St. in Greensboro. Gateway Storage is a repositioned warehouse formerly operated by Flav-O-Rich Dairy. Landmark Builders of the Triad provided construction services, and High Point Bank provided financing for the project.
ASHLAND CITY, TENN. — Jacksonville, Fla.-based Summit Contracting Group will soon start construction of The Vantage Pointe Homes at Marrowbone Heights for Montgomery, Ala.-based Vantage Pointe Homes. The 200-unit property is spread across nine buildings in Ashland City.
AUSTELL, GA. — Atlanta-based QR Capital has purchased the 146-unit Kingsley Village Apartments from Freddie Mac for an undisclosed amount. The purchase is the firm’s first deal since its inception 5 months ago. Kingsley Village is located on 12 acres in Austell. Cushman & Wakefield’s Atlanta office brokered the sale.