MIAMI BEACH, FLA. — The Levi’s Building South Beach, a 10,549-square-foot retail property including a 3,300-square-foot, three-bedroom luxury loft on Miami Beach’s South Beach has sold for $8.5 million. The building is located at 826 Collins Ave. in South Beach’s fashion district that includes flagship stores for Guess, Victoria’s Secret, Aldo, Barney’s Co-Op, Diesel, Tommy Hilfiger and Puma. The Levi’s Building South Beach was constructed in the 1930s and restored in the 2000s. It is currently leased to Levi Strauss & Co. with two retail showroom spaces on the second floor. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, a New York-based private investor.
Southeast
ATLANTA — Capital Advisors has arranged $2.15 million in refinancing for a 21,326-square-foot retail and office space at 3717-3721 Roswell Rd. in Atlanta’s Buckhead submarket. The property includes The Ivy Restaurant, several small office tenants and a single-story car wash. Kelly Martone of Capital Advisors’ Atlanta office arranged the 20-year loan with a 25-year amortization schedule on behalf of Habif Properties. It was arranged through Capital Advisors’ correspondent lender, StanCorp Mortgage Investors LLC.
DAYTONA BEACH, FLA. — The 157-room Days Inn Speedway Hotel, located at the Interstate 4 and International Speedway Boulevard intersection in Daytona Beach, has traded. Jeffrey Kolessar of GF Management, in his capacity as receiver for the ownership entity as appointed by the Circuit Court of Volusia County, sold the hospitality property to Executive Eagles Investment Group LLC. Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller<
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA) has brokered the sale of the 416-unit Flagler Pointe Apartments, located near Interstate 275 in St. Petersburg, for $23.2 million. The property was built in 1974 but underwent a complete renovation in 2002. The community includes 256 one-bedroom, 128 two-bedroom and 32 three-bedroom units with an average floor plan of 784 square feet. Flagler Pointe Apartments is 91 percent occupied. Amenities include four resort-style pools and two community clubhouses, along with tennis and volleyball courts. Jamie May of IPA represented the seller, PRG Real Estate Management. The buyer was Merion Realty Partners.
LAWRENCEVILLE, GA. — NorthMarq has secured $5.2 million in acquisition financing for the Philip Professional Center, a 32,120-square-foot medical office building. The property is located at 455 Philip Blvd. in Lawrenceville, Ga., approximately 30 miles northeast of Atlanta. Major tenants at the building include Kaiser Permanente and the VA. The 7-year loan is amortized over 30 years. MIke Doll of NorthMarq's Atlanta regional office arranged the financing on behalf of the borrower, ICM Realty Group LLC, through its relationship with a life company lender.
LAWRENCEVILLE, GA. — Fusion Creative has acquired a 63,651-square-foot, bank-owned industrial property, located at 645 Creekside Industrial Court in Lawrenceville. The building is situated on approximately 9.3 acres in the Gwinnett Progress Center Business Park. The industrial property was built in 2007 and features 42,840 square feet of column free space. Patrick Laughlin of Bullock Mannelly Partners represented the seller in the transaction. Ray Dankberg of Jones Lang LaSalle represented the buyer.
HUNTSVILLE, ALA. — Capital Advisors has secured approximately $2.18 million in acquisition financing for a Romano's Macaroni Grill at 5901 University Drive in Huntsville. The 25-year loan carries a 25-year amortization schedule. The loan's 5.25 percent interest rate is fixed for 20 years and resets to market rate on its 20th anniversary. Cotten Volman of Capital Advisors' Birmingham office arranged the financing on behalf of the borrower, Second Florida BS Investments LLC, which was provided by Capital Advisors' correspondent lender, StanCorp Mortgage Investors LLC.
After five years of economic challenges, the Orlando industrial market — hit harder than any other industrial region in Florida — is rebounding. During the recession, central Florida experienced what amounted to a full stop in home construction, the failure of dozens of banks and almost no foreign investment. Vacancy rates for Orlando’s industrial warehouse market peaked in 2010 at nearly 15 percent and remained high until 2011. But now the economy is picking up. Payrolls expanded by 4,400 jobs year-over-year for the period ending in May and construction of multifamily residential has grown consistently. The improvements are part of a trend that could extend for years. Today, the industrial market that had the highest vacancy rates in the state is now experiencing the greatest absorption, with 1.1 million square feet leased in the second quarter of this year, for a six-month total of 2.4 million feet. That’s a 19.3 percent gain over the same period in 2011 and the third consecutive quarter of positive absorption. The overall vacancy rate has fallen to 10.7 percent, and that doesn’t tell the whole story. Outlying areas and Class C properties are lagging. In Class A and Class B properties in southwest Orlando …
The major headlines dominating the greater Baltimore region this summer involved the unexpected resurgence of our beloved professional baseball team following nearly two decades of performing at a level below .500, and the logistical challenges facing the organizers of the second annual Grand Prix racing event scheduled for the Labor Day weekend. Connecting this news to the regional retail environment, we see a tremendous amount of winning and successful projects emerging throughout the area, combined with a great deal of noise and fast-moving activity. Fasten your seatbelts for a quick lap around the Charm City marketplace. Downtown CBD As General Growth Properties slowly emerged from bankruptcy, the company renewed its focus on re-energizing its retail assets lining the retail magnet known as the Inner Harbor by attracting new merchants and restaurants and upgrading the physical plant. The arrival of Bubba Gump Shrimp Co. and Ripley’s Believe It or Not Museum were among the notable adds. There is still some work to do with regard to reinvigorating The Gallery at Harborplace, which has lost some luster due to the emergence of Harbor East, but the improvements have been noticeable and well received. In Baltimore, the waterfront rules. The Cordish Company rebounded …
ORLANDO, FLA. — Highpoint Club Apartments, a 43-building, 348-unit multifamily community in Orlando, has traded for $30 million. Sentinel Real Estate Corp. soldthe property to Robbins Property Associates. Highpoint Club was built in 1995 and is located within the Waterford Lakes neighborhood in Orlando’s University/East Orange County submarket. Amenities include a clubhouse with wi-fi access, a resort-style pool, a business center, tennis courts and a basketball court. Jamie May of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented Sentinel Real Estate Corp.