ORLANDO — Magellan Behavioral Health Inc. has expanded its office and warehouse lease by 17,688 square feet at 6870 Shadowridge Drive in Orlando. The company, which already occupied Suites 10 and 11 in Building A, will additionally occupy Suites 7 through 9 for a total of 27,867 square feet. Jamie Barati of Colliers International and Jamie Smith of Cassidy Turley represented the tenant in the transaction. Robert Blackwell of NAI Realvest represented the landlord, Semoran Commerce Center LLC.
The Nashville office market may have good cause to be the envy of the commercial real estate world. Despite a sluggish economic recovery for most of the United States, Nashville’s economy and office market have experienced a surge of growth fueled by a diverse business climate that includes healthcare firms, legal firms and corporate headquarters. That surge puts overall office vacancy at a 10-year low and Class A vacancy at record lows, 9.9 percent and 6.3 percent, respectively. Moreover, the types of development and transactions that are shaping the office market and economy are economic development homeruns, bringing or retaining growing firms’ corporate headquarters to Nashville and driving job growth. By any measure, 2012 was a banner year for Nashville’s office market. The CBD submarket has seen the most leasing activity, as many of Nashville’s major law firms and banks have secured homes for the next decade. Butler Snow’s deal at the Pinnacle building placed the 520,000-square-foot Class A office tower at 80 percent leased, and this building — which has the highest rents in the city — was closing in on full lease-up at the end of the year. Additionally, with the majority of downtown office space committed and …
Retail operations struggled in the Jacksonville metro through the first half of 2012, but residential construction across the area will contribute to increased leasing activity in the coming months. In the bustling region around the already-expanding St. John’s Town Center, several new housing developments will add between 2,400 and 3,100 residential units, while more than 2,000 apartments are planned in the Arlington/Baymeadows/Mandarin submarket. High-end retailer Nordstrom has signed a lease to anchor the addition to St. John’s with a 124,000-square-foot store set to open in the fall of 2014, and another 30,000 square feet is planned for smaller stores. In other areas of the metro, retailer H&M has opened its first Jacksonville location at the Avenues mall. Winn-Dixie is planning six new stores, and retailers Family Dollar and Dollar General are poised to open a combined six new stores as well. These retailers moving into the region will help attract smaller tenants to nearby locations, filling in dark space and enabling owners to lift rents. After third quarter 2012, employment was down 500 positions although employers created 5,300 jobs during the third quarter. Employment over the quarter was broad-based, as 10 of the 11 sectors realized gains. Employment growth was …
DECATUR, GA. — The RADCO Cos. has acquired the Pavilion at Decatur, a 144-unit apartment property near Emory University and Dekalb Medical Center in Decatur. RADCO plans to spend $4.8 million to upgrade the units and build an amenity package of the property. Amenities will include a new clubhouse, fitness center, pool and playground. Pavilion is adjacent to a new park under construction by Dekalb County.
CHARLESTON, KY. — Kroger Limited Partnership of Cincinnati has acquired Ashton Place Shopping Center, a 76,947-square-foot, Kroger-anchored center in Charleston. The property, located at 1100 Fledderjohn Road, is fully occupied. Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Tennessee, in the transaction.
WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.
GREENVILLE, S.C. — Covington Group has purchased five warehouse buildings, totaling 682,000 square feet, in South Carolina as part of the company's expansion into new markets. The deal included two buildings off Augusta Road in Greenville and three buildings off Highway 14 in Greer, S.C. Covington plans to upgrade the facilities and rebrand them as Logistics Pointe, Greenville and Logistics Pointe, Greer. The buildings included approximately 270,000 square feet of vacant space. The company also recently entered the Illinois market, acquiring a 502,500-square-foot industrial building in Sauget, Ill.
MIAMI — Plaza Construction has broken ground on The Related Group's new $105 million condominium development, Millecento Residences by Pininfarina, in Miami's Brickell neighborhood. The 691,610-square-foot property is located at 1100 S. Miami Ave. The 42-story tower will feature 382 units, a 16,000-square-foot recreation deck, club rooms, a theater, pool, spa and fitness center. The building will also include 15,750 square feet of street-level retail space and roof top deck with cabanas, a party room, bar and infinity pool. Carlos Ott is the design architect and Cohen Freedman Encinosa & Associates is the architect of record.
WASHINGTON, D.C. — Mesa West Capital has provided Brookfield Real Estate Opportunity Fund I with a $95.5 million first mortgage loan on 64 New York Ave. NE, a 355,000-square-foot office building in Washington, D.C. Built in 1924 as a warehouse, the building was converted into a Class A office building in 2000. The building is 45 percent occupied by the District of Columbia, which recently signed a new long-term lease. The loan proceeds were used to refinance the existing debt as well as provide for capital costs associated with recent upgrades to the property. Raphael Fishbach of Mesa West originated the financing.
HERNDON, VA. — Federal Capital Partners has acquired Berkdale Apartments, a 184-unit apartment community in the Dulles Park area of Herndon for $24.2 million. The eight-building property is located near Elden Street and Sterling Road, within walking distance of several schools. Amenities include a playground and an adjacent park with playing field and a bike trail. All of the units have recently been upgraded. Andy Boyer and Jonathan Greenberg of CBRE Group represented the seller in the transaction.