PLANT CITY, FLA. — Southeast Plant City has sold the 85,252-square-foot Plant City Crossing shopping center to Fraga Development Corp. for an undisclosed amount. Located at the intersection of Interstate 4 and Thonotosassa Road in Plant City, the center is anchored by a 37,860-square-foot Publix. Cato, Dollar General, Little Caesar’s Pizza, Supercuts, H&R Block and Blockbuster Video are also housed in the property. Anthony Blanco, Lenard Williams and Jim Michalak of Plaza Advisors represented the seller.
ST. PETERSBURG, FLA. — Wilson Enterprises has sold the 33-unit Sans Souci apartment complex to a private family trust for $1.4 million. The property is located in downtown St. Petersburg. James Barnett of Tampa, Fla.-based J A Barnett Realty Group represented the seller. David Parker of Keller Williams Realty’s Largo, Fla., office represented the buyer.
DEERFIELD BEACH, FLA. — An undisclosed limited liability company based in Deerfield Beach has sold two warehouses totaling 21,937 square feet to an undisclosed buyer based in Hollywood, Fla., for $1.28 million. The property is located at 272 and 282 N.W. 1st St. in Deerfield Beach. Daniel Cioci of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller. Richard Seaman of Miami-based Jay Sugarman Realty/Realty Nation represented the buyer.
SUWANNEE, GA. — Fischbein, a material handling manufacturer with U.S. headquarters in Statesville, N.C., has leased 73,400 square feet of space in the Horizon Business Center for its Flexible Material Handling Division, moving its operations from Ohio to Georgia. The business center, which is now fully occupied, is located at 410 Horizon Dr. in Suwannee. Atlanta Office Realty’s Brad Kuehn represented the tenant, and Brian Sutton of Duke Realty represented the landlord. Fischbein will relocate to the new space this summer.
1. What trends do you see presently in industrial development in your area? There are no new developments breaking ground and few nearing completion. There has recently been drastic increases in industrial product vacancy rates which, inherently, has compressed lease rates. I do not expect to see any new projects breaking ground until the current vacancies are absorbed and lease rates stabilize. 2. What type of industrial product is doing well in your area? Large warehouse/distribution buildings with 24-foot+ clear height continue to outperform the market vacancy rates but are still subject to lease rate compression as business revenues continue to decline. 3. Who are the active industrial developers in your area? Prologis Butters Construction REMS Group 4. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? The 595 Park of Commerce, located directly off I-595 halfway between Downtown Fort Lauderdale and Weston, has recently completed its first of three phases. Upon completion, the 595 Park of Commerce will consist of 18 office, retail and warehouse buildings. The developers, REMS Group, have been able to adapt to the challenging conditions of today’s market by offering tenants an array of …
WESTON AND ALTAMONTE SPRINGS, FLA. — A Cooper City, Fla.-based limited liability company has sold the 20,950-square-foot Shoppes of Weston retail center to an LLC from Hollywood, Fla., for $7.9 million. The Class A property is located at 1908-1952 Weston Rd. in Weston. Michael Zimmerman and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller. Marcus & Millichap has also represented an undisclosed California-based entity in the sale of a 4,629-square-foot Fifth Third Bank, which is currently under construction, to an LLC from New York for $2.62 million. The bank is located on a restaurant pad site at 795 Gateway Dr. in Altamonte Springs. John Brigel and Ronald Schultz of Marcus & Millichap’s Tampa, Fla., office represented both parties in the transaction.
NEW MARKET, VA. — BSPM Hospitality of VA has sold an 85-room Days Inn to Shree Vishnuji LLC for an undisclosed amount. The hotel is located adjacent to the New Market Battlefield in the Shenandoah National Park in New Market. The purchaser plans to undertake renovations to the property. David Mumford and Ed James of Mumford Co.’s Virginia office brokered the sale.
NEWPORT NEWS, VA. — Andon has purchased the 20,000-square-foot Hearth & Home warehouse from James River Associates for $1.5 million. The buyer will occupy a portion of the property, which is located at 11848 and 11850 Canon Blvd. in Newport News. Dawn Griggs and Kenneth Penrose of Thalhimer’s Newport News office brokered the sale.
TALLAHASSEE, FLA. — Roswell, Ga.-based Iron Horse Development Group has completed a 3,116-square-foot Burger King for Goldco in the Southwood community of Tallahassee. The 72-seat restaurant is Goldco’s ninth Burger King in the city. The Southwood Burger King is the first store built as a result of a contract signed by Iron Horse and Goldco in June 2008.
ORLANDO, FLA. — L3 Communications has signed a lease renewal with Sentinel Real Estate Corp. for 80,000 square feet of office space and an additional 5,992 square feet of space. The property is located in the Sand Lake West Business Park at the intersection of Sandlake and Kirkman roads in Orlando. Jim Barton of Orlando-based Mohr Partners represented the tenant; J. Paul Reynolds of CB Richard Ellis’ Orlando office represented the landlord.