SPARTANBURG, S.C. — Phillips Feed has purchased a 100,000-square-foot warehouse from an undisclosed buyer for $2.7 million. The property is located on Blackstock Road in Spartanburg. Brian Young of Greenville-based Grubb & Ellis|The Furman Co. represented the buyer. Coldwell Banker Commercial Caine’s Sammy Dubose represented the seller.
Southeast
ALTAMONTE SPRINGS, FLA. — An undisclosed Georgia-based party has sold a 210-room Hampton Inn to a Tennessee-based investment group for $10 million. The property, which was built in 1993 and renovated in 2006, is located at 151 N. Douglas Ave. in Altamonte Springs. Douglas Dial of Marcus & Millichap’s Orlando, Fla., office and Jonathan Ruprai of the firm’s Denver office represented the seller. Jaimin Patel of the firm’s Tampa, Fla., office represented the buyer.
MIAMI BEACH — Marcus & Millichap has brokered the sale of the 24-unit La Paloma Apartments complex between two private parties for $1.21 million. Located at 1949 N.E. 172nd St. in Miami Beach, the three-story property was built in 1964. Evan Kristol and Still Hunter, III, of Marcus & Millichap’s Fort Lauderdale, Fla., office and Andrew Jordan, Dew Kristol and Kirk Olson of the firm’s Miami office represented the seller. Paul Nudelman of the firm’s Miami office assisted Jordan in representing the buyer.
BOGART, GA. — Stelf LLC has purchased a 28,575-square-foot retail building from Capmark Finance for $1.15 million. The former Circuit City store is located on 3 acres at 4110 Atlanta Highway in Bogart. Kyle Stonis and Rob Whitmire of Bull Realty, the sole brokers involved in the transaction, represented the seller.
NAPLES, FLA. — PBR Naples has purchased a 6,300-square-foot warehouse from the James R. Noe II Revocable Trust for $1 million. The property spans 1.16 acres at 3535 Arnold Ave. in Naples. William Gonnering of Naples-based Investment Properties Corp. brokered the transaction.
Montgomery’s commercial real estate industry is repaving the rocky road of the recession. The small capital city is fairing well, fueled by the state government, the Maxwell-Gunter Air Force Base and the car manufacturer Hyundai. Montgomery’s transportation options also make the area attractive; two major highways intersect in the city, and the Alabama River provides a shipping alternative for sea-fairing businesses. According to Jerome Moore of Montgomery-based Moore Company Realty, manufacturing helps fuel local commercial real estate because industrial activity boosts the multifamily and retail markets. The tight financial markets have affected the resiliency of the industrial market, however, and warehouse vacancy is now a little more common that it was before. The office market remains strong on the heels of government expansion. The one dark area hovering around the industry concerns the financial meltdown and the ever-changing banking landscape. “All the shakeup there, with the merger of Regents and AmSouth [banks] and Colonial’s present troubles, will create significant vacancy in the market from an office standpoint,” he says. Many office buildings were developed with significant vacant space. If a landlord purchased a building that was vacant, he’s having a hard time filling the property, but the recession hasn’t created …
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
RIVERVIEW, FLA. — The FDIC, acting as a receiver for Corus Bank, has sold 199 units in the 432-unit Allegro Palm condominium complex to a local private investor for $6.25 million. The property, which was built in 2000, is located at 5501 Legacy Crescent Place in Riverview. Evan Kristol and Still Hunter of Marcus & Millichap¹s Fort Lauderdale, Fla., office brokered the sale.
GREENSBORO, N.C. — Greensboro-based Brown Investment Properties and Charlotte, N.C.-based Flagship Capital Partners have purchased the 39,000-square-foot Wesley Long Professional Building from Cone Health System for an undisclosed amount. The three-story medical office property is located at 510 N. Elam Ave. in Greensboro. RBC Capital Advisors provided funding for the purchase. Jim Rogers served as in-house representation for Flagship Capital.