BRADENTON, FLA. — The 80-bed Langdon Hall, an assisted living facility located at 1120 33rd Ave. W. in Bradenton, has sold for $4.9 million. The 55,275-square-foot building is 88 percent leased. Kenneth Carriero and Damien Carriero of Colliers International's Clearwater, Fla., office represented the seller, Ohio-based Langdon Hall LLC, in the transaction and procured the buyer, Chicago-based Aviv REIT.
Southeast
PANAMA CITY, FLA. — Marcus & Millichap has negotiated the sale of the 53,600-square-foot Hickory Plaza Shopping Center, located at 406 S. Tyndall Pkwy. in Panama City. The property is 84 percent leased, and tenants include Dollar General, Anytime Fitness, Aaron's, The UPS Store and Subway. Tim Giambrone of Marcus & Millichap's Atlanta office represented the seller, Atlanta-based Shops at Friendship LLC. The buyer was a private investor from Maryland.
WILDWOOD, FLA. — A CVS/pharmacy located at 901 S. Main St. in Wildwood, has sold for $2.27 million. Michael Zimmerman of Calkain Cos.' Tampa, Fla., office represented the seller, a Louisiana-based private party, in the transaction. The buyer was a private equity group based in the Northeast. CVS has less then 8 years remaining on its lease.
OLIVE BRANCH, MISS. — IDI has broken ground on three industrial buildings in Crossroads Distribution Center, located in Olive Branch, which will total 1.75 million square feet. The 267,843-square-foot Building B is slated for completion in September, and the 869,892-square-foot Building G is slated for completion in October. Both buildings are speculative. The company has also broken ground on the 615,305-square-foot Building E, a build-to-suit for Milwaukee Electric Tool, which is also scheduled for completion in October.
ALPHARETTA, GA. — Dayton, Ohio-based The Connor Group has purchased the 344-unit Belmont at Park Bridge, an apartment complex located at 150 Rockberry Ln. in Alpharetta, from Belmont at Park Bridge Inc. for $26.15 million. Amenities include a fitness center, laundry facilities, a pool and tennis courts. The company also owns Addison Place and Ashley Forest, two neighboring properties.
GREENVILLE, N.C. — The 503-bed University Suites, located at 2200 University Suites Dr. in Greenville, has sold for $15.5 million. The property serves Eastern Carolina University. Alan Meetze and David Hudgins of Drucker & Falk's Newport News, Va., office represented University Suites at ECU LLC, the seller, in the transaction. The buyer was 2200 University Suites.
LAKELAND, FLA. — The 236-unit Martin's Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, has sold on Auction.com for $6.82 million. John Stone of Colliers International's Tampa Bay, Fla., office represented the seller, 3520 Cleveland Heights LLC, in the all-cash transaction. Kevin Kelleher of Franklin Street's Tampa office represented the buyer, Integritas Residential.
TOWSON, MD. — NorthMarq Capital has secured $13.6 million in first mortgage refinancing for the 123,400-square-foot Fairmount Place II, an office building located at 515 Fairmount Ave. in Towson. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 25-year amortization schedule through UNUM.
The industrial warehouse locomotive is back on track in Upstate South Carolina. We experienced tremendous positive absorption in warehouse space in 2011 — around 1.7 million square feet — and vacancy is down to pre-recession levels at 9 percent. Vacancy has been dropping steadily from 10.8 percent since the fourth quarter of 2009, and experienced a dramatic drop in 2011. This recovery is a result of the recent surge of announcements of new and expanding operations by manufacturing companies in the Greenville/Spartanburg area. Corporations such as Michelin, Bosch Rexroth Corp., Scio Diamond Technology, Honeywell International, PRETTL Electronics, Griffin Thermal Products and BMW will invest more than $277 million combined in our area and create 3,714 new jobs. There are 4,014 industrial properties currently in the Greenville/Spartanburg market. Sixteen leases and four sales for industrial warehouses were reported in the first few weeks of 2012. Rental rates for warehouses range from 32 cents per square foot to $13.12 per square foot, a wide range that depends on size, location and condition. Overall, the average rental rate is $2.92 per square foot. With vacancy dropping continually and no new developments underway or on the horizon, inventory is being depleted, which is creating …
RICHMOND, VA. — Richmond-based Lingerfelt Development has started construction on the $100 million, 300,000-square-foot BioTech 8 building, a three-building headquarters for Health Diagnostic Laboratory Inc. (HDL), located within the 34-acre Virginia BioTechnology Research Park in downtown Richmond. After demolishing the BioTech 3 building, the company will construct Phase I of the property, which will include a 112,000-square-foot, six-story wet lab biotechnology building. Completion is slated for December 2012. A second phase, including an additional 112,000-square-foot, six-story tower, will begin in 2013. When fully completed, both phases plus HDL's existing building will total 300,000 square feet.