OAKLAND PARK, FLA. — Strategic Storage Trust has purchased a 1,600-unit self-storage property from a private seller for an undisclosed price. The 93,700-square-foot facility is located at 4950 N. Dixie Highway in Oakland Park. Five of the development's units offer storefront retail space. This marks Strategic Storage Trust's fifth acquisition in Florida.
Southeast
RALEIGH, N.C. — Phoenix Telecom Solutions has leased a 186,000-square-foot warehouse from Meridian Development Group in Raleigh. The property, which Meridian purchased in 2007 and was formerly occupied by Flextronics, is located at 4400 Emperor Blvd. Mike Lewis of the Lewis Group represented the tenant. Cassidy Turley's Chris Norvell and Jackson Rives represented the landlord.
CONWAY, ARK. — John Edwards of Arbor Commercial Funding's Boston office has obtained a $5.5 million loan for the 166-unit June Beene Garden apartment complex in Conway. Magna Bank financed the 10-year loan. The finacing carries a 5.77 percent interest rate and a 26-year amortization schedule.
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 95,000-square-foot Tiffany Square from a private party for an undisclosed amount. The property, which is located adjacent to the Golden East Mall in Rocky Mount, is anchored by JC Penney, Belk, Books-A-Million, Best Buy and Petco. Parker Blanchard served as in-house representation for RCG Ventures.
ST. CHARLES, MD. — Shamin Hotels has opened the 130-room Hilton Garden Inn Waldorf at the intersection of St. Partick's Drive and Smallwood Drive in St. Charles. The 80,886-square-foot property features a 2,465-square-foot ballroom, a convenience market, a business center, a workout facility and a pool. St. Charles is a 9,100-acre planned community that is being positioned as a model of sustainable development.
CLEARWATER, FLA. — ABG Sundial Collier Real Estate has purchased 116 units in the Waterscape Condo Resort from Crescent Resources for $23.51 million. The property is located at 1110 Santa Rose Blvd. in Clearwater. Colliers Arnold's Jason Stanton and John Stone brokered the sale.
Do you remember how it feels to be on a wild rollercoaster ride, excited and confused, trying to make sense of the ride yet wondering when it will end? That’s exactly what developers, brokers, retailers and landowners are feeling in the commercial retail market. Although Macon finds itself somewhat insulated from what major retail markets are feeling during the “Great Recession,” it is certainly not immune to the prolonged effect of this economic downturn. With the lack of financing, local and regional developers have had to adjust the delivery of their projects in the wealthy submarket of North Macon and the South Bibb County area. While they too recognize Macon as somewhat of an insulated market, they are not blind to the fact that nationally some major retailers have closed, rental rates are declining, vacancy exceeds 20 percent and negative absorption is beginning to rear its ugly head. The Shoppes at River Crossing, Macon’s newest lifestyle center on Riverside Drive, hit a speed bump with the departure of Circuit City, but has quickly recovered with the recent announcement of Jo-Ann Fabrics & Crafts’ lease of a 20,331-square-foot building. With a commitment from a major anchor, Fickling and Co. is moving …
ATLANTA — Hendon Properties has sold the 807,697-square-foot Greenbriar Mall to a foreign investor for an undisclosed amount. Located across the street from Tyler Perry's studios at 841 Greenbriar Parkway in Atlanta, the property is 94.3 percent occupied. Margaret Caldwell and Kris Cooper of Jones Lang LaSalle represented Hendon Properties in the transaction.
CHAPEL HILL, N.C. — Bell Fund III and Bluerock Real Estate have purchased the 258-unit Apartments at Meadowmont from a private seller for an undisclosed price. The property, spread across 20 acres on Highway 54 East in Chapel Hill, is 97 percent occupied. Amenities include a clubhouse, a pool, a fitness center and two playgrounds. Bell will manage the property and complete renovations that are already in progress.
ORLANDO, FLA. — FedEx Smartpost has renewed a 101,016-square-foot lease with an undisclosed landlord for 2 years. The property, Crossroads VI, is located at 501 Gills Drive in Orlando. Erik Schwetje of CB Richard Ellis brokered the transaction.