Southeast

$30M AFFORDABLE HOUSING COMPLEX OPENS

by admin April 27, 2012

MIAMI — The $30 million, 100-unit Dr. Barbara Carey-Shuler Manor, an affordable housing complex located at 1400 NW 54th St. in Miami, has opened. Half of the units are designated for formerly homeless families and the other half are set aside for elderly residents and low-income families earning at or below 60 percent of the area's median income. Amenities include an exercise facility and community room. Additionally, there is 16,000 square feet of ground-floor office space. Carrfour Supportive Housing developed the property.

April 27, 2012

GROUND BREAKS ON $12M KROGER

by admin April 27, 2012

GRIFFIN, GA. — The Kroger Co. and Collins & Arnold have broken ground on a $12 million, 94,000-square-foot Kroger and an 18-pump Kroger Fuel Center at the 102,000-square-foot Griffin Pavilion, located at GA Highway 16 and GA Highway 19/41 in Griffin. The Sofran Group developed the center, which includes tenants such as Lowe's Home Improvement, O'Reilly Auto Parts and Wells Fargo Bank. Completion is slated for November 2012.

April 27, 2012

Retail Southeast

FITNESS FIRST BUYS TWO PROPERTIES FOR $5.34M

by admin April 27, 2012

GAITHERSBURG AND FREDERICK, MD. — Fitness First has purchased two properties for a total of $5.34 million. The company acquired a 17,670-square-foot flex/retail building, located at 18810 Woodfield Rd. in Gaithersburg from Sumo Holdings Maryland. Bill Quay and Ro Waldron of McShea represented the seller in the transaction. In Frederick, the company purchased the 23,011-square-foot former Frederick Athletic Club, located at 5245 Westview Dr., from Even Par. Rick Farren and Brad Benna of McShea represented the seller. Christopher Coccaro, Jeff Massie and Nick Finelli of Broad Street represented the buyer in both transactions. The former Frederick Athletic Club will continue to operate and gradual changes will be made to transition to the Fitness First model. The inside of the Woodfield property will be reconstructed and open by year's end.

April 27, 2012

Market Reports South Carolina Southeast Market Reports

Improving fundamentals expected.

by admin April 27, 2012

The Greenville-Spartanburg office market includes more than 10 million square feet of leasable office space located along Interstate 85 between Charlotte, North Carolina, and Atlanta. The market is expected to enjoy increasing absorption levels with a modest drop in vacancy, which currently stands at just over 16 percent. The biggest news on the construction front is Hughes Development’s ONE building in the Greenville CBD. The property will deliver 370,000 square feet of Class A office space to the market in its two phases. Phase I is expected to be completed by the end of 2012. Phase II is expected to be completed by third quarter 2013. Anchor tenants for the property include CertusBank, Haynesworth Sinkler Boyd and Clemson University, which is relocating its Master’s of Business Administration program to the project. Banking is one sector that stands to be a high-growth industry in the local market through the end of 2013. In addition to rapidly growing CertusBank in the new ONE building, TD Bank recently announced its intention to permanently occupy the Interstate 85 campus the company acquired with the purchase of a regional bank, The South Financial Group. This removed 150,000 square feet of vacant Class A space from …

April 27, 2012

Civic Southeast

RHODES+BRIO TO DESIGN TWO $10M SCHOOLS

by admin April 26, 2012

ORLANDO, FLA. — Orlando-based Rhodes+Brio Architects has been selected to design two Orlando elementary schools, both of which are budgeted at $10 million. The new buildings will replace two older properties. The schools include the 85,000-square-foot Eccleston Elementary School, located at 1500 Aaron Ave., and the 85,000-square-foot Washington Shore Elementary School, located at 944 W. Lake Mann Dr. Ground breaking for Eccleston is set for this August and construction will begin on Washington Shores in the summer of 2013.

April 26, 2012

Retail Southeast

ACADEMY SPORTS + OUTDOORS ADDS TWO STORES

by admin April 26, 2012

MOUNT JULIET AND SMYRNA, TENN. — Academy Sports + Outdoors has plans to build two new stores in Tennessee. Construction has started on the 71,250-square-foot store at the 365,000-square-foot The Paddocks, a shopping center located at the intersection of Mount Juliet and Pleasant Grove roads in Mount Juliet. Academy Sports + Outdoors acquired the land from The Gipson Company. In May, the company will also break ground on a 71,250-square-foot location at the 185,000-square-foot The Gateway Centre, located at the intersection of Ridley Parkway and Wolverine Drive in Smyrna. Academy Sports + Outdoors purchased the land from GCAG Gateway. Drew Chorney and Brian Forrester of The Shopping Center Group's Nashville, Tenn., office represented both sellers in the transactions. GBT Realty represented Academy Sports + Outdoors in the land acquisition at The Gateway Center. Completion for both stores is slated for early fall.

April 26, 2012

Retail Southeast

M&M BROKERS $6.82M RETAIL SALE

by admin April 26, 2012

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6.82 million sale of a 19,176-square-foot Fresh Market, located at 400 N. Federal Hwy. in Fort Lauderdale. Lior Regensteif of Marcus & Millichap's Encino, Calif., office, along with Kirk Felici of the firm's Miami office, represented the seller, a developer, in the transaction.

April 26, 2012

Multifamily Southeast

RAM SELLS FLA. APT. COMPLEX

by admin April 26, 2012

MIAMI BEACH, FLA. — Ram has sold the 118-unit Alton Pointe, located at 1920 Michigan Ave. in Miami Beach. The company recently finished renovating the property, including modernizing interiors and upgrading the grounds, as well as the addition of green spaces, a pool and patio area. The property is 96 percent leased.

April 26, 2012

Industrial Southeast

CAVACHE HOLDINGS BUYS WAREHOUSE FOR $1.1M

by admin April 26, 2012

POMPANO BEACH, FLA. — Cavache Holdings has acquired an 11,648-square-foot warehouse, located at 280 N.W. 12 Ave. in Pompano Beach, from Ray Anthony International for $1.1 million. Keith Kidwell of Sperry Van Ness' Fort Lauderdale, Fla., office represented the seller in the transaction, and Helen Weisman of Brenner Real Estate Group represented the buyer.

April 26, 2012

Multifamily Southeast

M&M BROKERS $8.8M APT. SALE

by admin April 25, 2012

CLEARWATER, FLA. — Marcus & Millichap has arranged the $8.8 million sale of the 184-unit Oak Creek, an apartment complex located at 2175 62nd St. N. in Clearwater. The property is 96 percent leased. Amenities include three on-site laundry facilities, a playground and a swimming pool. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a private investor, in the transaction and procured the buyer, who was also a private investor.

April 25, 2012

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