MARATHON, FLA. — Miami-based Carlisle Development Group has broken ground on the 84-unit Sea Grape Apartments, an affordable housing development in Marathon. Rental rates for a one-bedroom apartment at the complex, which is located at 7155 and 7159 Overseas Highway, start at $250 per month. Amenities include a community clubhouse, a library and a domino court. The $23.3 million project is expected to deliver in December.
DUNCAN, S.C. — Entertainment Publications a/k/a Sally Foster has renewed its 197,200-square-foot industrial lease with Malvern, Pa.-based Liberty Property Trust. The warehouse is located at 285 Parkway East in Duncan. Terms of the deal were not released. Liberty was represented by Bob Shaw of Columbia, S.C.-based Colliers Keenan, and Bob Barrineau of CB Richard Ellis’ Charleston, S.C., office represented the tenant.
MARTINSBURG, W. VA. — Forty Thirty Five has purchased an Advance Auto Parts store from an undisclosed seller for $1.58 million. The store is located at 1392 Edwin Miller Blvd. in Martinsburg. Advance Auto Parts has 12 years remaining on its NNN lease. The buyer sold an apartment complex in Center City to create the 1031 exchange. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office and Kenneth Wellar of the firm’s Encino, Calif., office represented the buyer. Milco Investments represented the seller.
DANIA BEACH, FLA. — Construction of a $1 million renovation to Miami-based Fairchild Partners’ Airport Commerce Park, an 80,000-square-foot office property in Dania Beach, is complete. The property, located at 4101 Ravenswood Rd., received renovations including new building facades and new energy-efficient interior lighting. Tenants in the development, which is 90 percent occupied, include James Hartley Contractors, Super Yachts, Precision Air and Comprehensive Business Systems. Late this year, Fairchild will break ground on a LEED-certified, 10,000-square-foot building in the park.
Industrial properties in the Upstate region of South Carolina continued to perform at a steady if unspectacular rate through 2008, and this trend is expected to continue through 2009. The market will continue to see good activity on the leasing side of the business. This activity, while driven by the confusion of the credit market, has still reflected the desirability of the area as a place for new businesses and the continued growth of key industries. The current expansion of BMW’s facilities has heightened the likelihood of both secondary and tertiary suppliers opening or expanding locally in anticipation of the plant’s growth. This is further intensified as the International Center for Automotive Research complex continues to grow. The recent opening of the Carroll A. Campbell Jr. Graduate Engineering Center will further improve local research and development capabilities. This strategic investment was cited as one of the reasons the Upstate area was chosen for a multi million-dollar titanium manufacturing facility. Equally impressive has been the announcement that Fitesa, a Brazilian manufacturing company, also plans to establish a presence in the region. Another source of growth has been from foreign-owned corporations that view this as a good time to expand in the …
MIAMI — Link Construction Group of South Florida has completed the 150,936-square-foot Building N in the 2.5 million-square-foot Ave Aviation and Commerce Center. The $8 million warehouse is the first property in the park, which is located on 178 acres near the Opa-locka Executive Airport in Miami. Building N was designed by Boca Raton, Fla.-based RLC Architects.
BRUNSWICK, GA. — Atlanta-based Hotel Equities has opened the 97-room Hampton Inn & Suites-Brunswick. The property is located at 128 Venture Dr. in Brunswick. The hotel features an indoor pool and an exercise room. Amenities include free high-speed Internet, and each guest room is equipped with a flat-screen TV.
HOMEWOOD, ALA. — Construction will commence on a 94-room Homewood Suites by Hilton in the next year, with an eye toward completion in 2011. The property will be located at the intersection of Interstate 65 and Lakeshore Drive in Homewood. The property will feature a fitness center, an outdoor pool and 1,000 square feet of meeting space. When complete, the hotel will be the ninth Homewood Suites in Alabama.
MARTINSVILLE, VA. — Innkeeper of Martinsville has sold a 70-room Holiday Inn Express to Philadelphia-based Martinsville Hospitality for an undisclosed price. The 33,000-square-foot property is located near the Martinsville International Raceway in Martinsville. The hotel features an outdoor pool and a sundeck. The buyer plans to reposition the hotel as a Comfort Inn and renovate the property. Anthony A. Falor of Atlanta-based Hodges Ward Elliott represented the seller in the transaction, and Martinsville Hospitality was represented internally.
WASHINGTON, D.C. — Bob Donhauser, Bill Asbill and Cary Abod of Holliday Fenoglio Fowler’s Washington office have secured $100.5 million in financing for a 310,825-square-foot office building. The property, located at 1101 K St. N.W. in Washington, is owned by a joint venture between Chevy Chase, Md.-based The JBG Cos. and Rockwood Capital. Building tenants include FTI Consulting, Brunswick Capital, District of Columbia Bar Association and Brasserie Back. Helaba provided funding for the 3-year, adjustable-rate loan, which replaced a Bank of America construction loan.
