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.
ORANGE COUNTY, FLA. —Turner Construction Co. has broken ground on the first 24,398-square-foot Orange County Orlando Magic Recreation Center at South Econ Community Park in Orlando, one of five facilities planned for Orange County. The $5 million properties are being developed by the Orlando Magic and donated to the county. SchenkelShultz Architecture designed the centers, each of which will include a weight room, a game area, a gymnasium and a multi-purpose room.
ATLANTA — Agile Pursuits Franchising has opened 13 Mr. Clean Car Wash and Oil Change stores in the metro Atlanta area, rebranding locations formerly operated under the Carnett’s Car Wash chain. This transformation was put into place when Agile purchased Atlanta-based Carnett’s in February. The stores are located in Austell, Canton, Conyers, Cumming, Gainesville, Grayson, Jonesboro, Lawrenceville, Lilburn, Marietta and Norcross, Ga. Each car wash recycles its water and sends waste water to chemical treatment plants. Three additional Mr. Clean franchise agreements have also been signed in Atlanta.
ATLANTA — The Atlanta-based developer Isakson Living has purchased Colonial Bank’s equity interest in the planned 274-unit Peachtree Hills Place senior housing complex. The property, which is more than 50 percent preleased, will be located on Peachtree Hills Avenue in Atlanta. Completion is expected next year. Isakson paid down its existing loan with Colonial Bank with $8.5 million in additional equity, set aside operating funds for the project and posted a deposit for 2010’s interest reserve. Isakson currently has 42 percent leverage on the property.