The Charlotte industrial market has continued to weather the global economic storm with relative stability. Experts in the market believe this is by design and is not just good fortune. A disciplined development community that did not over-build the city is the foundation for the stability. The market size for institutional grade industrial product in Charlotte is approximately 30 million square feet. The entire market is well more than 100 million square feet, which comprises user-occupied and manufacturing product that institutional investors are not trading day-to-day. With 3.3 million square feet available, the institutional market stands at 11 percent vacant. Given the gloomy economic news that we have all grown accustomed to hearing, an 11 percent vacancy rate is not particularly unhealthy. The key statistic is this: in a 30 million-square-foot market, only 250,000 square feet is being constructed, representing less than 1 percent of the market. In addition, only 1.7 million square feet of product is in the planning stages, with no assurances that it will go vertical in the near future. If all 1.7 million square feet of product were to be built — which won’t happen — it would represent a 5.7 percent increase in inventory. There …
STAFFORD COUNTY, VA. — Iron Mountain has leased a 140,545-square-foot warehouse in the Virginia Gateway Distribution Center from Brandywine Distribution. Located at 2031 International Parkway in Stafford County, the center will eventually encompass four buildings totaling 500,000 square feet. Iron Mountain, a company that stores and digitizes public and private records, will move into its space at the end of the summer. John Dettleff of Grubb & Ellis’ Vienna, Va., office represented the tenant, and Rich McDaniel and Jeff Dowdell of CB Richard Ellis’s Fredericksburg, Va., office represented Brandywine.
WASHINGTON, D.C. — Arlington, Va.-based Paradigm Development Co. is slated to break ground on a 140,000-square-foot student housing facility in the NoMa neighborhood of Washington. The $38 million project has the capacity to house 345 students in 95 units. Amenities in the units include shared kitchens, living rooms and laundry facilities. Delivery is expected in August 2010.
PENSACOLA, FLA. — Carlisle Development Group and the Area Housing Commission have completed two affordable housing developments in Pensacola worth a total of $27 million. The 74-unit Morris Court II, located at 1200 N. M St., is 100 percent occupied by low-income families. Morris Court III, a 50-unit building located at 1301 N. M St., is reserved for senior housing. Amenities in the development include a community clubhouse, a computer lab, a library and a playground.
MIAMI — Two private real estate investment groups have purchased two U-Store-It properties totaling more than 137,000 square feet from an undisclosed buyer for $2.97 and $4.63 million. The assets, which are both located in Miami, were part of a 21-property portfolio. Chico LeClaire of Marcus & Millichap’s Denver office and Michael Mele of the firm’s Tampa, Fla., office represented the seller. Greg Zeifman of the firm’s Miami office represented the buyer.
ORLANDO, FLA. — 2580 Technology Drive LLC has sold a 24,700-square-foot office building to The United Mexican States for $5.55 million. The two-story, Class A property is located at 2550 Technology Dr. in Orlando and will be used as a consulate office. Sale of the building included 4.5 acres of land. Nan McCormick of CB Richard Ellis’ Orlando office represented the seller, and Orlando-based RealTrend’s John Hussey represented the buyer.
CHARLESTON, S.C. — Working as Southeastern Pizza Group, Charleston-based JEM Restaurant Group has purchased 40 Pizza Hut restaurants from an undisclosed party for an undisclosed price. The restaurants are located in Jacksonville, Fla., and Columbus and Macon, Ga. The transaction included real estate, leasehold interests and restaurant operating equipment.
HAYMARKET, VA. — Landservices has broken ground on two office buildings totaling 140,000 square feet in Haymarket. Located at the interchange of I-66 and Route 15, the buildings span 80,000 square feet and 60,000 square feet. The properties are part of The Village at Heathcote, which will encompass 450 residential units and 75,000 square feet of street-level retail. BB&T Bank and Minnieland Private Day School have leased pad sites in front of the buildings and should open late this year.
YOUNGSVILLE, N.C. — Dixie Development Co. has purchased a 75,000-square-foot manufacturing building from an undisclosed party for $5.75 million. The warehouse is located in the Youngsville Industrial Park on Bert Winston Road in Youngsville. Hollister currently leases the property, which features 11,325 square feet of office space and 16,600 square feet of clean room manufacturing space. Herb Cunningham of Raleigh, N.C.-based Caldwell Banker Commercial TradeMark Properties represented the buyer.
NAPLES, FLA. — George P. Atkinson Family Trust has sold a 7,150-square-foot retail building, located at 411 Tamiami Trail N. in Naples, to DNR Realty for $2.85 million. The buyer plans to open a drug store on the property. George Atkinson of CB Richard Ellis’s Fort Myers, Fla., office represented the seller. Naples-based Thompson Realty’s Andy Morrison represented the buyer.