IRONDALE, ALA. — Michael Randman of Birmingham, Ala.-based Southpace Properties has represented Mark Gold in the $2.2 million purchase of Grants Mill Station, a 226,837-square-foot shopping center in Irondale. CBRE Nashville represented the unlisted seller. Southpace Properties is Alabama’s largest independent commercial real estate firm.
Southeast
CHARLOTTE, N.C. — Paragon Bank has acquired the 16,427-square-foot, Class A office building at 6337 Morrison Blvd. in Charlotte’s SouthPark submarket for an undisclosed price. The bank, which serves the financial needs of mid-sized commercial businesses and their owners, will relocate its offices from Two Piedmont Town Center. Jubal Early of Lincoln Harris represented Paragon Bank in the acquisition. David Dorsch and Rob Cochran of Cassidy Turley represented the unlisted seller.
WASHINGTON, D.C. — A 3,990-square-foot mixed-use property in Washington, D.C.’s Dupont Circle neighborhood has sold for approximately $1.4 million. The property is located at 1502 21st St. and is fully leased. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor. The buyer, also a private investor, was secured and represented by David Weber of Marcus & Millichap’s Washington, D.C., office.
The sun shines once again on Tampa’s office sector — especially for the Westshore submarket, the largest in the Tampa Bay area. Job growth and a lack of new development have led to strong net absorption and declining vacancy in 2012. All those factors create the very real possibility for speculative office development in 2013, especially given the region’s lack of large blocks of contiguous Class A space. Overall vacancy for Tampa’s 32 million-square-foot office market was 16.7 percent through the third quarter, a full percentage point lower than vacancy at the beginning of 2012. Westshore captured 250,000 square feet of the area’s 350,000 square feet of net absorption, but even the Downtown submarket totaled 100,000 square feet of net absorption through the third quarter — not bad for a section of the market that’s struggled disproportionately over the past few years and has 6.5 million square feet of office space. Conversely, Tampa’s I-75 submarket struggled, with negative 40,000 square feet of net absorption through the first three quarters of 2012, but it has a strong track record over the past 15 years and brighter prospects ahead. Net absorption could’ve been greater, too, but potential tenants waited out election results. …
ATLANTA — Clermont Hotel Partners LLC has purchased The Clermont Hotel, located at 789 Ponce de Leon Ave. in the Virginia Highlands submarket of Atlanta, with plans to redevelop the property as a boutique hotel. The historic building was built in the 1920s as apartments and converted to a hotel in the 1940s. The Clermont Hotel includes an iconic club on the ground level, which has been in operation for nearly 50 years. The hotel has been shut down since Dec. 31, 2009. Jake Reid of Franklin Street Real Estate Services represented the seller, Fairway Capital, in the transaction. The buyer is an affiliate of Nashville, N.Y.-based BNA Associates LLC.
NORTH CHARLESTON, S.C. — Charlotte, N.C.-based Beacon Partners has purchased North Rhett Commerce Center, a 511,891-square-foot industrial warehouse on 34 acres at 5801 North Rhett Ave. in North Charleston, for an undisclosed price. The facility houses tenants Husqvarna Professional Products and Integris Logistics. Beacon plans significant renovations and improvements during upcoming months to enhance the property’s functionality, energy efficiency and appearance. Beacon represented itself in the industrial transaction and Hagood Morrison of Colliers International represented the unlisted seller.
JESSUP, MD. — Boston-based TA Associates Realty has purchased a 205,000-square-foot industrial warehouse at 8125 Stayton Dr. in Jessup for $13.7 million. It is fully leased to Capitol Express & Warehousing through 2018. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Stayton Associates.
BOCA RATON, FLA. — The 10-story One Town Center, formerly known as the Tyco Building, is undergoing renovations and re-entering the Boca Raton market with Class A office space in the Glades/West Boca submarket. MetLife owns the building and has retained CBRE to lease and manage the property. Renovations are being completed by Fort Lauderdale, Fla.-based architect HKS. The building was constructed in 1990 and its most recent tenants were ADT and Tyco International.
ORLANDO, FLA. — Metro Pointe Shopping Center, a 32,538-square-foot retail property, has traded for $4.75 million in Orlando. It is 100 percent occupied and is shadow-anchored by a Walmart Supercenter. Metro Pointe Shopping Center’s tenants include Planet Fitness Gym and Rainbow USA, a clothing store. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Sunrise, Fla.-based banking institution. The buyer was a private investor from Toledo, Ohio.
TAMPA, FLA. — A joint venture between Feldman Equities Inc. and Tower Realty Partners has acquired the 22-story, 387,477-square-foot Wells Fargo Center for $44.8 million in downtown Tampa. The Class A office building is located across from the Tampa Convention Center and includes anchor tenants Wells Fargo & Co., Phelps Dunbar and UBS. It is currently 77 percent leased. Larry Feldman of Feldman Equities Inc. will lease Wells Fargo Center and Tower Realty Partners will handle management responsibilities. Eastdil Secured represented the seller and HFF represented the buyer.