TAMPA, FLA. — Jupiter, Fla.-based Landmark Residential has purchased the 438-unit Three Palms Apartments from a joint-venture between a Blackrock-managed fund and BH Equities for $23.5 million. Located on North Dale Mabry Highway in Tampa, the property is 90 percent occupied and recently underwent a $3.9 million renovation. Three Palms includes four pools, a heated spa and a fitness center. John Selby and Jim Bobbitt of CB Richard Ellis’ Tampa office represented the seller.
Southeast
DORAL, FLA. — Flagler is aiming for a fall 2010 completion of its 150,000-square-foot office building at 8333 Downtown Doral in Doral. The building, which is located in the 120-acre mixed-use project, Downtown Doral, is 30 percent preleased by the Florida Agency for Health Care Administration. The project has been designed by HuntonBrady Architects to meet LEED Gold standards.
ORLANDO, FLA. — CB Richard Ellis Realty Trust has purchased a 124,500-square-foot office building from an undisclosed party for an undisclosed amount. The property, which is located at 12650 Ingenuity Dr. in Orlando, is fully leased to Kaplan’s higher education division. Built with a self-contained data center room with a redundant power supply, the property also includes a cafeteria. CB Richard Ellis Realty Trust and CB Richard Ellis Investors’ Jeffrey Torto worked to purchase the building.
ORLANDO, FLA. — Orange Crown Holdings of Orlando has purchased the 19,136-square-foot Semoran Park office building from Orlando-based Semoran Park Condominiums for $2 million. The Class A property is located at 1277 N. Semoran Blvd. in Orlando. The building is 72.6 percent leased and houses tenants including Semoran Park Family Physicians and Semoran Law Center. Jay Dixon and Jerry Thornbury of Grubb & Ellis|Commercial Florida’s Orlando office brokered the sale.
ROANOKE, VA. — Wal-Mart Stores East has purchased 29.07 acres of land from an undisclosed seller to build a Wal-Mart Supercenter. The land is located in the Clearbrooke area of Roanoke. Lee Warfield and Pete Waldbauer of Thalhimer’s Richmond, Va., office represented Wal-Mart in the transaction.
ATLANTA — Georgia State University has opened an 87,000-square-foot freshman residence hall at the corner of Piedmont and Edgewood avenues in Atlanta. The $15.7 million property features 107 suites, which can accommodate 325 students. Each room contains cable and Internet connections, and lounges outfitted with a 50-inch television can be found on each floor.
HUNTSVILLE, ALA. — Rosemont, Ill.-based McShane Construction Co. has completed vertical construction of the 62,500-square-foot Defense Acquisition University, which broke ground this spring. The property is located on 10 acres in the Thornton Research Park at 7115 Old Madison Pike in Huntsville. Triad Properties Corp. is developing the property to LEED certification for the General Services Administration. The building will encompass 13 classrooms, offices and a fitness center. Completion is slated for next January.
PAWLEYS ISLAND, S.C. — Edens & Avant has sold the 40,200-square-foot Pawley’s Crossing shopping center to Charleston, S.C.-based Tamsberg Properties for an undisclosed amount. The property is located at 9380 Ocean Highway in Pawleys Island and is fully occupied. Pawley’s Crossing, which is anchored by a 33,000-square-foot Food Lion, houses Groucho’s Deli, Nail Club, Ocean Dragon Chinese Restaurant and Sun Spirits. Mike Burkard, Brian Purcell and Steve Shields of CB Richard Ellis’ Charlotte, N.C., office represented Edens & Avant.
VERO BEACH AND POMPANO, FLA. — Dallas-based Balfour Beatty Construction will undertake two upcoming construction projects at educational institutions in Florida. The firm is planning to break ground next spring on the Harbor Branch Oceanographic Institute in Vero Beach for Florida Atlantic University. The LEED Silver property will include research labs, offices and a conference area. Balfour Beatty will also build a 5,000-seat stadium for Blanche Ely High School in Pompano. The stadium will include a turf field, a polyurethane track, a restroom and concession booths.
Buoyed by its proximity to Washington, D.C., and the resulting presence of multiple government installations — as well being the East Coast’s farthest inland sea port — Baltimore enjoys a marginal insulation from the global economic slowdown. The Social Security Administration, the Health Care Financing Administration, the National Security Agency, Ft. Meade and Aberdeen Proving Ground are all federal government outfits in the area that employ Marylanders at well above average salaries. These agencies require significant private contractor support which, in turn, supplies even more well paying jobs. Baltimore, however, is not immune to the credit crunch. At approximately 190 million square feet of space, Baltimore’s industrial market has seen some recovery at the end of the second quarter. Leasing is up half a percent from last quarter, settling at an overall vacancy rate of 10 percent. With asking rates hovering just shy of the $5 triple-net mark, developers have sharpened their pencils a bit after sitting on recently-delivered product in a market that was flooded with new construction for most of 2008. Asking rates were previously based on construction costs and projections that were developed during the boom times of 2006 and 2007. The tenant has become king, with …