FULTON, MD. — Calkain Cos. has brokered the $8.2 million sale of two triple-net-leased retail buildings between two undisclosed parties. The properties, a SunTrust Bank and an M&T Bank, are located in the Maple Law mixed-use development in Fulton. Rick Fernandez and Jeff Bogart of Calkain brokered the sale.
Southeast
MEMPHIS, TENN. — Monmouth Real Estate Investment Corp. has purchased a 450,000-square-foot warehouse from Harbin Enterprises for $14.6 million. The property, located at 5025 Tuggle Rd. in Memphis, is triple-net-leased to FedEx Supply Chain Services, a tenant in the building since 2005. Darren Sides of Porthaven Partners represented Monmouth in the transaction.
GAFFNEY, S.C. — Jetline has leased a 150,000-square-foot warehouse from Forsite Development in Gaffney. Jetline is moving to the new property, located at 202 Hyatt St., from its old base in Mt. Vernon, N.Y. As part of the move, the company will add 247 jobs and invest $3.5 million in the facility.
CHARLOTTE, N.C. — KBS Realty Advisors has leased 86,660 square feet of space in its 496,406-square-foot Crossroads Distribution center in Charlotte, bringing capacity of the property to 100 percent. Brad Cherry of Keystone Partners represented Moulding and Millwork in its 63,240-square-foot lease. Piedmont National, represented by Adam Eason of Trinity Partners, leased 23,460 square feet. Lane Holbert, Barb Jespersen and John Wharton served as in-house representation for KBS.
FORT MYERS, FLA. — Stevens Construction will break ground this fall on the 4,600-square-foot Gorovoy Cornea Laser Center, an addition to a 10,580-square-foot, two-story facility. The center, located at 12453 S. Cleveland Ave., will include two operating rooms, recovery rooms and administration offices. Christopher J. Lee Architects designed the space.
In the stifling heat of August, the Charlotte office market seemed stagnant and weak. According to Jones Lang LaSalle, Charlotte lost nearly 13,000 jobs in the first two quarters of this year, pushing the unemployment rate to 12 percent. Year-over-year, second quarter office leasing activity fell 32 percent. To further paint a grim picture, Jones Lang LaSalle predicts that downtown Charlotte is in for a double-digit vacancy rate, due to the 2.5 million square feet of office space that will see completion in the next 18 to 24 months. In reality, the future of the Charlotte office market is much brighter than it looks on paper. “At the street level, a lot of brokers remain pretty busy. There are still deals being done; they’re just taking longer,” says Tim Bahr of Charlotte-based NAI Southern Real Estate. It also happens to be the tail end of vacation season, and everything, commercial real estate included, is a bit more sluggish during the twilight of summer than during the rest of the year. “This time of year is typically slow. With the economy, it just seems like that’s amplified things a bit,” he says. The office spaces that are frequently being occupied in …
WHEATON, MD. — A partnership between Arlington, Va.-based Abbey Road Property Group and Bethesda, Md.-based Buvermo Properties has purchased the 102-unit Westerly Park and the 97-unit Woodberry Park from affiliates of Fairfield Residential for $22 million. The 43-year-old properties, which received a $4.8 million renovation in 2007, are located at 2309 Shorefield Rd. in Wheaton. Fannie Mae provided funding for the purchase. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.
HARFORD COUNTY, MD. — St. John Properties has acquired a 60,000-square-foot office building and a 10-acre parcel of land, assets that were previously owned by Opus East, for an undisclosed amount. The building is located in the Aberdeen Proving Ground at 6240 Guardian Gateway in Harford County. It is fully leased to CACI International, which leases 45,000 square feet of space to the U.S. Army Joint Satellite Command. The undeveloped land can support a three-story, 75,000-square-foot office building.
CHARLOTTE, N.C. — Batson-Cook has completed the 46,500-square-foot Harvey B. Gantt Center for African-American Arts + Culture in Charlotte. The property, which includes presentation space, function space and art galleries, is part of the Wells Fargo Cultural Campus. Batson-Cook achieved nearly 100 percent minority participation in the project.
NEPTUNE BEACH, FLA. — Regency Centers will break ground next month on the 74,000-square-foot Seminole Shoppes development in Neptune Beach. The property will be located at the intersection of Atlantic Boulevard and Seminole Road. Seminole Shoppes will be anchored by a 54,000-square-foot Publix, which will deliver next year.