VIRGINIA BEACH, VA. — The Art Institutes has signed a 35,000-square-foot lease for office space in Two Columbus Center, an office building being developed by Armada Hoffler Holding Co. in the Town Center of Virginia Beach development. The property is located at the intersection of Main Street and Constitution Drive. The Art Institutes will open in time for the 2010 spring semester, and the lease carries an option to increase its space by 15,000 square feet in the next 2 years. The space can accommodate 2,000 students studying media arts, graphic design, fashion and culinary arts. Michael Divaris, Vivian Turok and Krista Costa of Divaris Real Estate’s Virginia Beach office represented the landlord. Chris Joyner of Dallas-based Fischer & Co. represented the tenant.
Evan P. Kristol is senior vice president of Investments and Still Hunter, III, is first vice president of Investments for Marcus & Millichap Real Estate Investment Services in Fort Lauderdale, Florida. 1. What area is your expertise South Florida Apartments and Distressed Multifamily Properties (Broward County) 2. What trends do you see presently in multifamily development in your area? In recent years, strong population growth and an expanding job market drove demand for apartments in South Florida. Economic uncertainty involving the residential market has created an unstable situation for local developers causing them to become guardedly optimistic regarding their future construction plans. There is not much new development taking place. Unsold condos continue to compete with apartments. The positive aspect of supply-side fundamentals is an ongoing reduction in permit issuance. In Broward County 1,400 multifamily units were issued last year, an amount that is expected to fall to fewer than 1,000 units in 2009. 3. Who are the active multifamily developers in your area? Minto Group Inc, Altman Development Corporation, Gables Residential and ZOM are a few active developers in South Florida. 4. Please name one or two significant multifamily developments in your area. What impact will these projects have …
ORANGE PARK, FLA. — BG Village has sold the 135,453-square-foot Village Shopping Center to Noble Management Co. for an undisclosed amount. The Orange Park property is anchored by Bealls Outlet and Publix. It is currently 98 percent leased by Dollar Tree, Subway, Papa Johns Pizza, GNC, The UPS Store, Allstate, Fantastic Sams and Sally Beauty Supply. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.
LOUDON, TENN. — Highlands Industrial Realty has signed Kellogg’s to a 104,000-square-foot lease in Loudon. The company will occupy the entire Highlands Building in the Highlands Business Park, which is located at 3700 Elizabeth Lee Parkway. Bob Thornton of Knoxville-based Baker Realty represented Kellogg’s in the transaction.
ATLANTA — Firethorn Holdings has signed a 50,000-square-foot lease with Cousins Properties for space in the 564,850-square-foot Terminus 200, the second phase of the 10-acre Terminus office development in Atlanta’s Buckhead neighborhood. The property is located at the intersection of Piedmont and Peachtree streets and is being developed by Cousins Properties and Prudential Real Estate Investors. Firethorn is the first tenant that has signed a lease in the building. Terminus 100 is fully leased.
BRADENTON, FLA. — Fort Myers, Fla.-based J.L. Wallace has completed Lennar Homes’ 39,750-square-foot clubhouse at the River Strand Golf and Country Club. The property is located on Grand Estuary Trail in Bradenton. The clubhouse features a restaurant and bar, lounge, snack bar, kitchen, golf and tennis pro shops, locker room and a fitness center. A swimming pool, resistance pool and spa occupy more than 4,000 square feet. Fort Myers-based Titsch & Associates designed the development.
DOUGLASVILLE AND RIVERDALE, GA. — Mac McCall of Marcus & Millichap’s Atlanta office has represented an Atlanta-based developer in the sale of two Advance Auto Parts stores for a total of $3.98 million. An Advanced Auto Parts store in Douglasville was sold to an out-of-state private investor in a 1031 exchange for $2.01 million. The property is located at 8350 Duncan St. Bank of the West financed the purchase. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the buyer. An Advanced Auto Parts store at 6905 Highway 85 in Riverdale also was sold by the preferred developer to an out-of-state private investor for $1.97 million. The purchase, part of a 1031 exchange, was financed by the Tennessee Valley Credit Union. Oliver Smith of Knoxville-based Oliver Smith Realty represented the buyer.
HOPKINSVILLE, KY. — A Cleveland-based party has sold an 11,157-square-foot Rite Aid to a private buyer from Miami for $3.67 million. The store is located on Fort Campbell Boulevard in Hopkinsville and is triple-net leased until 2027. Dan Cooper and Bob Havasi of Cleveland-based The Cooper Group represented the seller.
OCEAN PINES, MD. — Investors from Rehoboth Beach, Del., have purchase six bank-owned retail units totaling 9,322 square feet for $850,000. The contiguous units are located in the Village Square Shopping Center in Ocean Pines. The buyers plan to sell the units, which range in size from 1,190 square feet to 8,000 square feet, for $13.50 per square foot. Brent Miller and Rick Tilghman of Salisbury, Md.-based Sperry Van Ness-Miller Commercial Real Estate brokered the transaction.
ELKRIDGE, MD. — National Floors Direct has leased 40,250 square feet of warehouse space from ProLogis at ProLogis Park I-95 Distribution Center #3. The 67,620-square-foot property is located at 7111 Troy Hill Dr. in Elkridge. National Floors Direct will house its warehousing and distribution operations in the building. Matthew Laraway and Ned Brady of Cushman & Wakefield’s Baltimore office handled the lease.