Southeast

WORK STARTS ON BIRMINGHAM MIXED-USE PROJECT

by admin April 27, 2009

BIRMINGHAM, ALA. — Dallas-based Inland American Communities Group and Birmingham-based Corporate Realty Development have started work on the CiTYViLLE Block 121 mixed-use development. The property, which is located on 20th Street in Birmingham, includes 21,000 square feet of retail space and 255 apartments. CiTYViLLE features a swimming pool, a clubhouse, an internet lounge and a fitness center. Niles Bolton & Associates designed the property, and Birmingham-based Schoel Engineering Co. will serve as the project’s civil engineer. Golden & Associates Construction will build the development, which is expected to deliver in mid 2010.

April 27, 2009

383-UNIT TAMPA APARTMENT COMPLEX RECEIVES $18.5 MILLION LOAN

by admin April 27, 2009

TAMPA, FLA. — Connecticut General Life Insurance Co. has secured an $18.5 million loan for its 383-unit Mallory Square Apartments. The 3-year-old property is located at 11306 Mallory Square Dr. in Tampa. The adjustable-rate loan carries a 7-year term. Elliott Throne of Holliday Fenoglio Fowler’s Coral Gables, Fla., office and Fred Wittmann of the company’s Boston office secured the loan.

April 27, 2009

Multifamily Southeast

CONNECTICUT FIRM BUYS TWO MARINA PROPERTIES

by admin April 27, 2009

MARATHON AND TAVERNIER, FLA. — Southport, Conn.-based Summit Development has purchased two marina properties in the Florida Keys from Sun Vest Communities. Summit acquired the Sombrero Resort and Marina — which encompasses 124 condominiums, eight villas and a 54-slip marina — for an undisclosed price. Located at 19 Sombrero Blvd. in Marathon, the property also includes a full-service restaurant, tennis courts and a poolside tiki bar. The company also purchased the 130-slip Mangrove Marina, located at 200 Florida Ave. in Tavernier. Summit plans to renovate both properties. Funding for the purchase was obtained from Orion Bank.

April 27, 2009

Retail Southeast

FLORIDA DUNKIN’ DONUTS PURCHASED

by admin April 27, 2009

SANFORD, FLA. — Marcus & Millichap has brokered the sale of a property leased to Dunkin’ Donuts/Baskin Robbins between two undisclosed developers for $687,450. The property is located at 3768 S. Orlando Dr. in Sanford. Kevin Yaryan and Patrick Skinner of Marcus & Millichap’s Orlando, Fla., office represented the seller, and Michael Lombardi of the firm’s New Jersey office represented the buyer.

April 27, 2009

Healthcare Southeast

ALABAMA HOSPITAL EXPANSION, RENOVATION FINISHED

by admin April 24, 2009

GADSDEN, ALA. — Birmingham, Ala.-based Hoar Construction has finished the 60,000-square-foot Centennial Tower, an addition to the Gadsden Regional Medical Center. More than 24,000 square feet in hospital renovations, which include a new hospital entrance, waiting area and parking lot, were also completed. In addition to the hospital’s critical care units, the tower includes two surgical services procedure rooms, cardiac catheterization suites and expanded recovery and holding areas. The hospital is located at 1007 Goodyear Ave. in Gadsden.

April 24, 2009

Industrial Southeast

STANLEY MARTIN FINISHES 70,000-SQUARE-FOOT FACILITY FOR DHL

by admin April 24, 2009

WASHINGTON, D.C. — Bethesda, Md.-based Stanley Martin Commercial has completed a 70,000-square-foot facility for DHL Express USA, which will house the company’s Washington, D.C., Virginia and Maryland operations. The property is located at 3130 V St. N.E. in Washington. Nearly 60 full-time jobs have been created to initially staff the facility, with additional employees expected to be hired in the next few months.

April 24, 2009

Civic Southeast

FIRM LOOKS TO AUGUST COMPLETION OF HEALTH EDUCATION SPACE

by admin April 24, 2009

ORLANDO, FLA. — Colonial Properties Trust is overseeing the interior renovation of a 33,000-square-foot facility for the allied health education firm Concorde Career Colleges. The property, located at 3444 McCrory Place in Orlando, is scheduled for an August completion. Concorde’s facility will feature offices, staff and student lounges and classroom and lab areas. Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture designed the project, and RTM & Associates and Blaney Engineering will serve as engineering consultants.

April 24, 2009

Civic Southeast

ART SCHOOL SET TO MOVE INTO VIRGINIA BEACH OFFICE BUILDING

by admin April 24, 2009

VIRGINIA BEACH, VA. — The Art Institutes has signed a 35,000-square-foot lease for office space in Two Columbus Center, an office building being developed by Armada Hoffler Holding Co. in the Town Center of Virginia Beach development. The property is located at the intersection of Main Street and Constitution Drive. The Art Institutes will open in time for the 2010 spring semester, and the lease carries an option to increase its space by 15,000 square feet in the next 2 years. The space can accommodate 2,000 students studying media arts, graphic design, fashion and culinary arts. Michael Divaris, Vivian Turok and Krista Costa of Divaris Real Estate’s Virginia Beach office represented the landlord. Chris Joyner of Dallas-based Fischer & Co. represented the tenant.

April 24, 2009

Florida Market Reports Southeast Market Reports

Guarded optimism regarding residential market.

by admin April 24, 2009

Evan P. Kristol is senior vice president of Investments and Still Hunter, III, is first vice president of Investments for Marcus & Millichap Real Estate Investment Services in Fort Lauderdale, Florida. 1. What area is your expertise South Florida Apartments and Distressed Multifamily Properties (Broward County) 2. What trends do you see presently in multifamily development in your area? In recent years, strong population growth and an expanding job market drove demand for apartments in South Florida. Economic uncertainty involving the residential market has created an unstable situation for local developers causing them to become guardedly optimistic regarding their future construction plans. There is not much new development taking place. Unsold condos continue to compete with apartments. The positive aspect of supply-side fundamentals is an ongoing reduction in permit issuance. In Broward County 1,400 multifamily units were issued last year, an amount that is expected to fall to fewer than 1,000 units in 2009. 3. Who are the active multifamily developers in your area? Minto Group Inc, Altman Development Corporation, Gables Residential and ZOM are a few active developers in South Florida. 4. Please name one or two significant multifamily developments in your area. What impact will these projects have …

April 24, 2009

Retail Southeast

VILLAGE SHOPPING CENTER CHANGES HANDS

by admin April 23, 2009

ORANGE PARK, FLA. — BG Village has sold the 135,453-square-foot Village Shopping Center to Noble Management Co. for an undisclosed amount. The Orange Park property is anchored by Bealls Outlet and Publix. It is currently 98 percent leased by Dollar Tree, Subway, Papa Johns Pizza, GNC, The UPS Store, Allstate, Fantastic Sams and Sally Beauty Supply. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.

April 23, 2009

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