HAMPTON, VA. — Hampton Hotel Associates, an affiliate of MHI Hospitality, has purchased Hampton Marina Hotel, a nine-story, 172-unit property in downtown Hampton, from the Hampton Economic Development Corp. David Mumford of The Mumford Company’s Newport News, Va., office was the sole broker and exclusively represented the seller. The new owner plans to invest more than $5 million to reposition the property as a Crowne Plaza.
HOLLYWOOD, MIRAMAR AND WEST PARK, FLA. — Hollywood Warehouse Capital Partners has purchased an 80,383-square-foot warehouse portfolio, including properties in Hollywood, Miramar and West Park, from W&W Properties, for $6.4 million. The Hollywood properties are located at 5780, 5746 and 5624 Plunkett St.; 5790 and 5751 Rodman St.; and 5765 Funston St. The Miramar property is located at 3190 S. State Road 7, and 5851 S.W. 25th St. is located in West Park. Ryan Nee of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, and Greg Zeifman of its Miami office represented the buyer.
A barrage of national and local coverage has detailed the nation’s housing woes and economic uncertainty – which are clearly having an impact on Atlanta’s multifamily for-sale market. Average absorption rates slowed in all Atlanta submarkets during the first quarter to less than one sale per month, and many projects are struggling to make up for lost contracts as buyers cut their losses, get cold feet or discover they are unable to secure financing or sell their existing homes. The good news is that the necessary steps are underway to correct the supply-demand imbalance. Projects with standing inventory are increasingly employing new strategies to gain traction by enticing buyers with reduced prices and increased incentives; being more open to negotiation on price; and attracting the broker community by providing a portion of commission for properties under construction at the end of the recission period, rather than all at closing. More proposed developments in the pre-construction phase are going on hold until the market recovers, being converted to rentals or cancelled altogether. For example, The Related Group has placed its One Cityplace project on hold; John Weiland announced that plans for One Museum Place are on hold until at least next …
Submitted by Ron Anderson, VP of Research and Technology, NAI Avant LLC in Columbia, S.C. Posted 02-22-08. What area is your expertise? Columbia, S.C. What trends do you see presently in retail development in your area? Currently, there are several active types of development: Wal-Mart and Target anchored community centers ranging from 200,000 to 300,000 square feet Unanchored retail strips from 6,000 to 20,000 square feet Auto dealerships relocated from in town to suburban locations Additional home improvement locations Bank locations Fast food locations What type of retail product is doing well in your area? All retail seems to be quite strong at this point Who are the active retail developers in your area? Active retail developers are Fletcher Bright, WRS, Edens & Avant, Kahn Development, and Owen Development. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • Village at Sandhill is a 1 million-square-foot lifestyle center in Northeast Richland County. It is being developed by Kahn Development of Columbia. This project has introduced the lifestyle center to the region and created a retail anchor in Columbia’s fastest growing suburb. • The Shoppes at White Knoll is a …
LEESBURG, VA. — Sovereign Bank is the administrative agent for a $217 million construction loan provided by several national and local financial institutions for The Village at Leesburg, a mixed-use project being developed by Cypress Equities, Kettler and The Carlyle Group. The development is comprised of a 1.2-million-square-foot vertically integrated, four-story village with residential, retail, restaurant and office space. The open-air shopping center will feature a Wegmans Food Market. The development will be located at Route 7 and Crosstrail Boulevard, which will also be the site of a new $31 million interchange expected to open in July 2009. Cypress will develop the retail portion of the project, and Kettler will develop the office and residential components, including 335 luxury apartments. Construction is slated for completion in spring 2010.
WINCHESTER, VA. — Richard Bell of Winchester-based Adams-Nelson & Associates has facilitated the sale of an 11-acre parcel to WESTCO Winchester, located at the intersection of Shady Elm Road and VA Bypass 37. A FedEx Ground Consolidated Services Center is proposed for the site.
PUNTA GORDA, FLA. — North Carolina-based Oaks Development Group has purchased Cypress Professional Center, a 29,927-square-foot, Class A medical office building in Punta Gorda, from Corazon Development, for $7.8 million. The property is located at 25097 Olympia Ave. near the Charlotte Regional Medical Center. Mark Alexander of Sperry Van Ness’ Fort Myers, Fla., office represented the seller, and the buyer was represented by Bob King of Tampa, Fla.-based RJ King & Associates. Birmingham, Ala.-based Red Mountain Bank provided financing for the acquisition.
SANFORD, FLA. — Miami-based Storesafe Sanford has acquired a 2.3-acre land parcel for the future development of a climate-controlled self-storage facility in Sanford, from Orlando, Fla.-based Flagship Development, for $1.5 million. The property is located at 1811 Rinehart Rd. Mark Cooney of GVA Advantis’ Tampa, Fla., office represented the buyer, and the seller was represented in-house.
RICHMOND, VA. — Flagstop Carwash has acquired a 1.7-acre property in Richmond, from Royal Oldsmobile Co., for $1.3 million. The company will build its second Flagstop Express Wash on the site, which was formerly a truck center. The property is located in the West End at 9820 E. Parham Road. Millard Jones of Thalhimer | Cushman & Wakefield’s Richmond office negotiated the sales transaction on behalf of the buyer and the seller.
FAIRHOPE, ALA., AND FORT MYERS, FLA. — Regency Centers has acquired an 11-acre land parcel for the development of The Shoppes at Fairhope Village, which is part of the Fly Creek Village planned unit development. The retail center will feature 84,740 square feet composed of a 54,340-square-foot Publix and additional small shops, restaurants and service-oriented businesses. There will also be three outparcels. The center is slated to open in summer 2009. In downtown Fort Myers, Regency has opened the second phase of First Street Village shopping center, an 88,026-square-foot property located at the intersection of McGregor Boulevard and Altamont Avenue. Linda’s Nails will be located in a 1,271-square-foot space, and lease negotiations are underway with a fine jewelry and repair shop, sub shop, liquor store, hair salon and pizza café. Current tenants include Publix, Starbucks and First Watch restaurant. The shopping center began construction in October 2006 and is part of the First Street Village mixed-use development.
