KENNESAW, GA. — A Montreal, Quebec-based party has purchased a 51,398-square-foot office building from a Florida-based investor for $9.65 million. Located at 1015 Cobb Place Blvd. in the Barrett Park Office Park in Kennesaw, the property is fully leased to Aaron Inc. Coro Realties' Ivan Copot represented the buyer. Jim Gibson of Stan Johnson Co.'s Houston office represented the seller.
BIRMINGHAM, ALA. — Inland Western Retail Real Estate Trust has sold a 44,271-square-foot Publix to Cole Capital – Cole Real Estate Investments for $6.1 million. The 5-year-old property, located at 3141 Overton Road in Birmingham, is leased to Publix through November 2024. Jim Hamilton of Holliday Fenoglio Fowler represented the seller.
ORLANDO, FLA. — Orlando Warehouse Portfolio has leased 135,640 square feet in the Beeline Distribution Center to three companies. The property is located at 2501 Investors Row in Orlando. Tech Packaging and Ralph's Transfer signed 5-year leases for 64,000 square feet and 58,800 square feet, respectively. GBH Four Star signed a 3-year lease for 12,840 square feet. Erik Schwetje of CB Richard Ellis' Orlando office represented the owner.
ARLINGTON, VA. — Ashton Park Associates I has borrowed a $98 million loan for the 352,740-square-foot Defense Advanced Research Projects Agency headquarters, which is currently being constructed in Arlington. The 13-story office building, located at 675 N. Randolph St., will deliver during the first quarter of 2012. Clark Construction Group is serving as general contractor; the property was designed to achieve LEED Gold status by RTKL.
LAUDERHILL, FLA. — The Fort Lauderdale-based companies Moss & Associates and D. Stephenson Construction have completed the $13.1 million Lauderhill Municipal Complex. The property, which was constructed to LEED Silver standards, is located at 5581 W. Oakland Park Blvd. in Lauderhill. The building houses officers for the mayor, the city manager and city commissioners as well as a 150-seat Commission Chamber. Green features include low-flow fixtures and low-emission paints.
DORAL, FLA. — PS Business Parks has broken ground on a 75,000-square-foot warehouse in the Miami International Commerce Center. The Class A property is located at 8216 NW 14th St. in Doral. The firm is also redeveloping 60,000 square feet of space in the park. The Miami International Commerce Center will span more than 3.2 million square feet when complete.
HOLLYWOOD, FLA. — A West Palm Beach, Fla.-based firm has sold the 24-unit Mediterranean at Young Circle to a company based in Dania Beach, Fla., for $3.1 million. Located at 1800 Jackson St. in Hollywood, the property was originally conceived as a condominium development, but the buyer will lease the units as apartments. Evan Kristol and Still Hunter, III, of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller. Elliot Shainberg of the firm's Miami office represented the buyer.
ANNE ARUNDEL COUNTY, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged a $4 million loan for the Horizons mixed-use facility. Located in Anne Arundel County, the property spans 116,000 square feet. Advantus Capital Management financed the loan.
Industrial developers in the Louisville area are struggling to remain busy at a time when construction starts are non-existent. The area usually attracts logistics companies and distribution firms that benefit from Louisville’s location and the city’s transportation routes. But today, tenants simply aren’t interested in building new properties, and developers can’t secure the financing needed to construct speculative developments. “Most developers are hurting right now,” says Michael Norris of Ray & Associates/TCN Worldwide. “A lot of developers are struggling to make their financial obligations.” New development has stopped, but tenants and buyers are still looking around, searching for good deals. In the past two quarters, Norris has seen a few 100,000-square-foot leases in Louisville; this isn’t much compared to pre-recession activity, but it means the market is still moving. According to CB Richard Ellis, more than 32 firms were looking for spaces of more than 100,000 square feet during the second quarter. Big leases in the second quarter include Motorcycle Superstore’s 126,000-square-foot lease and CAT Logistics 50,000-square-foot lease. In order to attract these deals, landlords are piling on the incentives. “Landlords are getting creative, either offering additional TI or offering several months of free rent. They have to offer the …
VERO BEACH, FLA. — The School District of Indian River County has completed the development of its 167,500-square-foot Storm Grove Middle School in Vero Beach. The $34.3 million property is located at 6400 57th St. Each grade is separated into an individual building on the campus, which SchenkelShultz Architecture designed to achieve the LEED Gold guidelines for schools. The campus features a cafeteria, administration offices, a 9,000-square-foot cafeteria/multipurpose room and nine science labs.