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.
NORTH PORT, FLA. — Patriot Self-Storage and Passco Companies Development are opening two Class A self-storage facilities in North Port. The three-story, climate-controlled properties are located at 2245 Bobcat Trail Center Rd. and 6029 Talon Bay Dr. The companies acquired the two development parcels for approximately $7 million and began construction on the combined 200,000-square-foot facilities in June 2008.
RINCON, GA. — The Southeast regional office of Rosemont, Ill.-based McShane Construction Co. has completed Continental Properties Co.’s 352-unit The Springs at Effingham apartment complex. The 430,000-square-foot property spans 32 acres at 617 Towne Park West Dr. in Rincon. Complex amenities include a pool and a clubhouse with a business center, conference facility, kitchen and multi-purpose room. MSA Architects designed the property, which encompasses 22 16-unit buildings.
RICHMOND, VA. — Paige Properties has sold the 35,439-square-foot Warwick Commerce Center to Mason Place for $1.98 million. The industrial property is located at 6705 – 6707 Warwick Rd. in Richmond. R. Scott Douglas and Gregg W. Beck of Thalhimer’s Richmond office brokered the sale.
ORLANDO, FLA. — Kauffman Tire has signed a 50,400-square-foot, 2-year lease extension for space in the Presidents V Building. The warehouse is located at 7482 Presidents Dr. in Orlando. Anne Huntington of CB Richard Ellis’ Dallas office and David Murphy of the firm’s Orlando office represented the tenant. Erik W. Schwetje of CB Richard Ellis’ Orlando office represented the landlord.