The Atlanta retail market took a slight hit in the second quarter of 2011, but is still seeing improvement. Although available space in areas is starting to fill up, absorption in the second quarter of 2011 fell from positive absorption of 648,692 square feet in the first quarter to negative absorption of 726,174 square feet, according to CoStar Group’s Mid-Year 2011 Atlanta Retail Report. However, the vacancy rate only rose slightly, from 10.1 percent to 10.4 percent. Greg Eisenman, associate with Colliers International’s Atlanta office and a member of the Retail Services Group, says many tenants are looking to do deals. While speculative development is on hold, he expects the available amount of space to drop. Tony Cerniglia, vice president of retail services with CB Richard Ellis’ Atlanta office, says recovery has been spotty, although there are pocketed areas of the city that are doing well. Buckhead, Midtown and Cobb County have seen the most traffic, which Cerniglia says is not surprising because of the solid demographics and good locations. Some retailers have even been competing for space in these markets. Cobb County has seen some leasing traffic. In fact, according to Colliers International’s Atlanta Retail Market Report, the two …
Southeast
RICHMOND, KY. — Developers Diversified Realty Group has sold the 134,701-square-foot Carriage Gate Shopping Center, located at 833-847 Eastern Bypass in Richmond, to The Rouse Cos. for an undisclosed amount. Hobby Lobby, Dunham's Sports, The Office Depot, Dollar Tree and Cato anchor the recently renovated center, which it currently 92.5 percent leased. Rebecca Wells of Cassidy Turley's Indianapolis office and Robert Taylor, Jr., of the firm's Cincinnati office represented the seller and Steve Pewitt of Commercial Real Estate Advisors represented the buyer.
BALTIMORE — Chase Brexton Health Services has purchased a 192,049-square-foot office building, located at 1111 N. Charles St. in Baltimore, from Ausa Properties for $6.7 million. Terri Harrington of Lutherville, Md.-based MacKenzie Commercial Real Estate Services represented the buyer in the transaction and David Downey of Cassidy Turley's Baltimore office represented the seller.
ROSWELL, GA. — The Shopping Center Group has arranged the $5.3 million sale of the 15,126-square-foot Mabry Village, located at the intersection of State Route 92 and Mabry Road in Roswell. The center is 100 percent leased to Starbucks Coffee, FedEx Office, Five Guys Burgers and Fries, Wireless Zone and Prudential Georgia Realty. Daniel Earles of The Shopping Center Group's Tampa, Fla., office represented the seller, an Atlanta-based development company, and Greg Craft of Atlanta-based The Trilogy Group represented the buyer, a Colorado-based private investor.
ORLANDO, FLA. — Orlando-based Smith Equities Real Estate Investment Advisors has negotiated the all-cash acquisition of the approximately 100,000-square-foot University Shoppes, located at University Boulevard and Alafaya Trail in Orlando, adjacent to the University of Central Florida. Craig Bayhi of CMB Realty represented the seller, M&H University Shoppes, and Paul Guyet of Smith Equities represented the undisclosed buyer.
ATLANTA — RHP Partners, a joint venture between Frank Buonanotte and Jeff Stein, has acquired 7,600 square feet of the 9,000-square-foot retail property located at the intersection of Roswell, Piedmont and Habersham roads in Atlanta from Eli Property. The center will undergo renovations, after which it will be rebranded Buckhead Pointe. Construction is slated to begin September 1 with completion slated for November. The Shopping Center Group has been secured as the leasing agent.
RIVERVIEW, FLA. — The 351-unit The Preserve at Alafia, located at 10110 Gibsonton Dr. in Riverview, has opened. Tampa, Fla.-based Garrison Developer Group of Florida constructed the complex, which features one-, two- and three-bedroom garden and mid-rise apartments. The Preserve at Alafia is the first phase of a $100 million mixed-use development, which will feature retail and office space and a Holiday Inn upon completion.
MOUNT PLEASANT, S.C. — Mumford Company has arranged the sale of the 119-room Masters Inn, located off Highway 17 near Interstate 526 in Mount Pleasant. The buyer, OTV Masters, will continue hotel operations under the Masters Inn brand until it finalizes future plans for the property. David Mumford of Mumford’s Newport News office, with Steve Kirby, Burton Brooks and David Holcombe of the firm’s Atlanta office advised the seller, Supertel Hospitality.
FAYETTEVILLE, N.C. — Crayton Commercial has commenced construction for the 54,000-square-foot River Landing Shopping Center, to be located at 3650 Ramsey St. in Fayetteville. The redevelopment will include the conversion of the former 43,780-square-foot Kroger into four new tenant spaces. Three of the spaces have already been leased to Dollar Tree, It’s Fashion Metro and Shoe Show. Other construction will include redevelopment of the building façade to incorporate new storefronts, glass, doors, split-faced block, stucco and paint. Crayton Commercial will also install new rear-loading pads and ramps, HVAC units, lighting, plumbing and electrical systems. Completion is scheduled for early 2012.
NAPLES, FLA. — Stan Johnson Co. has negotiated the $5.35 million sale of a 13,824-square-foot retail property fully leased to CVS/pharmacy, located at 6800 Collier Blvd. in Naples. Mike Parker and Jim Gibson of Stan Johnson Co.'s Houston office represented the seller, Phoenix-based S3G Holdiings, and Lincoln, Neb.-based RTG, the buyer, was self-represented.