Kirk D. Olson and Drew Kristol are senior associates in Marcus & Millichap’s Miami office. What area is your expertise? • Miami-Dade County retail properties. What trends do you see presently in retail development in your area? • The only major retail developments in the area are those that were started prior to the market correction that occurred in fall 2008. There is an increase in vacancy rates — anywhere from 5 percent to 15 percent — in Miami-Dade County. Many shopping centers that have not had vacancy issues in the past 5 years are now experiencing vacancies for the first time. Owners are lowering their rents to keep current tenants and are not generating much interest from leasing signs and advertisements. What type of retail product is doing well in your area? • Centers in prime locations remain relatively well occupied compared to areas that have been harder hit by the softening economy. Even though the spending power of shoppers is less due to the economic downturn, Miami-Dade County is very dense and there are too many people shopping for there to be mass vacancies. Dollar stores are still in expansion mode, as are some restaurant chains, Applebee’s and …
Southeast
Douglas K. Mandel is associate vice president investments director, National Office and Industrial Properties Group, in Marcus & Millichap’s Fort Lauderdale, Florida office. What area is your expertise? • South Florida (Miami, Fort Lauderdale, West Palm Beach) office properties What trends do you see presently in office development in your area? • The development pipeline for new office development has slowed dramatically, largely attributed to the lack of debt for new construction. There is demand for LEED-certified office development and some projects are underway or are about to be under construction. Who are the active office developers in your area? • Stiles Corporation, Proccaci Development Company and Butters Construction & Development are three active office developers in South Florida. Please name one or two significant office developments in your area. • A joint venture between Related Companies and Croker Partners has just completed CityPlace Tower, an 18-story Class A office building in downtown West Palm Beach. The building, which includes 300,000 square feet of office is located at the south entrance to CityPlace, a 72-acre mixed-use complex with retail, restaurants and entertainment venues. Stiles Corporation has just completed 200 Las Olas Circle, a 17-story Class A office building in downtown …
TAMARAC AND CLEARWATER, FLA. — Jim Badolato of Capmark Finance’s Horsham, Pa., office has arranged loans worth more than $18 million for two multifamily properties in Florida. Water Place at Woodmont Park, located at 7850 N.W. 78th Ave. in Tamarac, received a $9.8 million loan, and Country Place Village Apartments, located at 2690 Enterprise Rd. East in Clearwater, received $8.97 million. Freddie Mac provided financing for the loans.
SEFFNER, FLA. — Hallandale, Fla.-based Isram Realty has purchased the 70,040-square-foot North Grove Center from an undisclosed seller for $2.7 million. Located at 725 W. Dr. Martin Luther King Jr. Blvd. in Seffner, the property was built in 1977 and renovated in 2004. Winn-Dixie and Dollar General anchor the shopping center. Matthew Reichenthal, David Goldstein and Les Aron of Marcus & Millichap’s Tampa, Fla., office and Michael Lombardi of the firm’s New Jersey office represented the seller. Reichenthal and Dimitrios Langas of Marcus & Millichap represented the buyer.
ELLICOTT CITY, MD. — Columbia, Md.-based James M. Jost & Co. is nearing completion on the 18,000-square-foot Centennial Place, a retail and office project located at 1055 Baltimore National Pike in Ellicott City. The property encompasses 9,000 square feet of ground-level retail space and 6,000 square feet of office space. Howard Bank will serve as the lead tenant, occupying 3,200 square feet. The remaining space is being marketed to service providers and professional companies. Columbia-based Brasher Design provided architectural services.
MEDLEY, FLA. — J. Jeffrey Robertson of NorthMarq Capital’s Miami Lakes, Fla., office arranged a $3.5 million mortgage for the 66,547-square-foot Aero Maintenance Group building in Medley. The 10-year loan carries a 25-year amortization schedule. Aetna provided financing for the loan.
SANDSTON, VA. — Hewlett Packard Co. has signed a lease renewal for 800,000 square feet of warehouse space in White Oak I Technology Park. The property is located at 7001 Technology Blvd. in Sandston. HP uses the property as a distribution center. N. Dean Meyer of Thalhimer’s Richmond, Va., office brokered the transaction.
DOSWELL, VA. — Diamond Hill Plywood Co. has signed a 150,000-square-foot lease for space in a Doswell warehouse. Terms of the lease were not released. The property is located at 17320 Washington Highway. Stephanie Sanker and Clay Culbreth of GVA Advantis’ Norfolk, Va., office represented Diamond Hill.
MONTGOMERY, ALA. — A 117,000-square-foot Lowe’s Home Improvement Warehouse will join the tenants at Chantilly Station in 2010. The Montgomery property currently houses a 200,000-square-foot Wal-Mart Supercenter. Four outparcel locations will also join the development. Chantilly Station was developed by Montgomery-based McClinton & Co. in 2007.
WINDERMERE, FLA. — Orlando, Fla.-based Pertree Constructors will break ground on two classroom buildings, totaling more than 20,000 square feet of space, on the campus of Windermere Preparatory School. The private K-12 school is located at 6189 Winter Garden-Vineland Rd. in Windermere. The $3 million project will include constructing offices, chemistry labs, classrooms, a media center and a band room.