BALTIMORE COUNTY, MD. — DB Cardinal Mac has sold a 7,400-square-foot Romano’s Macaroni Grill to Scranton Realty for $2.7 million. The property is located at 9701 Beaver Dam Rd. in Baltimore County and is one of seven Romano’s restaurants in Maryland. Gil Neuman of KLNB Retail’s Washington, D.C., office brokered the sale.
Southeast
Greg Zeifman is a senior associate in Marcus & Millichap’s Miami office. What area is your expertise? • Miami-Dade County Industrial Properties What trends do you see presently in industrial development in your area? • I do not foresee any new starts in the Miami-Dade industrial market. Although developers will finish projects that have already begun, there will be no new significant development. The recent addition of institutional, big-box product in the northwest Miami-Dade Medley submarket will lease-up its vacant space. What type of industrial product is doing well in your area? • Newer, Class A and B product continues to do well. However, owners must keep rents stable or lower them. Small to mid-range tenants who previously occupied Class C or functionally obsolete properties now have renegotiating power and are able to move to nicer locations. Properties in close proximity to the airport will enjoy higher occupancy rates; whereas, properties in the east Miami-Dade market, such as Hialeah, where product tends to be functionally obsolete, will experience the highest vacancies. Who are the active industrial developers in your area? • Flagler Development Group is an active developer in the Dade market. Please name one or two significant industrial developments …
HIALEAH GARDENS, FLA. — Tilt-Con Corp. has completed tilt-up work for the Miami-Dade County Public Schools’ 326,726-square-foot Hialeah Gardens Senior High School. Fort Lauderdale, Fla.-based James A. Cummings serves as general contractor of the project, which spans 56 acres on Okeechobee Road in Hialeah Gardens. Coral Gables, Fla.-based architect Spillis Candela designed the project.
NEW ORLEANS — InterContinental Hotels Group has opened the 181-room Holiday Inn New Orleans West Bank Tower, marking the first hotel in New Orleans to utilize Holiday Inn’s new design. The design upgrade, part of a $1 billion brand relaunch program, includes updated signage, enhanced guest rooms and a slew of new service-oriented goals. Hotel amenities include 2,000 square feet of meeting space, a restaurant, a fitness center and a pool.
VIRGINIA BEACH, VA. — Hampton Roads Church of Christ has purchased a 3,200-square-foot former church property from The Episcopal Diocese of Southern Virginia for $950,000. The building sits on 4.5 acres at 2520 Holland Rd. in Virginia Beach. Robert Thornton of Thalhimer’s Virginia Beach office brokered the sale.
HOLLYWOOD, FLA. — Two Florida-based private investors have sold the 19-unit Hilton House Apartments to an undisclosed Fort Lauderdale, Fla.-based LLC for $920,975. The property, located at 1855 Adams St. in Hollywood, is composed of 10 one-bedroom units and 9 two-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the buyer and the seller.
ALPHARETTA, GA. — Delaware-based Maxum Indemnity Co. has signed a 25,708-square-foot lease for space in Alpharetta-based Gateway Windward’s Preston Ridge I office complex, located at 3655 N. Point Parkway in Alpharetta. The company is leaving its current location in Johns Creek, Ga., a move that represents an expansion of 10,000 square feet. Atlanta-based Lavista Associates’ Tom Davenport represented Maxum in the lease, and CB Richard Ellis represented the landlord. Preston Ridge I, a six-story, Class A property, encompasses 147,000 square feet.
HIALEAH, FLA. — Xpress Global Logistics has signed a 96,395-square-foot industrial lease with Boston-based TA Associates Realty. Terms of the lease were not released. The warehouse is located at 5959 N.W. 37th Ave. in Hialeah. Brian Smith of Cushman & Wakefield’s Miami office represented the landlord.
ORLANDO, FLA. — BFC Development Corp., a division of Winter Park, Fla.-based Battaglia Group, has named Publix anchor of the Golden Eagle Village shopping center. Publix will occupy 45,600 square feet of the development, leaving 18,350 square feet and two outparcels for additional tenants. The property, located on U.S. Highway 27 in Orlando, will break ground in early 2010.
NAPLES, FLA. — Fort Myers, Fla.-based J.L. Wallace will break ground on a 12,900-square-foot CVS/pharmacy for CDI Development Services on April 9. The property will be located at 8831 Immokalee Rd. in Naples. Tampa, Fla.-based Robert Reid Wedding Architects and Planners designed the project and Naples-based Coastal Engineering Consultants will provide engineering services.