BURLINGTON, N.C. — Matt Winston of The Mumford Company’s Newport News, Va., office and Randy Lee of The Mumford Company’s Dallas office have facilitated the $1.2 million sale of Corporate Suites of Burlington. Corporate Suites of Burlington LLC sold the hotel property to Maniba. The purchaser plans to continue to operate the property as an extended stay hotel under the name Corporate Suites.
Southeast
FORT LAUDERDALE, FLA. — Avery Klann and Richard Donnellan of Apartment Realty Advisors has secured equity capital and mezzanine debt for Altman Development Co. for the development of Satori, a 279-unit, ultra-luxury, mid-rise apartment community in Fort Lauderdale. Satori will offer resort-style living with high-end amenities. Upon completion, the four-building development will include 13,000 square feet of retail space fronting Sunrise Boulevard.
DECATUR, GA. — Day Capital Partners has purchased Decatur Court, a 10-story, 132,000-square-foot, 40-year-old office building in downtown Decatur. The landmark office building sits on West Ponce de Leon next to the downtown Decatur Square. A Kaufman Realty Group investor partnership sold the property. Kaufman Realty Group will continue to manage the office building.
COLUMBIA, S.C. — NAI Avant and Miller-Valentine have opened Park Central, a master-planned, professional medical park positioned near the Palmetto Health Richland Campus, the University of South Carolina School of Medicine and Columbia’s central business district. Columbia Nephrology has opened a 32,000-square-foot medical office building in the park. Meanwhile, Miller-Valentine will be the lead developer of a 38,000-square-foot medical office condominium to be developed in the park. The park was developed by NAI Avant and offers approximately 16 acres of individual sites for sale with a primary focus on medical and professional uses.
What area is your expertise? • I specialize in commercial sales and leasing in the Cool Springs submarket just south of Nashville. What trends do you see presently in office development in your area? • There continues to be speculative development in and around Cool Springs on the office side. We’re also seeing the emergence of more and more mixed-use development in the area. Specifically Boyle Investment Company’s Meridian development and Southern Land Company’s McEwen Place are creating a new dynamic in Cool Springs. Class A office condo developments are also seeing a resurgence. Caden Holdings, The Stauffer Company and Alliant Commercial each have new buildings underway that will allow smaller prospective office buyers to purchase condos in the 3,000-square-foot range and up. Who are the active office developers in your area? • Crescent Resources, Boyle Investment Co., Duke Realty and Highwoods Properties have the biggest presence in Cool Springs. Please name one or two significant office developments in your area. What impact will these projects have on the market? • The mixed-use developments mentioned earlier will allow for a better commingling of living, working and playing. The new headquarters for Nissan North America and Healthways are well underway. These …
What area is your expertise? • Huntsville, Ala. What trends do you see presently in industrial development in your area? • Speculative construction in the 50,000 to 200,000-square-foot range What type of industrial product is doing well in your area? • 5,000 to 10,000-square-foot buildings Who are the active industrial developers in your area? • Industrial Properties of the South, Triad Development and Graham & Co. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? • Graham & Co. developed a 208,000-square-foot warehouse in 2007 at 255 Short Pike Road. Triad Properties is developing a 102,000-square-foot flex building on New Loop Road across from the Huntsville Airport. Industrial Properties of the South has developed two 42,000-square-foot warehouses on Electronics Boulevard. This new speculative environment for industrial product has been a catalyst for local expansion, new business and new jobs. Where is the majority of development taking place? Why is this area doing well? • Huntsville Airport area – final parcels of Jetplex Industrial Park are being developed. What area do you expect to be the next big industrial development market? Why? • West Huntsville/Greenbrier exit. 5 miles from Interstate …
GEORGIA — MetroGroup Development is developing 17 CVS/pharmacy stores throughout Georgia. MetroGroup has four stores currently under construction and 13 more approved for completion between 2008 and 2009. Since 1995, the developer has completed approximately 75 CVS/pharmacy stores throughout Georgia and Florida.
CHARLOTTE, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore-based Alex Brown Realty have acquired Interstate Business Park for $12.3 million in Charlotte. Located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77, the 162,763-square-foot property consists of nine single-story office/flex/warehouse buildings. Norfolk, Va.-based Charlotte Park Associates, represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, sold the property. CIP Real Estate will rebrand and rename the park Charlotte Commerce Center.
WINCHESTER, VA. — Conrad Koneczny and Betty Friant of Sperry Van Ness’ Winchester office have represented both parties in the $1.2 million sale of a 9,966-square-foot retail/office property, located at 1 N. Loudoun St. in Winchester. A Boyce, Va.-based private investor sold it to a Winchester-based private investor. Originally built in 1930, the building was restored in 2004 and 2005. The property was 75 percent occupied at the close of escrow with tenants including Daily Grind coffee shop.
DECATUR, GA. — OCP Trinity Square, an affiliate of Oakhurst Capital Partners, has acquired Trinity Square in Decatur for $4.4 million. The 22,863-square-foot office/retail property, located at the corner of Church Street and E. Trinity Place, is 100 percent leased.