The end of the second quarter of 2019 marked 120 consecutive months of U.S. economic growth, the longest on record. The steady climb in investment sales over the past few years has been fueled by record amounts of institutional capital and private equity, and office-using employment has reached an all-time high. By the end of March of this year, Florida’s private sector businesses had created over 208,000 jobs over the trailing 12-month period, and Orlando had reached 48 straight months as the state’s top location for job growth. Additionally, the U.S. Census Bureau’s latest figures indicate that three of the top 10 fastest growing cities in Florida are in the Orlando area (Kissimmee, St. Cloud and the city of Orlando itself). Altogether, there is $3.6 billion in multifamily construction underway or planned in metro Orlando, and all of this growth is fueling the need for improved transportation and logistics networks, as well as the corresponding commercial development taking place throughout the market. Finally, world-famous as a vacation destination, Orlando’s $70 billion tourism and travel industry continues to thrive with 75 million visitors during 2018 alone. Urban core grows Downtown Orlando’s renaissance continues, with a total of $2 billion in new …
WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square feet of office and arts space that will house the 12,000-square-foot museum. Torti Gallas + Partners, the architect for the entire 9 1/2 Street Initiative effort, will move its international headquarters to the location. About 24,000 square feet of office space will be available for lease. The property is located on 9 1/2 Street near Vermont Avenue and U Street, a mile north of downtown D.C. Phase II, scheduled to break ground in 2021-22, will transform the Grimke School’s 1920s-era gymnasium into 40 residential units, 11 of which will be reserved for households earning less than 80 percent of median family income. The entire project is privately financed and Eagle Bank is the primary lender.
Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park
CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.
TAMPA, FLA. — RealOp Investments has sold Bay West Commerce Park, an eight-building, 195,558-square-foot office campus in Tampa’s Westshore submarket, for $26.7 million. RealOp acquired the property in 2017 and invested $1.5 million in renovations during its ownership. The campus, located six miles west of downtown Tampa, was 86 percent leased at the time of sale. Dale Peterson of CBRE represented the seller in the transaction. The buyer was not disclosed.
JACKSONVILLE, FLA. — Stag Industrial has acquired a 232,488-square-foot warehouse and distribution facility in Jacksonville’s Westside submarket for $14.8 million. The seller, Johnson Development Associates Inc., built the property on a speculative basis. Boston-based Stag Industrial will name the property STAG Westlake. The 32-foot clear height warehouse features 42 truck doors, two drive-in doors, 159 regular parking spots and a large truck court. The property is located at 9779 Pritchard Road, 16 miles southwest of Jacksonville International Airport and 12 miles west of downtown Jacksonville. Tyler Newman and Jacob Horsley of Cushman & Wakefield represented the buyer in the transaction. The team will also oversee leasing of the facility.
MIAMI — Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in Building 2, located at 8503 NW 80th St., 15 miles northwest of downtown Miami. Airport North Logistics Park comprises four buildings totaling 900,000 square feet. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord, Dallas-based L&B Realty Advisors LLP, in the lease transaction. Chris Spear of ComReal Miami-Doral represented Apollo Export.
HIALEAH, FLA. — Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin during the first quarter of 2020 and to be complete by the first quarter of 2021. The property will be located within the AVE Aviation and Commerce Center, a master-planned development located about 10 miles from Miami International Airport and 30 miles from Fort Lauderdale-Hollywood International Airport. In addition, the property offers proximity to The Palmetto Expressway and Gratigny Parkway, which serve as connections to Interstates 95 and 75. Wayne Schuchts, Tom Viscount and Bobby Benton of Avison Young have been tapped to lease the project. Avison Young also represented the seller, AVE LLC, in the land acquisition. “Healthy economic growth, bustling port activity and positive demand continue to drive industrial investment and development activity in Miami’s land-constrained market,” said Benton. “We anticipate strong interest from a variety of large industrial users from logistics to e-commerce who will benefit from the location …
WOODBRIDGE, VA. — Grace Street Properties has acquired Station Plaza, a 158,000-square-foot retail center spanning 13 acres. Grace Street plans to convert the site into a 2 million-square-foot mixed-use development. The Prince William Board of County Supervisors approved the master-planned project, which will be located within walking distance of the VRE/Amtrak station, four stops from the future site of Amazon’s HQ2. Grace Street plans to deliver residential units, commercial space, outdoor space and more retail. Grace Street plans to immediately begin site work. George Boosalis of Boosalis Properties represented the buyer in the land acquisition, which sold for $19.1 million, a 7.6 percent cap rate. David Choi of Greysteel represented the undisclosed seller.
CHARLOTTE, N.C. — Fountain Residential and BAM Capital will develop the first phase of a three-phase student housing project near the University of North Carolina, Charlotte. Phase I of The Vue on University will comprise 271 apartment units offering one- through four-bedroom floor plans totaling 727 beds. Communal amenities will include a swimming pool, 6,000-square-foot fitness center and multiple private study rooms. The community will be located at the corner of University City Boulevard and East Mallard Creek Church Road. Stuart Roosth Architects and Kimley-Horn Associates designed The Vue on University. MW Builders Inc. is the general contractor. Phase I is slated to be delivered in fall 2021.
SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17 million.