STOCKBRIDGE, GA. — Tri County Pediatrics has purchased a 7,500-square-foot medical office condominium from SFA Enterprises for $1.5 million. Located at 193 N. Park Trail in Stockbridge, the condominium is part of a 15,000 square foot, Class A medical building. Edward Jones of Atlanta-based Bull Realty brokered the transaction.
WINTER PARK, FLA. — Patrick Skinner and Kevin Yaryan of Marcus & Millichap’s Orlando, Fla., office represented a local partnership in the $4 million sale of the 96-unit Golden Oaks Apartments to an LLC. The property is located at 7701 Acorn Woods Circle in Winter Park. Armand Tiberio, Robert Sheppard and Spencer Hurst of Marcus & Millichap’s Seattle office helped broker the sale.
SARASOTA, FLA. — Keene Construction Co. is eyeing an October completion date for its renovation and expansion of the Sarasota Crossings shopping center, located on Fruitville Road in Sarasota. The project, designed by Orlando-based Cuhaci & Peterson Architects, includes a 30,000-square-foot hhgregg store and a 20,898-square-foot Office Depot store. Key Biscayne, Fla.-based Commodore Realty owns the development.
ORLANDO, FLA. — Miami-based JNS Management is developing a 110,000-square-foot expansion to the Ramada Inn International Drive in Orlando. The property is located at 6500 International Dr. When complete, the hotel will feature 130 additional rooms in a 12-story building. Orlando-based Cuhaci & Peterson Architects designed the addition.
TAMPA, FLA. — The PBSJ Corporation has signed an 83,000-square-foot, long-term lease with MetLife for space in the LEED-certified MetWest One. The building is located in the MetWest International office complex in Tampa. PBSJ will move from its current Tampa location to the new space in January. Angela Odell of Taylor & Mathis’ Tampa office represented MetLife, and Chad Rupp, Chris Butler and Bryan Rodriguez of Jones Lang LaSalle’s Tampa office represented the tenant.
LITHIA SPRINGS, GA. — Sheet music distributor J.W. Pepper has moved into a 75,680-square-foot warehouse in Lithia Springs built by Atlanta-based IDI. The Class A industrial property is located in the WestPoint at Riverside business park. J.W. Pepper bought the build-to-suit warehouse from IDI in April. The company will use the space as its East Coast distribution center.
ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has completed two 61-unit properties, a $27 million project, for Westgate Resorts. Buildings 80 and 90 — both six-story properties — are part of Westgate Lakes Resort & Spa, located at 10000 Turkey Lake Rd. in Orlando. Morris Architects of Orlando designed the project.
MIRAMAR, FLA. — Taylor, Mich.-based Hazen Transport has leased 30,720 square feet of warehouse space from Miramar-based Sunbeam Properties. Located at 3350 Executive Way in Miramar, the building is part of the Miramar Park of Commerce. Steven J. Medwin, Harry E. Wardell and Nick Wigoda of Lincoln Property Co.’s Miami office represented the tenant. Maridee Bell and David Bateman served as in-house representation for Sunbeam.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace has renovated the 4,081-square-foot SunTrust Bank branch at 4415 Metro Parkway in Fort Myers. The project consisted of installing new ceilings, flooring and lighting. Robert Reid Wedding Architects and Planners provided design services.
Retail properties in Miami-Dade County recorded negative net absorption in the first quarter as accumulating job losses stymied retail spending and forced merchants to vacate the market. Additional increases in vacancy are expected through the end of 2009 as more tenants close and others reduce planned store openings. Higher vacancy will induce a further decline in rents, which dropped for the second successive quarter in the first 3 months of this year, and a slowdown in new store openings will undermine support for marketwide rent growth in the months ahead. In addition, tenants seem to be gaining the upper hand in negotiations on lease extensions or renewals. As a result, concessions will rise over the remainder of the year as owners attempt to retain traffic-generating merchants. While the demand side is decidedly weaker than it has been recently, a decrease in construction will mitigate the extent of the projected rise in vacancy and set the stage for a steady recovery in property fundamentals. A look at the numbers indicates that employment in Dade County will decrease by 43,000 jobs (4.2 percent) in 2009, compared with a loss of 36,400 positions last year. Due to the decline in employment, retail spending …