Southeast

Miller Construction Co. Completes 218,000 SF Transal Logistics Center in Metro Miami

by John Nelson February 10, 2015

DORAL, FLA. — Miller Construction Co. has completed the 218,000-square-foot Transal Logistics Center in Doral for Gibson Development Partners. The two-building complex at 8301-8303 N.W. 27th St. provides warehouse/distribution space for international trade operations, with 30-foot clear heights, 54- by 50-foot column spacing, ESFR fire sprinklers and T-5 lighting with motion sensors. Boca Raton-based RLC Architects designed the property to feature reinforced concrete and tilt-wall buildings that wrap around a secure 180-foot truck court with dock-high loading for the center’s 69 bays. Bay sizes start at 8,910 square feet and units will range in size from 17,280 to 110,000 square feet, and Coral Gables-based Fairchild Partners is handling leasing. Additionally, Miller Construction is building Gateway Plaza at Doral, an 84,000-square-foot office, retail and restaurant center nearing completion near the Transal Logistics Center on N.W. 87th Avenue and N.W. 21st Terrace.

February 10, 2015

Security Self Storage Miami Lakes Florida

Florida Southeast

Marcus & Millichap Brokers $5.6M Sale of Self Storage Facility in Miami Lakes

by John Nelson February 10, 2015

MIAMI LAKES, FLA. — Marcus & Millichap has brokered the $5.6 million sale of Security Self Storage, a 99,757-square-foot self storage center in Miami Lakes. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction. Security Self Storage was built in 1999 and is located off Red Road. The facilities are fully gated with an onsite apartment.

February 10, 2015

North Carolina Office Southeast

Hartwell Realty Arranges Sale of Raleigh Office Building

by John Nelson February 10, 2015

RALEIGH, N.C. — Hartwell Realty Inc., a Raleigh-based boutique commercial real estate firm, has brokered the sale of a 42,010-square-foot Class A office building located at 4001 Weston Parkway in Raleigh. The office building is the headquarters of Kruger USA, the U.S. headquarters for Veolia, a municipal solutions and technologies firm for wastewater management and drinking water treatment. Kruger recently took full occupancy of the building. Brenda Compton, Jason Stegall and Matt Raiford of Hartwell Realty put together the off-market transaction.

February 10, 2015

Georgia Hospitality Southeast

HREC Brokers Sale of Ramada Limited in Metro Atlanta

by John Nelson February 10, 2015

FOREST PARK, GA. — HREC Investment Advisors has brokered the sale of the 79-guestroom Ramada Limited in Forest Park, roughly 11 miles south of Atlanta down I-75 and approximately five miles south of the Hartsfield-Jackson Atlanta International Airport. The buyer, HR Hotel Management Inc., purchased the hotel for an undisclosed amount. Monty Levy, Jeff Brown and Scott Stephens of HREC Investment Advisors represented the seller, VFC Properties LLC.

February 10, 2015

Office Southeast Virginia

Akridge, RTC Partnership to Build $210M Office Tower in Metro D.C.

by John Nelson February 9, 2015

RESTON, VA. — Akridge and RTC Partnership LLC have formed a joint venture to develop 1760 Reston Parkway, a $210 million, Class A office tower in the Reston Town Center mixed-use development outside Washington. The approximately 420,000-square-foot, 22-story building will reach 330 feet, nearly 115 feet taller than the next tallest building in Reston Town Center. As a result, 1760 Reston Parkway will offer tenants panoramic views from the Blue Ridge Mountains to downtown Washington. 1760 Reston Parkway will be located six miles east of the Washington Dulles International Airport and approximately 20 miles west of Washington. The site is currently home to a five-story, 61,000-square-foot office building that will need to be demolished prior to construction, according to the Washington Business Journal. The newspaper says that Akridge has not ruled out building on spec, but plans to prelease an anchor tenant for at least 150,000 square feet before proceeding with construction. RTC Partnership LLC acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. Whealen retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that …

