RALEIGH, N.C. — The 183,500-square-foot Falls Village Shopping Center has sold in Raleigh for an undisclosed price. Anchor tenants include TJ Maxx, HomeGoods and Dollar Tree. Casey Rosen and Mike Burkard of CBRE’s National Retail Investment Group represented the seller, an affiliate of Greensboro, N.C.-based Bell Partners Inc. A joint venture between New York-based DRA Advisors LLC and Atlanta-based RCG Ventures LLC purchased the retail property, which was built in 1973 and renovated in 2002.
Southeast
The Orlando office market continued to inch forward during the third quarter of 2012 with modest net absorption of 74,851 square feet. This marks the ninth straight quarter of positive net absorption for the Orlando office market, which includes more than 38 million square feet of Class A and B office space. Overall vacancy, however, rose 28 basis points quarter over quarter to 17.89 percent due largely to negative absorption in the Maitland Center submarket and due to an increase in available sublease space. The uncertainty created by the presidential election and the pending “fiscal cliff” were likely a factor in these modest third quarter results. Otherwise, office demand fundamentals continue to steadily improve. According to the Bureau of Labor Statistics, unemployment levels dropped to 8.4 percent in September, down from 8.7 percent in August. The office market will ultimately benefit from a multiplier effect as increases in construction and trade today should lead to increased demand for professional services and therefore increases in office using employment in the near future. Positive absorption in the third quarter was mostly due to growth within the Downtown/CBD submarket where 76,287 square feet of space was absorbed. The remaining non-CBD submarkets had mixed …
ORLANDO AND FERNANDINA BEACH, FLA. — The Shopping Center Group has brokered the sale of two retail properties in Orlando and Fernandina Beach. The 100,385-square-foot Millenia Crossing in Orlando sold for $34.5 million. The Orlando retail property was built between 2009 and 2012, and is anchored by Nordstrom Rack. It is situated in front of the only IKEA store in the Orlando MSA and is 100 percent leased. The Shopping Center Group represented the seller, an affiliate of Madison, Wis.-based EJ Plesko and Associates. An affiliate of The Morris Companies of New Jersey acquired Millenia Crossing. Additionally, the 53,144-square-foot The Shops at Amelia Market in Fernandina Beach in the Jacksonville, Fla., area sold for an undisclosed price. The retail property is located in the heart of Amelia Island and anchored by the only Harris Teeter grocery store in Florida. It was built in 2000 and is 91 percent leased. The Shopping Center Group represented the seller, EDENS. An Atlanta-based affiliate of The Simpson Organization acquired The Shops at Amelia Market.
TUSCALOOSA, ALA. — HFF has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly constructed off-campus student housing community serving the University of Alabama in Tuscaloosa. HFF worked exclusively on behalf of Ellis-Trick Multifamily to place a 10-year, fixed-rate loan through Freddie Mac’s CME Program. Loan proceeds were used to refinance the original construction debt on the 162-unit, 308-bed student housing property. The Bluff at Waterworks Landing is located less than one mile from the University of Alabama campus at 534 Seventh Ave. near the intersection of Jack Warner Parkway and McFarland Boulevard. Adam Herrin led the HFF team.
MIAMI — The 203,567-square-foot Aventura Business Park has sold for $17.3 million. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both the unlisted seller and the buyer, Bristol Group Inc. The three-building property was completed in 1989 and is located off Interstate 95 and Ives Dairy Road.
HANOVER COUNTY, VA. — Rutland Commons, an approximately 110,000-square-foot, Kroger-anchored shopping center at 9351 Atlee Rd. in Hanover County, has sold for $7.1 million. The Rebkee Company purchased the retail property, and Connie Jordan Nielsen and Nicki Jassy of Cushman & Wakefield/Thalhimer represented the company in its purchase. It was purchased from Crosland Rutland LLC as an investment. Jassy and Pam Strieffler, also with Cushman & Wakefield/Thalhimer, have been selected by Rebkee as the exclusive leasing agents for the shopping center.
CARY, N.C. — KBS Real Estate Investment Trust I, a non-traded real estate investment trust headquartered in Newport Beach, Calif., has finalized a 154,519-square-foot office lease for Xerox Business Services LLC in Cary. Xerox, which was represented by Tom Flynn and Matthew Cooke of Jones Lang LaSalle, renewed its lease at the 248,823-square-foot Crescent Green. Ed Pulliam and John Brewer of CBRE-Raleigh represented KBS. Xerox Business Services, an affiliate of Xerox Corp., and its predecessor, Affiliated Computer Solutions, have been at Crescent Green since 2006.
JACKSONVILLE, FLA. — Parkway Properties Inc. has entered into a purchase and sale agreement to acquire an eight-property office portfolio totaling 1 million square feet in Jacksonville’s Deerwood submarket for $130 million. The properties were developed from 1996 to 2005 and are 93.7 percent occupied. Parkway also completed the previously announced purchase of Tower Place 200, a 260,000-square-foot office tower in Atlanta’s Buckhead submarket, for $56 million. The 13-story Class A Tower Place 200 was built in 1998 and is 82.9 percent occupied.
ATLANTA — Phillips Edison-ARC Shopping Center REIT Inc. has purchased six grocery-anchored shopping centers totaling 507,668 square feet in metro Atlanta for approximately $60.5 million. The retail portfolio includes five Kroger-anchored properties and one Publix-anchored property. The six properties are Butler Creek in Acworth, Ga.; Fairview Oaks in Ellenwood, Ga.; Grassland Crossing in Alpharetta, Ga.; Hamilton Ridge in Buford, Ga.; Mableton Crossing in Mableton, Ga.; and Shops at Westridge in McDonough, Ga. The REIT is co-sponsored by Phillips Edison & Co. and AR Capital LLC, a real estate investment program sponsor.
ORLANDO, FLA. — Summit Hotel Properties Inc. has acquired three hotels totaling 426 guestrooms from affiliates of Hyatt Hotels Corp. for $36.1 million. Two of the Hyatt hotels are located in Orlando with the other hotel in Illinois. Summit has entered into an agreement with Select Hotels Group LLC, an affiliate of Hyatt, to operate each hotel. The Orlando hotels include the 151-room Hyatt Place-Universal and the 149-room Hyatt Place-Convention Center.