SMITHS STATION, ALA. — Hoar Construction has broken ground on the 263,316-square-foot Smiths Station High School for the Lee County Board of Education. Spread across 106 acres in Smiths Station, the property encompasses 88 classrooms, tennis courts, a gym and athletic fields. Completion of the school, which was designed by McKee & Associates Architects, is expected in fall 2011.
ROCKVILLE, MD. — The Montgomery Housing Partnership has acquired the 67-unit Halpine Hamlet apartment community in Rockville from its Bethesda, Md.-based developer for $5.9 million. The property, which was built in 1966, is 88 percent occupied. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office represented the seller.
JACKSONVILLE, FLA. — David Hsieh of Marcus & Millichap’s Jacksonville office has represented a private party in the $4.35 million sale of 51 rental condominiums in the Reserve at James Island complex to an undisclosed buyer. The 354-unit property is located at 10961 Burnt Mill Rd. in Jacksonville. The Reserve was converted to condominiums in 2006, and this transaction marks the sale of the property’s remaining units. Andy Neiswenter of Marcus & Millichap’s Miami office represented the buyer.
SPARTANBURG, S.C. — Phillips Feed has purchased a 100,000-square-foot warehouse from an undisclosed buyer for $2.7 million. The property is located on Blackstock Road in Spartanburg. Brian Young of Greenville-based Grubb & Ellis|The Furman Co. represented the buyer. Coldwell Banker Commercial Caine’s Sammy Dubose represented the seller.
ALTAMONTE SPRINGS, FLA. — An undisclosed Georgia-based party has sold a 210-room Hampton Inn to a Tennessee-based investment group for $10 million. The property, which was built in 1993 and renovated in 2006, is located at 151 N. Douglas Ave. in Altamonte Springs. Douglas Dial of Marcus & Millichap’s Orlando, Fla., office and Jonathan Ruprai of the firm’s Denver office represented the seller. Jaimin Patel of the firm’s Tampa, Fla., office represented the buyer.
MIAMI BEACH — Marcus & Millichap has brokered the sale of the 24-unit La Paloma Apartments complex between two private parties for $1.21 million. Located at 1949 N.E. 172nd St. in Miami Beach, the three-story property was built in 1964. Evan Kristol and Still Hunter, III, of Marcus & Millichap’s Fort Lauderdale, Fla., office and Andrew Jordan, Dew Kristol and Kirk Olson of the firm’s Miami office represented the seller. Paul Nudelman of the firm’s Miami office assisted Jordan in representing the buyer.
BOGART, GA. — Stelf LLC has purchased a 28,575-square-foot retail building from Capmark Finance for $1.15 million. The former Circuit City store is located on 3 acres at 4110 Atlanta Highway in Bogart. Kyle Stonis and Rob Whitmire of Bull Realty, the sole brokers involved in the transaction, represented the seller.
NAPLES, FLA. — PBR Naples has purchased a 6,300-square-foot warehouse from the James R. Noe II Revocable Trust for $1 million. The property spans 1.16 acres at 3535 Arnold Ave. in Naples. William Gonnering of Naples-based Investment Properties Corp. brokered the transaction.
Montgomery’s commercial real estate industry is repaving the rocky road of the recession. The small capital city is fairing well, fueled by the state government, the Maxwell-Gunter Air Force Base and the car manufacturer Hyundai. Montgomery’s transportation options also make the area attractive; two major highways intersect in the city, and the Alabama River provides a shipping alternative for sea-fairing businesses. According to Jerome Moore of Montgomery-based Moore Company Realty, manufacturing helps fuel local commercial real estate because industrial activity boosts the multifamily and retail markets. The tight financial markets have affected the resiliency of the industrial market, however, and warehouse vacancy is now a little more common that it was before. The office market remains strong on the heels of government expansion. The one dark area hovering around the industry concerns the financial meltdown and the ever-changing banking landscape. “All the shakeup there, with the merger of Regents and AmSouth [banks] and Colonial’s present troubles, will create significant vacancy in the market from an office standpoint,” he says. Many office buildings were developed with significant vacant space. If a landlord purchased a building that was vacant, he’s having a hard time filling the property, but the recession hasn’t created …
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.