OCEAN PINES, MD. — Investors from Rehoboth Beach, Del., have purchase six bank-owned retail units totaling 9,322 square feet for $850,000. The contiguous units are located in the Village Square Shopping Center in Ocean Pines. The buyers plan to sell the units, which range in size from 1,190 square feet to 8,000 square feet, for $13.50 per square foot. Brent Miller and Rick Tilghman of Salisbury, Md.-based Sperry Van Ness-Miller Commercial Real Estate brokered the transaction.
ELKRIDGE, MD. — National Floors Direct has leased 40,250 square feet of warehouse space from ProLogis at ProLogis Park I-95 Distribution Center #3. The 67,620-square-foot property is located at 7111 Troy Hill Dr. in Elkridge. National Floors Direct will house its warehousing and distribution operations in the building. Matthew Laraway and Ned Brady of Cushman & Wakefield’s Baltimore office handled the lease.
ROANOKE, VA. — The Sheraton Roanoke Hotel & Conference Center has reopened after an $18 million renovation. Additions to the 320-unit hotel include the Pi Kitchen – a global fusion eatery – and a lobby lounge concept called Link@Sheraton. The hotel also features 17,000 square feet of banquet and conference space, indoor and outdoor pools and a fitness room.
LAKELAND, FLA. — Odyssey (IX) Commercial DP IV has purchased the 132,000-square-foot Palm Center shopping center from Lakepalm Shopping Center for an undisclosed amount. The property, which is anchored by Beall’s Department Store, Beall’s Outlet and Tuesday Morning, is located at the intersection of Highlands Drive and S. Florida Avenue. RMC Property Group represented the seller, and Century Retail represented the buyer.
CONCORD, N.C. — Louisville-based Lexington Realty Advisors has purchased a 23,670-square-foot Food Lion from Cornelius, N.C.-based Chen Development for $1.8 million. The property is located at 734 Cabarrus Ave. West in Concord. Richard Frolik of CB Richard Ellis’s Oak Brook, Ill., office and Sterling Champ and Mike Kimball of the firm’s University City, Calif., offices represented the seller.
CAPE CORAL, FLA. — Fort Myers, Fla.-based J.L. Wallace has been tapped to build two 5,600-square-foot buildings in Cape Coral for the Diocese of Venice. The development, St. Katharine Drexel Catholic Church, will house a chapel, classrooms and offices. The design was completed by Jason P. Tramonte Architect. The engineering firms Liebl & Barrow, Harrop Engineering Co. and Kevatron Engineering also helped with the project. No groundbreaking date has been set.
The Birmingham industrial market was much like the rest of the country in 2008. The recession reared its head in Birmingham, resulting in an overall decline in average rental rates and occupancy levels. The multi-tenant bulk distribution sector was the hardest hit, falling to 82.4 percent occupancy with a negative absorption of 206,000 square feet compared to the previous year’s 600,000 square feet of positive absorption. Surprisingly, the service center market showed positive absorption for the second year in a row, settling at 91.7 percent occupancy for the year end. There were no new developments completed in 2008, as landlords struggled to retain tenants and conserve cash. Other than the delivery of a 150,000-square-foot building currently under construction in Shelby County, we anticipate much of the same for 2009. Despite these challenges currently facing our market, several significant transactions completed in 2008 meant that the market was certainly not stagnant. Brookwood Pharmaceutical, a manufacturer and leading provider of surface modification and drug delivery technologies to the healthcare industry, acquired the former Saks corporate headquarters facility in the Lakeshore corridor. This 286,000-square-foot office and warehouse will receive an additional $30 million of capital investment. It is a prime example of Birmingham’s …
ORLANDO, FLA. — Small Bay Partners LLC is developing the first phase of CommerCenter, which is located at 7629 Narcoossee Rd. in southeast Orlando. The initial phase will include 57,000 square feet, including all the of the planned retail space. Along with the 120,000-square-foot CommerCenter facility, the firm plans to develop 14,000 square feet of retail space and 106,000 square feet of industrial condominiums.
WASHINGTON, D.C. — Locally-based Urban Investment Partners (UIP) has completed its full-building renovation of The Shelby, a 24-unit luxury apartment building, which is located at 1706 T St. N.W. in the Dupont Circle-Adams Morgan neighborhood of Washington, D.C. UIP acquired the property through its $60 million Washington Residential Fund II in 2007 and completed a $2 million rehabilitation on the building, which was formerly The Absecon. The revitalized property now features granite countertops, stainless steel appliances, concealed television and Internet wiring, central HVAC and a boutique hotel-style resident lobby, as well as monitored access and video security cameras.
WILLIAMSTON, N.C. — The Salvation Army has opened a Salvation Army Family Store in Williamston. The 3,200-square-foot facility is located at Roanoke Landing, which is a shopping center situated on the northeast corner of east Boulevard and Park Street. Pam Harrelson of Centro Properties Group provided in-house representation for the landlord, Centro Properties Group, in the transaction.