Demand for industrial space remains strong in Miami’s commercial real estate market as enhancements and improvements to the city’s airport and seaport — along with the expansion of the Panama Canal — promise to bring a boom in trade to the South Florida area. In July, Miami’s industrial real estate vacancy rate stood at 5.8 percent, nearly four percent below the national average of 9.4 percent, according to the National Association of Realtors (NAR). Experts agree that Miami’s industrial real estate vacancy rate will continue to shrink as local infrastructure enhancements and improvements near completion, leading many companies that already utilize industrial space to vie for a slice of the 220 million square feet of storage and warehouse space presently available in Miami-Dade County. The new tunnel, rail and the deep dredge at the port, along with terminal improvements at the airport, have increased demand for millions of additional square feet of industrial space from users and offshore investors from South America, Canada, Europe, and China, both to lease and purchase property. Investors and users realize Miami will experience an increase in trade and commerce once the Panama Canal expansion is finished and they want a stake in it. Once …
Southeast
CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.
JACKSONVILLE, FLA. — NorthMarq Capital has secured $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit multifamily community located at 6650 Corporate Center Parkway in Jacksonville. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Epoch Properties Inc.
ST. PETERSBURG, FLA. — Pollack Shores Real Estate Group has recently acquired The Coves of Brighton Bay, a 382-unit apartment community located in St. Petersburg. The company has purchased 1,090 multifamily units in Central Florida in the past eight months. Pollack Shores plans to make capital improvements to the property, including upgrading the siding from stucco to Hardie Plank, installing new windows and renovating the clubhouse and apartment interiors.
TUPELO, MISS. — HREC Investment Advisors has arranged the sale of a 158-room Hilton Garden Inn in downtown Tupelo. Peachtree Hotel Group purchased the hotel and will take over the property management responsibilities. Patrick Culligan of HREC's Memphis office and Scott Stephens of HRE's Tampa, Fla., office represented the seller, Tom Ricketts and Master Hospitality Services, in the transaction.
MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
ATLANTA — Cushman & Wakefield's capital markets team in Atlanta has arranged the sale of a nine-building, 2.4 million-square-foot industrial portfolio in Atlanta. The properties are located in Atlanta's two strongest industrial submarkets — I-20 West and Airport/South Atlanta. The portfolio is fully leased to tenants such as Electrolux, Iron Mountain, Aaron's and TOTO Americas. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Clarion Partners, in the transaction. The buyer was Exeter Property Group, a private real estate investment firm based in Plymouth Meeting, Pa.
JACKSON, MISS. — Colliers International Atlanta has secured a $55 million construction loan for the Outlets of Mississippi, a 300,000-square-foot outlet shopping center under development in Jackson. The loan represents 70 percent of the overall development cost. The property is located five miles east of downtown Jackson and includes 80 designer and name-brand tenants, including Nike, Saks OFF Fifth, Coach, Michael Kors, American Eagle Outfitters, Banana Republic, Gap, Adidas, Lane Bryant, Aeropostale, Osh Kosh, Clark's Bostonian, Reebok, Nine West, Claire's, Hot Topic and Cole Haan. Forrest Speed led the Colliers Atlanta capital markets team in the transaction. Speed arranged the loan through a regional bank on behalf of the borrower, Bloomfield Investments LLC, the operating subsidiary of the developer, Spectrum Capital LLC. Colliers will also represent the developer in securing the future permanent mortgage.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of two boutique apartment buildings in northwest Washington, D.C., totaling 44 units. Marty Zupancic of Marcus & Millichap's Washington, D.C., office and his team represented both the buyer and seller in the sale of a 21-unit building at 6921 Georgia Ave. N.W. The property, located across the street from the Walter Reed Army Medical Center, sold in a Chapter 7 Bankruptcy Trustee Sale for approximately $1.8 million. Zupancic also represented the seller in the sale of the Longfellow Street Apartments, located at 614 Longfellow St. N.W. The property sold for approximately $1.5 million.
SUITLAND, MD. — Washington, D.C.-based Greysteel has brokered the sale of Regency Court Apartments, a 115-unit walk up apartment community in Suitland. The multifamily property is located near the Suitland Federal Center, Andrew Air Force Base and is across the street from the Suitland Metro Station. Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, Lance Ahmadian and Mike Bediones of Greeysteel represented the seller, Miles-Suitland LLC, in the transaction. Regency Court DNB LLC was the buyer.