RALEIGH, N.C. — Poway I has acquired a 10,200-square-foot Raleigh office/flex building for an undisclosed amount through a 1031-exchange with 1648 North Market Drive LLC. The property is located at 1648 N. Market Dr. Branham Stovall, II, of Raleigh-based Drucker & Falk Real Estate represented the buyer.
Southeast
DORAL, FLA. — The San Antonio-based apartment management firm The Lynd Co. has acquired a 50 percent interest in Doral-based Easton Management, which focuses on industrial management and development. The transaction creates a new company, Easton Lynd Management. The Lynn Co. already has an office in South Florida, and the transaction strengthens its presence in the region and underscores its decision to branch out to different property types.
The Memphis industrial market, comprised of 176 million square feet of warehouse space and 7.7 million square feet of flex space, reached a total of just more than 184 million square feet at the end of 2008. Deliveries during that time included just more than 2.8 million square feet in nine new buildings, including the 1.1 million-square-foot Nike Footwear Distribution Center in the Northwest submarket. In the DeSoto County, Mississippi, submarket the 800,000-square-foot Building F in the Crossroads Distribution Center and the 600,000-square-foot Building 3 in the Olive Branch Distribution Center were added as well. Annual deliveries have been in steady decline since hitting a 5-year peak of 6.9 million square feet in 2005. More than 1 million square feet of industrial space is currently under construction in the market, and more than half of the space is pre leased. Virtually all speculative building deliveries in the market have been occurring in DeSoto County, where the business environment is friendly and tax incentives are healthy. During the second quarter of 2008, 16 buildings were delivered in DeSoto County, driving the vacancy rate in the submarket to a high of 23.4 percent, as of the end of the quarter. Three straight …
URBANA, MD. — Banner Life Insurance Co. has leased 115,000 square feet in a new building in the Urbana Corporate Center from Natelli Communities. Akridge Development will finish construction on the building by the summer of 2011, at which point Banner will occupy the Urbana property. Gaithersburg, Md.-based McShea & Co. represented the landlord in the lease, and Banner Life was represented by Robb Johnson of Jones Lang LaSalle’s McLean, Va., office and Jim Cahill and Pete Briskman of the firm’s Baltimore office.
ORLANDO, FLA. — Harland Financial Services has signed a 10-year, 80,000-square-foot lease for space at Primera Building III in Orlando for $18 million. The office property is located at 605 Crescent Executive Court. Richard Solik of Cushman & Wakefield’s Orlando office represented Harland.
SUMMERVILLE, S.C. — DHE Properties has completed the 14,800-square-foot 210 Cember Way and the 12,000-square-foot 216 Cember Way in the Hensley Commerce Park in Summerville. The office/warehouse properties are owned by Superior Electric. Hensley Commerce Park spans seven buildings and 95,000 square feet of space.
JACKSONVILLE, FLA. — Lamar Sara of NorthMarq Capital’s Jacksonville office has arranged a $5.5 million loan for Pickwick Apartments LTD’s 152-unit Pickwick Apartments in Jacksonville. The 10-year loan comes with a 30-year amortization schedule. AmeriSphere Multifamily Finance provided financing for the loan.
LAFAYETTE, LA. — New Orleans-based Stirling Properties will welcome a handful of retailers to its 600,000-square-foot Lafayette Shopping Center in Lafayette. Rack Room Shoes, Ross Dress for Less and Dress Barn have already opened, and Portrait Innovations, Subway and Luxurious Nails will open soon. Capital One, Anytime Fitness and Office Depot are all expected to open late this year or in early 2010. Lafayette Shopping Center, which is anchored by a 126,842-square-foot Target and a 103,525-square-foot JC Penney, includes the tenants Petco, Layne Bryant, Rue 21, Hibbett Sports, GameStop, GNC and Chick-fil-A.
DUNDALK, MD. — Baltimore-based St. John Properties is working to transform the former North Point drive-in theater into a 160,000-square-foot retail development with four pad sites. The movie theater, which opened in 1948 and closed in 1982, is located at 4001 N. Point Blvd. in Dundalk. Burger King will build a store on one of the pad sites, and the other sites are being marketed to fast food restaurants, video stores and financial institutions. A former roller rink is also located on the land and might be used in the new development.
SUNRISE, FLA. — Fort Lauderdale, Fla.-based Stiles Construction has broken ground on the 109,000-square-foot Public Safety Complex at 10440 W. Oakland Park Blvd. in Sunrise. The $30 million property will serve as the headquarters for the city’s police and fire departments. The complex, slated for delivery in March 2011, encompasses a 17,850-square-foot fire station with three apparatus bays, offices, training rooms and a full dormitory. A 4,900-square-foot energy plant will also be constructed adjacent to the property. Winter Park, Fla.-based Architectural Design Group provided design services.