While the recession has impacted NOIs in the Washington area, the local apartment market has weathered the economic downturn better than in most metros. The 60 basis point year-to-date rise in vacancy to 6 percent is the most glaring effect of the recession. Although rents remain resilient, asking rents inched up 0.4 percent in the most recent 3-month period, while effective rents declined for only the second quarter since 2004. Job losses have weighed the most on Class A asking rents, particularly in areas where rent gains were sizable recently, such as Pentagon City/Crystal City, the Connecticut Avenue Corridor and Rockville. The district’s Dupont Circle, Logan Circle and Columbia Heights neighborhoods, however, are notable exceptions to this trend, as these areas remain desirable to renters. Lower-tier asking rents have managed to push higher in many locations, although softer rents and vacancy rents have been recorded in the Anacostia/Northeast D.C. and Stafford County submarkets. Development completions are accelerating this year, and the construction pipeline is expected to remain relatively full through 2010, posing a further threat of concession increases. A metro-leading 9,000 units are under consideration in Virginia, while there are 6,600 units planned in the district and 3,900 units proposed …
WHITE HOUSE, TENN. — OBG Distribution Co. has purchased a 270,589-square-foot distribution facility from an undisclosed seller for an undisclosed price. The property spans 30 acres at 605 Highway 76 in White House. Philadelphia-based Hart Co. and NAI Nashville joined together to represent the seller.
MARIETTA, GA. — Centro Properties Group has sold the 130,013-square-foot Merchant’s Exchange shopping center to Columbia Properties for $17 million. The property was completed in 1986 and renovated in 1997 and spans 11.2 acres at 4400 Roswell Rd. in Marietta. Tenants in the center, which is 98.9 percent leased, include LA Fitness, The Picture Show Movie Theatre and Hancock Fabrics. Whitney Knoll and Richard Reid of Holliday Fenoglio Fowler represented the seller.
OCALA, FLA. — MEC Holdings has purchased a 495-acre industrial land parcel from Ocala 489 for $8.1 million. The unimproved land is located at the interchange of Interstate 75 and U.S. Highway 27 in Ocala. David Murphy and Kevin Hoover of CB Richard Ellis’ Orlando, Fla., office represented the seller.
NEW ORLEANS — Orient-Express Hotels has sold the 322-room Windsor Court Hotel in New Orleans to a partnership between New Orleans-based The Berger Companies and Dallas-based Crow Holdings for an undisclosed amount. The 23-story hotel features more than 11,000 square feet of meeting space, a fitness center, an art collection and a pool. Ron Danko and Bradley Burwell of CB Richard Ellis’ New York City office represented Orient Express in the transaction.
PLANT CITY, FLA. — Buckley Properties has sold the 18,849-square-foot City Crossings shopping center to Ovation Properties for $4.85 million. The property, which is 95 percent occupied including pending leases, is located at 2909 James L. Redman Parkway in Plant City. Mike Milano of Colliers Arnold’s Clearwater, Fla., office and Cynthia Shelton of the firm’s Orlando, Fla., office represented the seller. Coldwell Banker Commercial NRT’s Harry Champ represented the buyer.
MIAMI BEACH, FLA. — Coconut Grove, Fla.-based Berkowitz Development Group has finished its 180,000-square-foot Fifth and Alton shopping center, which is attached to a 1,080-space parking garage built on a brownfield site.0 Located in Miami Beach, the property is 93 percent occupied. Tenants housed in Fifth and Alton include Publix, Best Buy, TJ Maxx, Ross Dress for Less, Staples, Petco and Vitamin Shoppe.
MIRAMAR, FLA. — Luckey’s Management has completed a 122-room Hampton Inn & Suites at the Miramar Park of Commerce in Miramar. Hotel amenities include 1,500 square feet of meeting space, an outdoor pool, a fitness center and a business center. The five-story property is located at 10990 Marks Way.
PASADENA, MD. — Baltimore-based St. John Properties has completed a $3 million renovation of the 161,000-square-foot Lakeshore Plaza shopping center. The property, which was constructed in the 1980s, is located near the intersection of Maryland Route 100 and Magothy Beach Road in Pasadena. KANN Partners designed the project, which includes a 7,000-square-foot addition. Additionally, Dollar General has signed on to move into 9,000 square feet of space at the shopping center in February.
LEXINGTON, KY. — American Home Design has purchased a 39,000-square-foot warehouse and showroom from Shareco Investors for $2.22 million. The property is located on 2.3 acres at 163 Old Todds Rd. in Lexington. Lykins Realty’s Jerod Hagen represented the buyer. Paul Ray Smith and Bruce Issac of NAI Issac Commercial Properties represented the seller.