NORCROSS, GA. — Micromeritics Instrument Corp. has acquired a 137,717-square-foot industrial facility in Norcross, from CT Communications, operated by BH Properties, for $4.3 million. The seller was represented by Nathan Anderson and Darren Butler of NAI Brannen Goddard, and the buyer was represented by Rick Lackey of City Commercial. The property is located at 4356 Communications Drive in Gwinnett Park.
COLUMBIA, MD. — Columbia-based Corporate Offices Properties Trust has closed on a $225 million construction loan facility that will be utilized to fund the majority of its construction costs during the next several years. The facility has a 3-year term with a 1-year extension option and requires interest only payments throughout the term. Also, an accordion feature allows for a potential increase up to $325 million at a future date. The three lead banks in the transaction were KeyBank National Association, Bank of America, N.A. and Manufacturers and Traders Trust Company.
COLUMBIA, S.C. — Sarasota, Fla.-based American Hotel Development Partners and joint venture partner New York-based Glenmont Capital Management will open the 112-room Candlewood Suites Columbia/Ft. Jackson this month in Columbia. The extended-stay hotel is located near the Interstate 77 and Garners Ferry Road interchange. Amenities include a fitness center and suites featuring fully equipped kitchens and executive desks with two separate phone lines and high-speed internet access.
HENDERSONVILLE, TENN. — Harpoon of Hendersonville TN LLC has acquired 21 acres for the future development of Indian Lake Marketplace in Hendersonville, from Indian Lake Investors, for $8 million. The site is currently occupied by Cracker Barrel Old Country Store and Verizon Wireless. Harpoon will develop a 100,000-square-foot retail center on the property, inclusive of two outparcels. Zac Cypress and Charlotte Ford of NAI Nashville represented the buyer, and Terry Smith and Jason Powell, also of NAI Nashville, represented the seller.
RICHMOND, VA. — Charles J. Keck has purchased an 89,090-square-foot office/warehouse facility in Richmond, from ETB Enterprises. The property is situated on 3 acres and is located at 1125 Commerce Road. Richard Porter of Porter Realty Company/CORFAC International represented the seller.
ROGERS, ARK. — A Florida-based private investor has acquired Boomerang Car Wash via a sale-leaseback transaction in Rogers, from North Little Rock, Ark.-based Rogers Pleasant Crossing Car Wash, for $3 million. The single-tenant property includes a 4,500-square-foot building situated on a 1-acre parcel, and it is located at 2000 West Pleasant Grove Rd. near Interstate 540. Greg Nabholz of Sperry Van Ness’ Conway, Ark., office represented the seller, and the buyer was represented in-house.
Submitted by Alex Zylberglait CCIM, SIOR and Ryan Shaw, associate vice president and associate with the Miami office of Marcus & Millichap Real Estate Investment Services. Posted Online 05-07-08. What area is your expertise? Our primary focus of business is office properties in Miami-Dade County, Florida. What trends do you see presently in office development in your area? Office developments over the past few years have been limited to mostly office condominiums and build to suit. The office condo market was short lived and non-existent at this point. Unfinished condo projects are currently going back to for rent product and therefore adding nominal supply back to the market. The majority of office development for Dade is focused in the downtown Miami and Airport West submarkets. Downtown has seen three projects break ground for approximately 1.77 million square feet of Class A space. The airport area is targeted for many of the import and export companies that see much of the business go through the Miami International Airport as cargo planes transport much of the imports that come into the Port of Miami. Broward county is a little bit different in respect to they have had little new development in the …
ORLANDO, FLA. — Houston-based RIDA Development Corp. has purchased the 5.6-acre Plaza site in downtown Orlando, from Weston, Fla.-based Downtown Plaza, for $15 million. The site will be redeveloped as a $250 million mixed-use project. The property is located at 400 N. Orange Ave. on a city block bordered by Orange Avenue, Amelia Street, Livingston Street and the Linx bus station near Interstate 4.
KENNESAW, GA. — GEM Kennesaw, an overseas private investor, has acquired the 175,900-square-foot Heidelberg U.S.A. headquarters building as part of a 1031 exchange in Kennesaw, from a TIC controlled by Dallas-based MacFarlan Capital Partners, for $22.3 million. The Class A, two-story building is located at 1000 Gutenberg Dr. and is 100 percent leased by Heidelberg U.S.A., a wholly-owned subsidiary of Heidelberg Druckmaschienen AG. Falcon Real Estate Investment Company advised the buyer.
WINTER HAVEN, FLA. — Philadelphia-based Mills Development Co. is building a $10 million, 181-unit independent living retirement community in Winter Haven, located at the intersection of Cypress Gardens Boulevard and Ninth Street S.E. Cuhaci & Peterson is the project architect. Construction is slated to begin later this year.