FAIRFAX, VA. — Gyrodyne LLC has sold Fairfax Medical Center, a two-building, 57,621-square-foot medical office complex in Fairfax. JAG Associates LLC purchased the property for $14 million. Gyrodyne’s predecessor, Gyrodyne Co. of America Inc., purchased the property in 2009 for $12.9 million.
AVENTURA, FLA. — Dockerty Romer & Co. has arranged the $105.3 million acquisition of Aventura Corporate Center, a 242,244-square-foot office complex located in Aventura, roughly 18 miles outside of Miami. The Class A property, located along Biscayne Boulevard, comprises two five-story buildings, one six-story building and three parking garages with additional development rights. Major tenants at the complex include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs. Buildings I and II, located at 20801 and 20803 Biscayne Blvd., were constructed in 1987 and 1988, respectively, and underwent renovations in 2005. Building III, located at 20807 Biscayne Blvd., was built in 2007. Bob Dockerty of Dockerty Romer & Co. arranged the transaction on behalf of the 1031 exchange buyer, Renaissance Aventura LLC. HFF represented the seller, ACC/GP Development LLC and ACC/GP Investment LLC, in the transaction. The 1031 exchange buyer, which is affiliated with investors Kenneth and Robert Fishel, sold an asset located in Manhattan before acquiring Aventura Corporate Center. The investors primarily own multifamily and office assets across the New York City metro area. Dockerty Romer also secured a seven-year, $50 million acquisition loan on behalf of the buyer through Prudential Mortgage Capital Co. Since its inception in January 2000, …
DURHAM, N.C. — Duke University plans to develop a $62 million hotel on its west campus in Durham. Located at 230 Science Drive, the 198-room JB Duke Hotel will feature two bars, a restaurant, landscaped courtyards and terraces, local décor and furnishings and a grand hall with a two-story glass wall. The hotel will also feature the 20,850-square-foot Thomas Executive Conference Center, which will comprise a 5,450-square-foot ballroom, multi-purpose spaces, two boardrooms, two 65-seat classrooms, pre-function spaces and a business center. Duke University’s MBA programs will use the hotel and conference facilities for working professionals and non-degree executive education courses hosted by the school’s Fuqua School of Business. The hotel will be within walking distance of Cameron Indoor Stadium, Wallace Wade Stadium, Koskinen Stadium, the Duke medical center, Duke Chapel, Sarah P. Duke Gardens and a 2,200-space parking garage that is currently under construction. Duke University has selected Durham-based WDI Hospitality LLC to manage JB Duke Hotel, which is a “father-and-son property” with Washington Duke Inn & Golf Club, which is also owned by Duke University and managed by WDI Hospitality. Duke University expects to start taking reservations at JB Duke Hotel in January 2017.
NASHVILLE, TENN. — GBT Realty Corp. plans to develop Belcourt Park, a $20 million, 76-unit multifamily development located in Nashville’s Hillsboro Village. The new property is designed for Nashville’s workforce population in need of affordable housing. Situated on a 0.7-acre site on Belcourt Avenue, the new apartment community will replace a building that most recently housed the Belmont Nursing Home, which closed in 2015. GBT Realty will develop the four-story property consistent with Nashville’s T4 Neighborhood Plan that outlines the need for more live/work/play developments in the city. The property will feature an onsite leasing and management office, concealed 84-space parking structure, limited street parking, bike racks and common amenities including a Wi-Fi workspace, espresso bar, fitness facility and a landscaped patio area with cabanas and fire pits. Floor plans will include studio, one- and two-bedroom residences, each equipped with complimentary Google Fiber and NEST Learning Thermostats. GBT Realty is not seeking public funding or concessions for the project. The Brentwood, Tenn.-based developer purchased the site for Belcourt Park in 2015 for $3.4 million. GBT Realty is also developing the $45 million Village 21 at Regions Park, which will be located roughly two blocks west of Belcourt Park. The development …
MORGANTOWN, W.VA. — Core Spaces has acquired a three-year-old, 420-bed student housing community located less than half a mile away from the West Virginia University campus in Morgantown. Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. Core Spaces will implement a capital improvement program to include the addition of a fitness center replete with a steam room and sauna, and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Core Spaces will add a new computer lab that will feature new computers, printers, multiple group study areas and individual study spaces. The leasing offices, lobby and reception area will also be redesigned and repositioned. Renovations are expected to begin this summer and be complete by late fall.
MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $13 million sale of Sadigo Court South Beach, a historic 30-unit boutique “apartment hotel” building located at 334 20th St. in Miami Beach’s Collins Park neighborhood. Originally built in 1936 about two blocks from the Atlantic Ocean, Sadigo Court features five junior suites with kitchenettes and 25 fully furnished one-bedroom suites with full kitchens. The buyer, a private investor based in Bay Harbor Islands, Fla., has options to renovate and reposition the property as a 50-room hotel, as well as construct a new building on the south side of the property. Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller, a private investor based in Miami Beach, in the transaction.
LANHAM, MD. — Cambridge Property Group LLC has sold a 142,810-square-foot flex building located at 10201 Good Luck Road in Lanham, a city roughly 13 miles outside of Washington, D.C. The Washington Metropolitan Area Transit Authority purchased the property for approximately $12.9 million. Cambridge Property Group developed the office and distribution building in 2005 as a build-to-suit for the General Services Administration on behalf of a tenant client, which occupied the property continuously until December 2015. William Czekaj, Ingo Mayr and Benjamin Eldridge Jr. of Cambridge Property Group negotiated the transaction on behalf of developer client CA/Development Associates LLC.
Beretta, Nissan, General Motors, Electrolux and Hankook Tire are a few manufacturing giants that call Middle Tennessee home. Expanding the manufacturing presence throughout 2015, 29 advanced manufacturing companies announced relocations or expansions in Middle Tennessee. Of that total, six companies revealed plans to create a combined 710 jobs and occupy more than 1 million square feet during the fourth quarter of 2015 alone. Nashville’s central location, skilled workforce and labor cost advantages continue to make the market a magnet for manufacturing companies. Unsurprisingly, in its Emerging Trends in Real Estate 2016 report, Urban Land Institute named Nashville the “No. 7 U.S. Market to Watch for 2016” and an “18-Hour City.” Additionally, Nashville’s low cost of doing business and consistent job and population growth favor the industrial market, and the pipeline for talent across all multiple industries remains full. Nashville’s industrial market is firing on all cylinders — with record low vacancy rates and historically high rents, which is driving robust speculative warehouse development. Interestingly, a new trend is occurring that is breaking the paradigms of traditional industrial space use — the appearance of the maker economy. These “makers” are modern, small-scale manufacturers that “are emerging as a revitalizing force in …
NORTH MYRTLE BEACH, S.C. — Inland Real Estate Income Trust Inc. has purchased the 311,313-square-foot Coastal North Town Center in North Myrtle Beach. According to Inland’s federally mandated quarterly report, the sales price was $72.4 million and the company borrowed from its credit facility to fund a portion of the acquisition. Constructed in 2014, the shopping center was 93.5 percent leased at the time of sale to tenants such as Publix, Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and several restaurants. Mark Cosenza of Inland Real Estate Acquisitions Inc. facilitated the purchase of the property on behalf of Inland Income Trust. The seller was undisclosed.
WASHINGTON, D.C. — ULI Washington has selected Columbia Property Trust’s Market Square office complex in Washington, D.C., as the winner of the Legacy Award. The distinction, given to a project that has been transformational to the community, was presented at ULI Washington’s Real Estate Trends Conference held on April 27. Located at 701 and 801 Pennsylvania Ave., the two 13-story office buildings total 693,000 square feet. The complex curves around the U.S. Navy Memorial and sits atop the Archives-Navy Memorial Metro station, making it one of the most recognizable office properties in the city. Since acquiring Market Square in 2011, Atlanta-based Columbia Property Trust has signed more than 250,000 square feet of leases to tenants including Edison Electric Institute, Ford Motor Co., American Express, Bayer Corp., Kellogg Co. and CBS Broadcasting. Blackstone Property Partners US purchased a 49 percent joint venture interest in Market Square in October 2015 for $292 million.