GREER, S.C. — Weil Brothers-Cotton has sold the 200,000-square-foot C&W warehouses to KIDCO for an undisclosed amount. The property is located at 560 Gilliam Rd. in Greer. Bentley Commercial/CORFAC International’s Laurens Nicholson and Richard Barrett represented the buyer. Brett Chambless of Chambless Partners represented the seller.
MIAMI — Quartin Limited Partnership has sold the 119,071-square-foot Tropical Paperbox warehouse to DAHRO for $6.4 million. DAHRO will use a portion of the property, located at 7000 N.W. 25th St. in Miami, as warehouse space and will lease the remainder. Jay Ziv of Colliers Abood Wood-Fay brokered the transaction.
ALEXANDRIA, VA. — Jim Kornick, Jerry Burg and Matt Clinebell of NorthMarq Capital have brokered the sale of the Landmark Professional Building to JAG Associates for $10.8 million. The 60,432-square-foot office property is located at 5249 Duke St. in Alexandria. Currently 90 percent occupied, the building will near full capacity when JAG moves into 3,500 square feet later this year.
DURHAM, N.C., AND ATLANTA — Benton Investment Co. has sold the 114-unit University Apartments complex, located at 1500 Duke University Rd. in Durham, to Capstone Development Corp. for $3.52 million. The 73-year-old property is 91 percent occupied. Chris Spain, Larry Orr, David Gutting, Mike Kemether, Nathan Swenson, David Wagner, Brandon Whitesell and Steve West of Cushman & Wakefield represented both parties in the sale. Cushman & Wakefield also brokered the sale of the 193-unit Brookhaven complex and the 152-unit Magnolia at Whitlock property, which are both located in Atlanta. Corus Bank sold The Brookhaven to 3833 Peachtree for an undisclosed price. Equity Residential sold Magnolia at Whitlock to Fortress Capital for $6.3 million.
CHARLOTTE, N.C. — Crescent Resources Multifamily Development Group has completed construction of the 360-unit Circle at South End. Located at 222 E. Bland St. in Charlotte, the property is aimed at health-conscious residents and is entirely smoke free. The complex was built to LEED specifications, and green features include water-saving landscaping and fixtures and energy-efficient appliances.
ORLANDO, FLA. — The Florida division of Clancy & Theys Construction Co. will construct the 117,000-square-foot Partnership III Building on the University of Central Florida campus in Orlando. The $15.6 million property will contain offices, classrooms and research labs. Designed by SchenkelShultz Architecture, the building is expected to deliver in December 2010.
VIRGINIA BEACH, VA. — Weatherly Investment Associates has opened the 144-room Holiday Inn Express & Suites Virginia Beach Oceanfront after an extensive renovation and rebranding. The property, formerly the Holiday Inn Hotel & Suites Surfside, is located at 2607 Atlantic Ave. in Virginia Beach. Amenities include an on-site market, a heated swimming pool and a business center.
ORLANDO, FLA. — Kalson’s Hospitality has completed the 130-unit Homewood Suites by Hilton – Lake Buena Vista-Orlando, located at 11428 Marbella Palm Court in Orlando. The property features a business center, a 24-hour pantry and a swimming pool. Homewood Suites by Hilton – Lake Buena Vista-Orlando is an Eco-Green Hotel project.
ST. CLOUD, FLA. — Palo Alto, Calif.-based Sovereign Investment Co. has sold a 10,723-square-foot restaurant to Sooner Investment of Melbourne, Fla., for $1 million. The property, located at 4551 13th St. in St. Cloud, is a former Whistle Junction location. Paul Partyka of NAI Realvest represented the seller.
As with the rest of the nation, Central Florida is adapting to drastic changes to our financial system. The local retail market has been adversely affected by the severe downturn in construction and housing-related industries — those segments were large components the local economy. Although the area currently ranks eighth nationally for foreclosures and the median home price has stabilized at the 2002 level of $130,000, residential sales volume increased 51 percent year over year. Unemployment for the region peaked in March at 10.1 percent, but is now down to 9.7 percent. Fortunately, Central Florida continues to make progress in diversifying its workforce with significant growth in the defense, high-tech and medical fields. Burnham Institute, University of Central Florida Medical School, Nemours Hospital and Florida Hospital are all growing. Additionally, government-funded projects in infrastructure and community venues in Orlando should build momentum in the recovery. As it is occurring nationally, we are witnessing a stratification of retailers locally as well – a separation between the Good, the Bad and the Ugly. The Good retailers are focusing on marketing, remerchandising, remodeling, expanding, recruiting and taking advantage of deflated costs and weakened competition. Some are seeing increases in sales of 25 percent. …