WASHINGTON, D.C. — A joint venture between Federal Capital Partners and Self Storage Zone has broken ground on the redevelopment of 645 Taylor St. N.E. in Washington, D.C., formerly the Capital Area Food Bank. The property will be converted into a three-story, 78,600-square-foot self-storage facility. The fully climate-controlled property will include 1,034 units in the city's Brookland submarket, one block from Catholic University. The facility is scheduled for completion in the first quarter of 2014.
OLIVE BRANCH, MISS. — LEGACY Supply Chain Services Inc. has signed a lease for 117,181 square feet of industrial space at Crossroads Distribution Center Building B in Olive Branch. The third-party logistics provider is securing the space as a distribution center for a manufacturer of baseball-related equipment. The lease brings the property to full occupancy. As a result, the property owner, IDI, has broken ground on Building L “to meet market demand,” according to Tim Moore, vice president of leasing for IDI Memphis. Crossroads L is slated to be 241,994 square feet and is scheduled for completion in October 2013. Fully developed, Crossroads Distribution Center will contain approximately 7 million square feet of Class A distribution buildings. Ken Parker and Mike Demperio of Fischer & Co. represented the tenant in the transaction. Moore represented IDI.
LIGHTHOUSE POINT, FLA. — The 27,000-square-foot Bank of America Building, located at 2850 N. Federal Highway in Lighthouse Point, has sold for $1.5 million. The four-story, Class B property was constructed in 1968 and is 29 percent occupied by a Bank of America branch with seven drive-thru lanes. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from New York, in the transaction. Jason Yukins, also of Marcus & Millichap represented the buyer, a limited liability company from Illinois.
ATHENS, TENN. — RCG Ventures has purchased McMinn Plaza, a 107,200-square-foot power center in Athens. The property, located at 921 Decatur Pike, is 84 percent occupied and anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. The center is one mile from Athens Regional Medical Center, a 315-bed hospital. Helen Putterman and Vera Thomas of Cohen Real Estate represented the seller, Wheeler Interests, a Virginia Beach, Va.-based REIT, in the transaction. Putterman and Thomas also represented the Atlanta-based buyer.
In the decade between 1997-2007, a massive amount of retail development swept the country, and Birmingham — like much of the Southeast — was considered a demographic sweet spot. During this 10-year period, the majority of the population was at a peak buying age, the economy was performing well and most of the population was experiencing higher income levels. In Alabama, developers and retailers alike scrambled to keep up with the growth by building new shopping centers anchored by big and junior box concepts in every major town across the state. Then the recession hit. As the market continued to slow, big and junior box retailers experienced decreasing sales and an overabundance of square footage brought new development pipelines to a halt. Despite a growing desire among today’s retailers to lease new space, the market is lacking supply. Now that big box development has largely stopped in Birmingham and retailers are starting to downsize, there is virtually no development pipeline for new shopping centers within the suburban markets. Competition for prime leasable space within these suburban locations has become fierce. Retailers, medical office tenants, and restaurants are all now vying for the same spaces that were built 10 years ago. …
BALLSTON, VA. — Donohoe Construction has completed the 183-roon Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Ballston. The hotel is a component of the Shooshan Cos. Founder's Square development, a four-building complex consisting of more than 1 million square feet of office, residential, retail and hotel space. Donohoe Hospitality will manage the property, which is the Ballston submarket's first extended-stay hotel. The property was built to LEED Gold standards and features a green roof, a 20 percent reduction in water use and a 44 percent reduction in energy consumption. Architect BBG-BBGM has also incorporated 1,880 square feet of retail space, 1,300 square feet of meeting space and 110 underground parking spaces.
ALPHARETTA, GA. — Sealy & Co. Inc. has purchased an 88,215-square-foot industrial property, located at 1525 Morrison Parkway in Alpharetta, for $5.8 million. The building is fully leased to FedEx Corp., which has five years remaining on its lease. Originally constructed as a build-to-suit, the property has been occupied by FedEx since 1998. Britton Burdette of Stan Johnson Co. represented both the buyer and seller, Wallace Enterprise, in the transaction.
MIAMI — Developer Rosemurgy Properties has completed a $1 million renovation to the 662-unit Sentry Self Storage, located at 3300 N.E. 2nd Ave. in Miami. A joint venture between Sentry Self Storage Management and Rosemurgy Properties acquired the 58,000-square-foot building in 2011. Upgrades to the property include office and entry remodeling, the installation of a security system and cameras and updated IT and access controls. On the exterior, crews installed a new roof and new lighting, signage and landscaping.
JACKSONVILLE, FLA. — The Supply Source, a supply chain management company, has signed a 69,098-square-foot industrial lease at the Deerwood Distribution Center, located at 8500 Baycenter Road in Jacksonville. The company plans to move its corporate headquarters to the new space this June. Patrick Thornton and Christian Harden of NAI Hallmark Partners represented the landlord, EastGroup Properties, in the transaction.
SUNRISE, FLA. — Industrial Income Trust, a non-traded REIT based in Denver, has acquired a three-building, Class A industrial portfolio in Sunrise for $39.3 million. The properties are situated within the Sawgrass International Corporate Park at 900 International Parkway, 14599 N.W. 8th St. and 13801 N.W. 4th St. The three buildings total 401,650 square feet and are fully occupied by five tenants. The properties feature 24-to 26-foot clear ceiling heights. Christian Lee, Chris Riley, Charles Foschini, Tom O'Loughlin and Jose Lobon of CBRE represented the seller, Cobalt Capital Partners, in the transaction. According to Lee, the deal allows the buyer to expand on its existing footprint at Sawgrass. The company acquired two buildings at the site in 2011.