STATESBORO, GA. — Steve Kirby and Burton Brooks of The Mumford Company’s Atlanta office were the sole brokers in the sale of a 92-room Holiday Inn Express in Statesboro, on behalf of an undisclosed seller and buyer. The four-story hotel is located at 125 South Main Street and will be repositioned as another brand in July after cosmetic renovations.
NASHVILLE, TENN. — Seattle, Wash.-based Nordstrom will open a three-level, 149,000-square-foot store at The Mall at Green Hills in Nashville. The store is slated to open in fall 2010 and will be the first Nordstrom in Tennessee. The Mall at Green Hills is a 735,000-square-foot retail center anchored by Macy’s and Dillard’s, located at 2126 Abbott Martin Rd.
HIALEAH, FLA. — Kids Basics has acquired a 49,290-square-foot warehouse, located at 6955 N.W. 36th Ave. in Hialeah, from Jan and Ted Corp., for $2.25 million. The dock-high warehouse is currently 100 percent vacant. Kids Basics will occupy the property following repairs. Paul Cohen of CB Richard Ellis’ Miami office represented the sellers, and the buyer was represented by Carlost Velasquuez of Hialeah-based Vivo Real Estate Group.
What area is your expertise? Industrial properties in Miami-Dade County (Miami) and Broward County (Fort Lauderdale). What trends do you see presently in industrial development in your area? Industrial development in South Florida is at a slow down and absorption is creeping along. Given the land constraints of the Atlantic Ocean and Florida Everglades, build-to-suits are also harder to find in Broward and Dade counties. What type of industrial product is doing well in your area? Multi-bay and multi-tenant warehouses are in high demand because they continue to absorb space for a variety of tenants from 500 square feet to 5,000 square feet. Many businesses that can function without their storefront locations are downsizing and moving their business to warehouses where they do not have to pay the high retail rental rates. Big box industrial warehouses over 65,000 square feet are also doing well. There is less demand for space over 10,000 square feet and under 65,000 square feet, as tenants desiring this size space are feeling more of the effects of the current economic downturn. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? In Broward County, two …
MANASSAS, VA. —Rockville, Md.-based Opus East is developing Hastings Marketplace, a 29-acre multifamily and retail development located at the corner of Wellington Road, Liberia Avenue and Prince William Parkway in Manassas. The project will consist of 125,000 square feet of retail space, featuring more than 30 stores, and 141 residential units. Phase 1 is expected to deliver next spring and will include a Harris Teeter, bank, shops and restaurants. The project will be completed in two phases. Devin Corini of KLNB is the exclusive leasing agent for the development.
ATLANTA — Steven D. Bell & Co. has purchased Bennington Towers, a 17-story, 236-unit multifamily building in Atlanta, for $35.6 million. The property is located near the intersection of Peachtree and Peachtree Battle roads. The apartments will undergo a $5 million renovation.
DOTHAN, ALA. — Larry Blumberg & Associates has opened an 84-room Residence Inn by Marriott in Dothan. Hotel amenities include a swimming pool, multi-sport court, exercise room, social room and a business center. The property is located at 186 Hospitality Lane.
LITTLE RIVER, S.C. — Coquina Hotel has purchased a 79-room Holiday Inn & Suites in Little River, from Charleston, S.C.-based Charlestowne Hotels. The full-service hotel includes a restaurant and pool and features views of the Intercoastal Waterway. Scott Stephens of HREC Investment Advisors’ Tampa, Fla., office and Pat Culligan of its Memphis, Tenn., office were the sole brokers and exclusively represented the seller. The property is located at 722 Highway 17.
WINTER PARK, FLA. — DHI Realty Holdings has acquired the Cascades Executive Center, a 2.3-acre, 39,586-square-foot office building in Winter Park, from Mr. Frank Marsico, for $5.5 million. The property is located at 11890 State Road 436. Joseph Rossi and Bret Felberg of Grubb & Ellis | Commercial Florida represented the buyer, and the seller was represented by John Roper of John J. Roper Co.
CHARLOTTE, N.C. — Chicago-based MCL Companies has broken ground on The Vue, a $143 million, 53-story condominium tower in Charlotte. The tower will feature 1 million square feet and include 409 studio, one-, two- and three-bedroom units, along with penthouses. Amenities include a business center, conference rooms, health club, cyber café and a media room. Dunn Southeast d.b.a. R.J. Griffin Company is the general contractor, and the project architect is St. Louis-based FS Architecture. The Vue will be located at the northwest corner of Fifth and Pine streets and is scheduled for completion in early 2011.
