What area is your expertise? • Orlando/Central Florida What trends do you see presently in retail development in your area? • Orlando is still very much on an upward trend for retail development. With the population growth we have experienced over the past few years, the need for consumer services still exists which is being met by numerous local and national developers. What type of retail product is doing well in your area? • Big box with some smaller in line space centers are doing very well along with smaller strip centers ranging from 10,000 to 20,000 square feet that have a majority of regional national tenants. Some owners of older shopping centers are also doing well because they have committed funds to major capital improvements, which have given their dated centers a facelift to compete with newer retail. They remain competitive by having a good-looking product, but at a lower rental rate. What retailers are new to your area? • Two of the most promising and innovative retailers are Dagwood’s Sandwich Shoppes and Teriyaki Experience. Both of them are franchises that will see major growth throughout Central Florida in the next 1 to 2 years. They truly offer a …
Southeast
What area is your expertise? • Maitland Center Office Market What trends do you see presently in office development in your area? • No speculative development at this time. Who are the active office developers in your area? • Battaglia Fruit Company and Liberty Property Trust Please name one or two significant office developments in your area. What impact will these projects have on the market? • None immediately planned. Where is the majority of development taking place? Why is this area doing well? • The majority of development taking place is in Southwest Orlando. The driving factors behind this are the lack of Class A buildings in the area as well as the expansion of the timeshare and tourism industries. What area do you expect to be the next big development market? Why? • Lake Mary. This is the only market besides Southwest Orlando that has expansion capabilities without venturing past the metropolitan Orlando area. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? • Orlando as a whole is a healthy office market. The obvious weaknesses are in the sectors that deal directly and indirectly in the residential real estate …
What area is your expertise? • This report is for Jacksonville, Florida. Specifically, the geographic area of Duval and Northern St. Johns counties. What trends do you see presently in office development in your area? • As space becomes absorbed new construction is being planned for downtown and on the Southside. With the relative lack of new construction for 2006, current vacancy rates have hit an all time low of 11.6 percent, at the end of the third quarter. At some point in the first half of 2008, the market should see the vacancy rate drop to 10 percent indicating a reasonable healthy office market. Higher occupancy levels will likely mean an uptick in asking rents by next year. For the first half of 2007, investors spent over $212 million dollars for various prime Jacksonville office buildings. This is a new sales record for the city during a six-month period. Their actions represent a solid vote of confidence in Jacksonville’s future and a clear signal that better times are ahead for the local office market. Supporting improving conditions in the office sector is the overall strength of the local economy. Jacksonville’s location, diversified workforce and its anticipated port expansion, combined …
TAMPA, FLA. — Byron Moger and Luis Elorza of Cushman & Wakefield have represented Camden Property Trust in the $35.8 million sale of Camden Isles, a 484-unit, 349,506-square-foot multifamily community located at 6202 Sheldon Rd. in Tampa. The Lightstone Group purchased the property. The community offers a mix of one- and two-bedroom units. Amenities include two lakeside pools, racquetball and tennis courts and a fitness center.
EDGEWOOD, MD. — Joseph Casey and Thomas Burns of Cushman & Wakefield have represented Boston-based High Street Equity Advisors in the acquisition of 1704 Trimble Rd., a 105,000-square-foot industrial property, in Edgewood from an undisclosed seller. The property was built in 2001 on 10.8 acres and features 28-foot ceiling heights, drive-in and dock loading. Casey and Burns will lease the property for its new owner.
VALDOSTA, GA. — Valdosta-based developer GPM is set to develop Twenty3Twenty, an 11-story Class A office and high-end residential building in downtown Valdosta. Set for LEED (Leadership in Energy and Environmental Design) certification, the site will leave 62 percent of dedicated green space. Darby Bank & Trust Co. and the law firm Coleman Talley have committed to the location. Located at the corner of Patterson Street and Roosevelt Drive, the 400,000-square-foot project will break ground in 2008 and is expected to be complete in fall 2009.
COCOA, FLA. — Monmouth Real Estate Investment Corp. has acquired an 89,101-square-foot industrial building, located at 3155 Grissom Pkwy. in Cocoa for $10.4 million. Regional Development Group constructed the building in 2006 and sold the property to Monmouth. The property is net-leased to FedEx Ground Package System, a subsidiary of Federal Express Corp., through July 2017.
RICH SQUARE, N.C. — Ken Carriero and Michael Pardoll of Marcus & Millichap’s Charlotte, N.C., office have represented Roanoke Valley Nursing Home, Inc., in the $2.6 million sale of Roanoke Valley Nursing Home, located at 310, 320 and 400 N. Main St. in Rich Square. Hickory, N.C.-based Agemark Acquisitions acquired the 69-bed operating skilled nursing facility, plus two additional buildings that are licensed for 70 additional beds.
NEWPORT NEWS AND PORTSMOUTH, VA. — The joint venture of Bonaventure Realty Group and Walker & Dunlop Apartment Fund I have purchased a multifamily portfolio in Newport News and Portsmouth. The Class B communities, Newport Trace, Warwick Landing and Chowan Trace, consist of 370 units. The joint venture plans extensive renovations totaling approximately $16,000 per unit and the properties will be rebranded as part of the repositioning process.
TAMPA, FLA. — Tampa-based McKibbon Hotel Management is developing Avion Park Westshore, a 19-acre mixed-use development in Tampa. The project, located near the Tampa International Airport and downtown Tampa, will include a 21,000-square-foot shopping center, four restaurants, three hotels, a 300,000-square-foot Class A office building and a 136,000-square-foot Class A office condo tower. TownePlace Suites by Marriott, Homewood Suites and Hilton Garden Inn are scheduled for completion in spring 2008, winter 2008 and fall 2008, respectively.