FORT LAUDERDALE, FLA. — SIKON Construction has broken ground on a 30,907-square-foot Publix at Fort Lauderdale's The Galleria Mall. The $5 million development will be located at 2501 E. Sunrise Blvd. The firm is also building a 1,300-square-foot, free-standing Starbucks Coffee and additional retail space. The project, which was designed by Fisher & Associates, is slated to deliver in April 2011.
Southeast
CHARLOTTE, N.C. — Tim Joyce of Holliday Fenoglio Fowler's Chicago office has secured a $9.47 million loan for the University Club student housing complex in Charlotte. The 520-bed property, located at 10035 Dabney Drive, is situated near the University of North Carolina at Charlotte. University Club is 94 percent leased and includes a fitness center, volleyball and basketball courts, a pool and tanning beds. The 10-year loan carries a 5.97 percent interest rate. Joyce arranged the loan of behalf of Harrison Street Real Estate Capital and The Preiss Company. Freddie Mac will provide the financing.
The Tampa market has passed through the most severe phase of the recession, a period during which the apartment vacancy rate climbed 360 basis points. In some Pinellas County submarkets, vacancy will surpass 11 percent this year as the local unemployment rate exceeds metro and state levels, while subdued population growth will reduce housing demand. Hillsborough County submarkets, meanwhile, will fare somewhat better as completions slow. Still, sluggish demand will be behind apartment performance, forcing owners to continue to offer concessions to maintain sufficient occupancy levels. The metro area’s vacancy rate is expected to be among the highest in the country this year, and revenues will contract sharply. In 2010, employers will cut 4,000 jobs, a 0.3 percent reduction, but an improvement from last year, when 51,000 positions were eliminated. Developers are forecast to complete 1,000 units this year, down from 1,400 new rentals in 2009. Planned projects total about 5,100 units, or 3 percent of existing stock. Although supply growth will ease in 2010, demand will remain weak, resulting in a 30 basis point rise in vacancy to 10.8 percent. Last year, vacancy climbed 180 basis points. This year, asking rents should fall 3.8 percent to $767 per month, …
BALTIMORE — Ober|Kaler has signed a 94,213-square-foot lease with an affiliate of Lexington Realty Trust in Baltimore. Located at 100 Light St., the office space is situated in a 35-story skyscraper formerly known as the Legg Mason building. The tenant will move in April 1, 2011. The lease, which expires in 2026, will bring the building's occupancy to 44 percent. Lexington Realty Trust is currently undertaking $43.1 million worth of upgrades to the building, including the construction of a $23.3 million parking garage. Jones Lang LaSalle's Elizabeth Cooper, Jeff Groh and Michael Singer represented Ober|Kaler. Cassidy Turley's David Downey, Matt Seward and John Schulze represented the landlord.
PALM COAST, FLA. — Colbert Lane LLC of Ormond Beach, Fla., has sold a 46-acre tract of land to Coral Gables, Fla.-based Gold Royal Asset for $4 million. The acreage, located on Colbert Lane in Palm Coast, is fully entitled and ready for more than 300,000 square feet of mixed-use development. This sale was the first part of a workout that includes an additional 32 acres. NAI Realvest's Chris Butera and Paul Partyka represented the seller.
ATLANTA — Greg Duvall of NorthMarq Capital's Kansas City office has secured a $7.23 million loan for Highland Ridge Apartments in Atlanta. The 219-unit property is located on Northside Circle. The 10-year loan carries a 30-year amortization and a 2-year, interest-free term. NorthMarq financed the loan through Freddie Mac's CME program.
WINSTON-SALEM, N.C. —Shree HariKrishna has purchased a three-story Sleep Inn from Quality Oil Co. for an undisclosed amount. The 12-year-old property is located on Interstate 40 near Hanes Mall in Winston-Salem. The buyer will retain the Sleep Inn brand, but will undertake cosmetic renovations. David Mumford and Steve Kirby of Mumford Co. represented the seller in the transaction.
CHARLOTTE, N.C. — Norcross, Ga.-based Pax Industries has leased 105,625 square feet of warehouse space from TA Associates Realty in Charlotte. The 436,000-square-foot facility is located at 11701 Goodrich Drive. Adam Eason of Trinity Partners represented the tenant, and the firm's Bill Wood and Tony Brennan represented the landlord.
BELTSVILLE, MD. — Vocus, a public relations and corporate communications software provider, has signed a 10-year lease with First Potomac Realty Trust in Beltsville. The tenant will occupy a 93,000-square-foot building at 12051 Indian Creek Court in Beltsville, making the property its new headquarters. Brian Liss of UGL Equis' Washington, D.C., office represented the tenant. Jeb Boland and Michele Salvino served as in-house representation for First Potomac Realty Trust.
CASSELBERRY, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed a 46,000-square-foot Publix at Casselberry Commons. The $3 million store, which is located at the intersection of State Road 436 and Howell Brach Road in Casselberry, replaces a smaller adjacent Publix. Orlando-based Cuhaci & Peterson Architects designed the store.