ELLICOTT CITY, MD. — Columbia, Md.-based James M. Jost & Co. is nearing completion on the 18,000-square-foot Centennial Place, a retail and office project located at 1055 Baltimore National Pike in Ellicott City. The property encompasses 9,000 square feet of ground-level retail space and 6,000 square feet of office space. Howard Bank will serve as the lead tenant, occupying 3,200 square feet. The remaining space is being marketed to service providers and professional companies. Columbia-based Brasher Design provided architectural services.
Southeast
MEDLEY, FLA. — J. Jeffrey Robertson of NorthMarq Capital’s Miami Lakes, Fla., office arranged a $3.5 million mortgage for the 66,547-square-foot Aero Maintenance Group building in Medley. The 10-year loan carries a 25-year amortization schedule. Aetna provided financing for the loan.
SANDSTON, VA. — Hewlett Packard Co. has signed a lease renewal for 800,000 square feet of warehouse space in White Oak I Technology Park. The property is located at 7001 Technology Blvd. in Sandston. HP uses the property as a distribution center. N. Dean Meyer of Thalhimer’s Richmond, Va., office brokered the transaction.
DOSWELL, VA. — Diamond Hill Plywood Co. has signed a 150,000-square-foot lease for space in a Doswell warehouse. Terms of the lease were not released. The property is located at 17320 Washington Highway. Stephanie Sanker and Clay Culbreth of GVA Advantis’ Norfolk, Va., office represented Diamond Hill.
MONTGOMERY, ALA. — A 117,000-square-foot Lowe’s Home Improvement Warehouse will join the tenants at Chantilly Station in 2010. The Montgomery property currently houses a 200,000-square-foot Wal-Mart Supercenter. Four outparcel locations will also join the development. Chantilly Station was developed by Montgomery-based McClinton & Co. in 2007.
WINDERMERE, FLA. — Orlando, Fla.-based Pertree Constructors will break ground on two classroom buildings, totaling more than 20,000 square feet of space, on the campus of Windermere Preparatory School. The private K-12 school is located at 6189 Winter Garden-Vineland Rd. in Windermere. The $3 million project will include constructing offices, chemistry labs, classrooms, a media center and a band room.
BALTIMORE COUNTY, MD. — DB Cardinal Mac has sold a 7,400-square-foot Romano’s Macaroni Grill to Scranton Realty for $2.7 million. The property is located at 9701 Beaver Dam Rd. in Baltimore County and is one of seven Romano’s restaurants in Maryland. Gil Neuman of KLNB Retail’s Washington, D.C., office brokered the sale.
Greg Zeifman is a senior associate in Marcus & Millichap’s Miami office. What area is your expertise? • Miami-Dade County Industrial Properties What trends do you see presently in industrial development in your area? • I do not foresee any new starts in the Miami-Dade industrial market. Although developers will finish projects that have already begun, there will be no new significant development. The recent addition of institutional, big-box product in the northwest Miami-Dade Medley submarket will lease-up its vacant space. What type of industrial product is doing well in your area? • Newer, Class A and B product continues to do well. However, owners must keep rents stable or lower them. Small to mid-range tenants who previously occupied Class C or functionally obsolete properties now have renegotiating power and are able to move to nicer locations. Properties in close proximity to the airport will enjoy higher occupancy rates; whereas, properties in the east Miami-Dade market, such as Hialeah, where product tends to be functionally obsolete, will experience the highest vacancies. Who are the active industrial developers in your area? • Flagler Development Group is an active developer in the Dade market. Please name one or two significant industrial developments …
HIALEAH GARDENS, FLA. — Tilt-Con Corp. has completed tilt-up work for the Miami-Dade County Public Schools’ 326,726-square-foot Hialeah Gardens Senior High School. Fort Lauderdale, Fla.-based James A. Cummings serves as general contractor of the project, which spans 56 acres on Okeechobee Road in Hialeah Gardens. Coral Gables, Fla.-based architect Spillis Candela designed the project.
NEW ORLEANS — InterContinental Hotels Group has opened the 181-room Holiday Inn New Orleans West Bank Tower, marking the first hotel in New Orleans to utilize Holiday Inn’s new design. The design upgrade, part of a $1 billion brand relaunch program, includes updated signage, enhanced guest rooms and a slew of new service-oriented goals. Hotel amenities include 2,000 square feet of meeting space, a restaurant, a fitness center and a pool.