February 9, 2015

Savannah Georgia Boutique Hotel River Street

Georgia Hospitality Southeast

Rockbridge to Build Boutique Hotel in Savannah

by John Nelson February 9, 2015

SAVANNAH, GA. — Rockbridge plans to develop a 173-room boutique hotel in Savannah’s Historic District on River Street. With a projected opening in late 2016, the hotel will include a ground-floor restaurant and retail space, 4,000 square feet of meeting space, an upscale swimming pool experience, rooftop bar and on-site parking. Rockbridge will implement its all-king concept for this property, with 82 double king rooms, 66 kings and 25 suites. The hotel is located on the site of the oldest bottleworks factory in America and will incorporate historic bricks and bottles from the site in the development. Rockbridge has been working with city leaders to design and construct the first public, ADA-accessible pedestrian stairway and elevator to the river adjacent to the property. Plans include very wide, safe stairs and an elevator with new streetscaping and lighting enhancements.

February 9, 2015

Florida Office Southeast

Colliers Arranges 236,250 SF Office Lease at EverBank Center in Downtown Jacksonville

by John Nelson February 9, 2015

JACKSONVILLE, FLA. — Colliers International Northeast Florida has arranged a 236,250-square-foot office lease at EverBank Center, a 30-story, 956-201-square-foot office tower in downtown Jacksonville. Chuck Diebel, Preston Phillips and Lisa McLatchey of Colliers International Northeast Florida represented the landlord, Amkin West Bay LLC, in the lease transaction. Cushman & Wakefield represented the tenant, Citizens Property Insurance Corp. The new lease brings the office tower’s occupancy to more than 90 percent.

February 9, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Apartment Community in Charlotte

by John Nelson February 9, 2015

CHARLOTTE, N.C. — ARA has brokered the sale of Berkshires on Providence, a 473-unit, Class B apartment community in Charlotte. Berkshires on Providence was built in 1969 and was receiving upgrades to units as they turned over. Community amenities include two swimming pools, two tennis courts, a business center, children’s play area, clubhouse and laundry center. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, an affiliate of Boston-based Berkshire Group, in the transaction. The buyer, Charlotte-based Levine Properties, purchased the asset for an undisclosed amount.

February 9, 2015

Dadeland @ 9700 Dadeland Florida Eastern National Bank

Florida Office Southeast

Avison Young Brings Miami Office Building to Full Occupancy with 21,492 SF Lease

by John Nelson February 9, 2015

MIAMI — Avison Young has arranged a new 21,492-square-foot lease for the relocation of Eastern National Bank’s corporate headquarters relocation. The company is moving its footprint from Miami’s Brickell district to Dadeland @ 9700, an 11-story, 67,142-square-foot office building at 9700 S. Dixie Highway. The move brings the office building to 100 percent occupancy. Donna Abood, Joe Abood and Ericka Witkowski of Avison Young represented the landlord, Dadeland Executive Plaza LLC, in the transaction.

February 9, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Three Distinct Trends are Driving the Raleigh-Durham Office Market

by John Nelson February 9, 2015

The Raleigh-Durham-Chapel Hill (Research Triangle) region has entered a period of vibrant market expansion. Overall Class A vacancy has fallen below 10 percent for the first time since the building boom of 2001, with rates as low as 2.2 percent in some of the region’s most desirable submarkets, where severe shortages have absorption extending into long-stagnant Class B product. Despite this auspicious environment for new construction, developers are still exercising substantial caution, underscoring the depth of the last downturn and its long-lasting impact on both the development and lending communities. However, recent successful Class A deliveries by REITs like Raleigh-based Highwoods Properties and Indianapolis-based Duke Realty signal a shift toward a more pronounced supply cycle, with lower pre-lease thresholds, and a Class A market that is clearly transitioning from a recovery cycle to a period of low supply. As the market picks up steam, here are three trends that we see emerging in the Raleigh-Durham office market, and the implications for the MSA going forward. The Rise of Live-Work-Play In the last decade, no trend has had a greater impact than the rise of the live-work-play model, a phrase that encapsulates many meanings, but always embodies the high value placed …

February 9, 2015

Newer Posts

Older Posts