WASHINGTON, D.C. — Laffal Property Associates has sold 55,000 square feet of office space in a Class B office building to Natak Investments for an undisclosed price. The property, located at 818 18th St. NW in Washington, is 97 percent occupied. Eric Berkman and Steve Gichner of Grubb & Ellis represented Laffal Property Associates in the transaction.
GULFPORT, MISS. — H. Gordon Myrick Inc. has started construction on a 12,500-square-foot Citi Trends family apparel discount store in the Centre at Courthouse shopping center. The COMVEST Properties project is located at the intersection of Courthouse and Pass roads in Gulfport. Myrick also is constructing 4,700 square feet of additional shop space. Delivery is slated for February.
ROSSLYN, VA. — The Department of Defense has renewed five leases with Monday Properties in Rossyln totaling more than 293,500 square feet. The leases include 110,000 square feet at 1401 Wilson Blvd.; 83,740 square feet at 1400 Key Blvd.; and 47,600 square feet at 1101 Wilson Blvd. The transactions are all 5-year lease renewals. The General Services Administration's T.C. Hairston and Studley's Mett Miller and Todd Valentine represented the tenant. Chales Dilks and Kurt Stout of Grubb & Ellis, along with Monday's Tim Helmig and John Warton, represented the ownership.
HUNTERSVILLE, N.C. — Pactiv Corp. has signed a lease with TA Associates Realty for 186,000 square feet of distribution space in a building that also houses Philip Morris USA. The property is located at 12801 Jamesburg Drive in Huntersville. Pactiv's lease accounts for 33 percent of the building. Anne Johnson, Bryan Cruthcer and David Tropp of CB Richard Ellis represented the tenant in the transaction. Terry Brennan and Bill Wood of Trinity Partners represented TA Associates.
ROANOKE, VA., AND OAK RIDGE, TENN. — J&K Commercial has purchased two retail buildings from institutional hedge funds for a combined $3.45 million. The firm bought a 4,252-square-foot Applebee's restaurant, located at 4942 Valley View Blvd. North in Roanoke, for $1.88 million. Ian Schroeder and Maurice Nieman of Colliers International's Irvine, Calif., office represented the buyer. Marcus & Millichap represented the seller. J&K also purchased a 10,403-square-foot Ryan's Grill Buffet & Bakery, located at 401 S. Tulane Ave. in Oak Ridge, for $1.67 million. Schroeder and Nieman brokered the sale.
CHARLOTTE, N.C. — The president and the executive vice president of Charlotte-based Capital Advisors have acquired the commercial mortgage banking firm from RBC Bank, its parent company. Formed in 1994, Capital Advisors was acquired by RBC in 1999; the firm has offices in Raleigh, N.C., Columbia, S.C., and Atlanta. Capital Advisors currently services more than $1.2 billion in loans for its insurance company lenders.
GEORGIA — Transwestern has been tapped to manage the more than 1.77 million square feet of property in RREEF's Georgia portfolio. The announcement is a step in RREEF's transition out of the third-party management business. Transwestern will officially take over management duties at the end of the year.
Multifamily brokers in Orlando are breathing a little easier this quarter. Officials certainly aren’t carefree, but the market is starting to gain traction and generate some forward momentum, which is a positive leap toward a recovery. Property occupancy levels have risen, and brokers have witnessed concessions getting smaller. Subtle rent growth is a present factor in the current market, which is more than anyone could say 6 months ago. “We feel a little better telling our story these days than we did at the beginning of the year,” says Shelton Granade of CB Richard Ellis’ Orlando office. “Over the last 90 to 120 days … we’ve been seeing and feeling some modest improvement.” During the summer, properties Granade took to market started getting attention from multiple buyers, a stark contrast to the lack of enthusiasm felt during the depths of the downturn. Most of the minimal sale activity is fueled by the private equity investment market because these firms have cash to pony up in a tight financial landscape. There has also been a bit of foreign investment, especially from Canadian and South American companies. “More people are entering the game,” he says. Tenants are looking to lease space and …
RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale. The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.
CHARLOTTE, N.C. — Philadelphia-based Switzenbaum & Associates has purchased the 404-unit Tyvola Centre Apartments from a fund managed by DRA Advisors for $35 million. The property, which is 95 percent occupied, is located at 625 Cameron Walk Court in Charlotte. Amenities include a resort-style pool, a fitness center and a lighted tennis court. The buyer plans to upgrade Tyvola Centre, which was constructed in 2000. Blake Okland, Dean Smith, Sean Wood and John Heimburger of Apartment Realty Advisors' Charlotte office represented the seller in the transaction.