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.
Southeast
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.
FORT LAUDERDALE, FLA. — In-Rel Management has opened Courthouse Place, a 65,000-square-foot boutique office building in Fort Lauderdale. The eight-story, Class A property is located at 12 SE 7th St. and features a bank branch with drive-thrus. Available space ranges from 1,000 square feet to 42,000 square feet. Deanna Lobinsky, Travis Herring and Andrew Ackerman of CB Richard Ellis’ Fort Lauderdale office will handle the leasing and marketing of the property on behalf of the landlord, In-Rel Management.
NAPLES, FLA. — Bonita Springs, Fla.-based Heatherwood Construction Co. is developing the new corporate headquarters for First American Bank in Naples. The Class AAA, two-story property will offer 26,000 square feet of office space. Located in the Marquesa Plaza at 3360 Pine Ridge Rd., additional tenants include Starbucks Coffee, Wireless Toyz and Figaro’s Pizzeria. Hector Vidal and Jeff Wise of Heatherwood will oversee the project, and Sheeley Architects has provided design services. Completion is slated for October 2008.
CENTER POINT, ALA. — Bruno’s Centre, a 119,172-square-foot shopping center in Center Point has been sold for $6.17 million. In-Rel Management, a Florida-based private investor, acquired the property from Center Point Associates. The property, located at 1671-1691 Center Point Pkwy., is 89 percent leased and tenants include Bruno’s Supermarket, Dollar General, H&R Block, Wells Fargo Financial and Sally Beauty Supply. Mark Shellabarger and Matthew Baldwin of CB Richard Ellis’ Tampa office, and Craig Taylor of CB Richard Ellis’ Atlanta office represented the seller. Dan Anderson and Stephen Butler of Birmingham, Ala.-based Engel Realty served as local market advisors.
FORT MYERS, FLA. — Basik Development has begun Phase II of Central Park in Fort Myers. Phase II of the office park project will include adding three more buildings to the existing seven buildings already completed in Phase I. The three buildings will range in size from 3,075 square feet to 4,205 square feet. The site is zoned for 20 office buildings totaling 34,000 square feet to 76,000 square feet. The project is situated on 9.2 acres near U.S. Highway 41 and Daniels Boulevard.