When it comes to national economic cycles, Baltimore has always led a charmed existence. Its proximity to our nation’s capital, sustained strong consumer demographics and the presence of diversified industries have contributed to Baltimore entering recessionary times late and emerging early. New Centers Underway Five significant retail sites are either recently opened, under construction or nearing approval to initiate development. McHenry Row, positioned adjacent to the headquarters of the rapidly expanding Under Armour, is open and features a Harris Teeter grocery store. Baltimore City will also welcome a premier power center in 2013, as well as Canton Crossing, a 320,000-square-foot Harris Teeter- and Target-anchored center. This project is located east of the Inner Harbor on Boston Street and will be home to fast-casual restaurants and soft good retailers such as DSW, Michaels, Loft, Five Below, Ulta, Red Robin, Jimmy John’s and Chick-fil-A. In 2015, Baltimoreans on the north side of the city will begin shopping in the redeveloped Rotunda; D.C.-based Mom’s Organic Market is rumored to be the lead anchor. This renovation was spurred by the relocation of Giant Food to a larger footprint in the former Super Fresh at Green Spring Tower Square. Whole Foods is making whispers about …
Southeast
OCOEE, FLA. — Marcus & Millichap has brokered the $9.6 million sale of a retail building anchored by LA Fitness, located at 1560 E. Silver Star Road in Ocoee, about 13 miles west of Orlando. LA Fitness occupies 93 percent of the 51,160-square-foot center, which has an additional 3,526-square-foot vacant space. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a private investor from Raleigh, N.C. Schneider also secured and represented the buyer, a REIT based in Boynton Beach, Fla.
LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.
TAMPA, FLA. — Industrial Property Group has arranged the $5 million sale of 41 Industrial Center, three office/warehouse buildings totaling 196,636 square feet at 5100 Causeway Blvd. in Tampa. Jeff Lamm and Tom Gibbs of Industrial Property Group represented the seller, 41 Industrial Center LP, in the transaction.
NEW PORT RICHEY, FLA. — Compass Self Storage LLC, a member of Cleveland-based Amsdell Cos., has purchased a self storage property, located at 4413 Madison St. in New Port Richey. The 65,000-square-foot property is the company's third acquisition in the greater Tampa Bay area and seventh self storage acquisition this year. Compass Self Storage will operate the property, which includes drive up access, climate controlled units, outdoor storage, outdoor parking and a full line of moving supplies.
ROANOKE, VA. — Cronheim Mortgage has arranged $6.6 million in acquisition financing for a new 103,402-square-foot distribution facility, located in the Roanoke Centre for Industry & Technology (RCIT) in Roanoke. The RCIT is a business park that houses tenants such as Orvis Inc., Elizabeth Arden, BellSouth and Advance Stores Co. Dev Morris and Andrew Stewart of Cronheim arranged the 13-year loan through Aviva Life and Annuity Co. at a fixed 3.8 percent interest rate. Morris and Stewart arranged the loan on behalf of the borrower, Monmouth Real Estate Investment Corp.
GREENVILLE, N.C. — The Hampshire Cos., a private real estate investment firm based in New Jersey, has acquired Lynncroft Shopping Center, a 180,000-square-foot power center located at 3150 Evans St. in Greenville. The center's tenant roster includes Lowes Foods, Best Buy, Bed Bath & Beyond, Ross Dress for Less, Ulta Beauty, David's Bridal and Omega Sports. The company purchased the center on behalf of the HUH US Real Estate Income Fund, which targets stabilized assets in the eastern U.S. The Hampshire Cos. purchased the center in a joint venture with MCB Real Estate and ARGUS Development Group, the original developers of the center. ARGUS continues to manage and operate the center. Approximately 2,500 square feet is available for lease at the property.
PLANTATION, FLA. — Brookwood Financial Partners LLC, a Massachusetts-based real estate investment and asset management firm, has acquired Lakeside Office Center in Plantation. The Class A, 134,443-square-foot office building was constructed in 1986 and renovated in 2006. The property is located eight miles from downtown Fort Lauderdale and has 33,000 square feet available for lease. Brookwood plans to renovate the lobby, building entrance and common areas. CBRE represented the seller in the transaction, and Brookwood was self-represented.
STOCKBRIDGE, GA. — Franklin Street Real Estate Services has arranged the $1.9 million sale of Plaza at Eagles Landing, an 18,000-square-foot retail strip center located at 1058 Eagles Landing Parkway in Stockbridge. The property's tenant roster includes Starbucks, Randstad, Preston's Salon, Minky Bling and Sarah's Country Kitchen. Mac McCall of Franklin Street represented the seller, an Atlanta-based investment firm, in the transaction. The buyer is a private investor based in Spain. The buyer plans to continue to operate the center with retail and office tenants, while also attempting to lease up the remaining vacancies.
ATLANTA — Lincoln Southeast LLC, a subsidiary of Dallas-based Lincoln Property Co. Southeast, has been named the court-appointed receiver for Buckhead West, a 110,000-square-foot office complex located near the intersection of Interstate 75 and Howell Mill Road in Atlanta. Buckhead West is suited to tech tenants and creative firms, and has recently become home for movie and television production companies. The complex is within walking distance of the Howell Mill Village retail center adjacent to Post's Collier Hill apartments. The property has already received interest from various groups for either loft office, medical office and multifamily potential.