Southeast

CBRE BROKERS $42.5M INDUSTRIAL SALE

by admin January 9, 2012

HANOVER, MD. — CBRE has negotiated the sale Lincoln Crossroads I & III, two industrial buildings totaling 507,350 square feet located at 7481 and 7451 Coca Cola Dr. in Hanover. According to CoStar, the sale price was $42.5 million. Bo Cashman, Jonathan Beard and John Wilhide of CBRE's Baltimore office represented the seller, Crossroads Venture, a joint venture between Dallas-based Lincoln Property Co. and Dallas-based Invesco Real Estate, in the transaction. The buyer was Denver-based Industrial Income Trust.

January 9, 2012

M&M ARRANGES $26.5M SALE OF MAR LAGO VILLAGE APT. COMPLEX

by admin January 9, 2012

PLANTATION, FLA. — Marcus & Millichap has brokered the $26.5 million sale of the 216-unit Mar Lago Village, an apartment complex located at 200 Commodore Dr. in Plantation. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Mar Lago Village Associates, in the transaction and procured the buyer, Henderson Global Investors. The property is 99 percent leased.

January 9, 2012

Retail Southeast

CROSSROADS MARKETPLACE SHOPPING CENTER SELLS FOR $11.25M

by admin January 9, 2012

WARNER ROBINS, GA. —The 71,167-square-foot Crossroads Marketplace, located at 3040 Watson Blvd. in Warner Robins, has been sold for $11.25 million. Sonny Molloy of Marcus & Millichap's Atlanta office represented Georgia-based Citizens Square, the seller, in the transaction and procured the buyer, Phoenix-based Cole Real Estate Investments. The center is currently 91 percent leased to tenants including Best Buy, Bed Bath & Beyond and Olive Garden.

January 9, 2012

Mixed-Use Southeast

NOBE BAY HOLDINGS SECURES $18M CONSTRUCTION LOAN

by admin January 9, 2012

MIAMI BEACH, FLA. — NoBe Bay Holdings, a joint venture between Miami-based 13th Floor Investments and Miami-based Key International, has closed on an $18 million construction loan for the 98-unit NoBe Bay, a condominium project located at 6700 Indian Creek Dr. in Miami Beach. U.S. Bank provided the 5-year, interest only loan. Included in the project is a 463-space parking garage and 12,000 square feet of retail space. The parking and retail structure is slated for completion in the first quarter of 2012 and construction on the condominiums will be finished by the summer of 2012.

January 9, 2012

Multifamily Southeast

HOME PROPERTIES BREAKS GROUND ON ELEVEN55 RIPLEY APTS.

by admin January 6, 2012

SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.

January 6, 2012

Office Southeast

VORNADO COMPLETES $104M ACQUISITION OF 1339 NEW YORK AVE.

by admin January 6, 2012

WASHINGTON, D.C. — Vornado Realty Trust has closed on the $104 million acquisition of the 130,000-square-foot 1339 New York Avenue, a Class A trophy office building located in Washington, D.C.'s CBD. The company acquired the 97.5 percent interest it did not previously own in the building. The seller was undisclosed.

January 6, 2012

Multifamily Southeast

CRA BUYS 1,200-UNIT MULTIFAMILY PORTFOLIO FOR $97M

by admin January 6, 2012

LOUISVILLE, KY. — Denver-based Continental Realty Advisors has purchased a 1,200 unit multifamily portfolio, located in the St. Matthews and Oxmoor submarkets of Louisville, from Camden for $97 million. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment homes. HFF's Chicago office represented the seller in the transaction.

January 6, 2012

Multifamily Southeast

M&M ARRANGES $8.82M MULTIFAMILY PORTFOLIO SALE

by admin January 6, 2012

WINTER HAVEN AND TAMPA, FLA. — Marcus & Millichap has arranged the $8.82 million sale of a four-property multifamily portfolio in Winter Haven and Tampa. The properties include the 81-unit Brandywyne, the 60-unit Landings, the 160-unit Hickory Pointe and the 18-unit Country Place. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Florida-based private investor, in the transaction and procured the buyer, a Tampa-based private investor.

January 6, 2012

Healthcare Southeast

TROUT DANIEL & ASSOCIATES COMPLETES SALE-LEASEBACK

by admin January 6, 2012

BALTIMORE CITY, MD. — Timonium, Md.-based Trout Daniel & Associates has arranged a sale-leaseback of the 74,289-square-foot Baltimore Behavioral Health (BBH) campus, located at 1001, 1021 & 1101 West Pratt St. in Baltimore City. Steven Cornblatt and Matthew Melnick of Trout Daniel represented BBH, the seller, in the sale and leaseback. BBH leased 36,000 square feet of space. The buyer was West Pratt Street Holdings, which leased 38,289 square feet to the University of Maryland.

January 6, 2012

Georgia Market Reports Southeast Market Reports

Market remains favorable for discounted real estate.

by admin January 6, 2012

With low rental rates and available square footage, Atlanta’s industrial market remains a favorable environment for tenants and buyers interested in discounted real estate. Many are taking the opportunity to renegotiate leases on existing space or upgrade in terms of size, quality and location. With its close proximity to Hartsfield-Jackson Atlanta International Airport, CoStar Property reports South Atlanta’s Industrial Submarket is leading the metro area, with net absorption year-to-date in the third quarter of 2011 of 4.64 million square feet at an average quoted rental rate of $3.05 per square foot. The Northeast Atlanta submarket followed by posting year-to-date net absorption of 1.12 million square feet in the third quarter of 2011 at a higher quoted rental rates averaging $4.60 per square foot. Total year-to-date net absorption in the third quarter of 2011 for the metro area was 5.52 million square feet, with average quoted rental rates of $3.83 per square foot. This is in spite of the fact that flex space experienced negative net absorption, which accounts for approximately 10 percent of industrial inventory. The third quarter 2011 average vacancy rate of 13.3 percent has dropped relative to previous periods due in part to positive absorption and anemic new …

January 6, 2012

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