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 …
GEORGIA AND FLORIDA — Strategic Storage Trust, Inc. (SSTI) has purchased a portfolio of 12 self-storage properties in Georgia and Florida for approximately $80 million. The properties total 8,000 units and nearly 1 million square feet. The facilities will be rebranded under the SmartStop Self Storage name. The Georgia properties are located in Kennesaw, Sharpsburg, Duluth (three properties), Marietta, Austell, Sandy Springs, Smyrna and Lawrenceville. The remaining two properties are in Jacksonville, Fla.
RALEIGH, N.C. — The 112,000-square-foot Trinity Place, an office building located at 1201 Edwards Mill Rd. in Raleigh, has been sold for $15.4 million. Tenants include AT&T, AeroTek, RSM McGladrey and CapStrat. Denver-based Fairfield Asset Advisors represented both parties in the transaction.
MOUNT PLEASANT, S.C. — A 14,500-square-foot, single tenant net-leased Walgreens, located at 2903 N. Hwy. 17 in Mount Pleasant, has been sold for $7.37 million. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a Chicago-based 1031 exchange investor, in the transaction. The seller was a Southeast-based developer.
BESSEMER, ALA. — Birmingham, Ala.-based Southpace Properties has arranged the $2.6 million sale of the 72,600-square-foot Academy Business Park, a four-property industrial park located on Powder Plant Road in Bessemer. Rich Vanchina of Southpace Properties represented the seller, 2226 Academy, in the transaction. Michael Randman, also of Southpace Properties, represented the buyer, an investor.
TAMPA, FLA. — The 14,000-square-foot Dowling Mills Corporate Park, a former day care and office facility located at 7815 Gunn Hwy. in Tampa, has been sold for $1 million. Also included in the transaction was a separate vacant pad that can accommodate a building of up to 12,000 square feet. Bill Besselieu of Tampa-based Andretta Properties represented the seller, Regions Bank, in the transaction. The buyer was Thuzi Investments I.
FAIRFAX, VA. — Centerpointe I & II, located at 4000 and 4050 Legato Rd. in Fairfax, has been sold for $128.7 million. Thomas Properties Group and the California State Teachers Retirement Systems sold the two 11-story office buildings, totaling 421,859 square feet, to Carr Properties Income Trust and an institutional investment partner. Bill Prutting, Jr., William Kaye, Randall Heilig, Jeff Roman, Mike Pepper and John DiCamillo of CBRE's Washington, D.C., office represented the seller in the transaction.
ANDERSON, S.C. — Greenville, S.C.-based RealtyLink has sold the 167,341-square-foot Midtowne Park Shopping Center, located at 3520 Clemson Blvd. in Anderson, to Pheonix-based Cole Capital for $25.6 million. Tenants include Kohl's, Dick's Sporting Goods, Staples and ULTA. The seller was self-represented in the transaction by Tyson Glasser.
WHITE MARSH, MD. — Cushman & Wakefield has brokered the $16.25 million sale of the 218,532-square-foot White Marsh Commerce Center, located at 10001 Franklin Square Dr. in White Marsh. Included in the sale was a 13-acre development site that can accommodate an additional building of up to 220,000 square feet. The property is fully leased to C&J Graphics, Turn Key Office Installations and Creative Touch Interiors. Cristopher Abramson, Brian Kruger, Nicholas Signor, Michael Elardo and Christoper Wright of Cushman & Wakefield's Baltimore office represented the seller, Corporate Office Properties Trust, in the transaction and procured the buyer, Industrial Income Trust.
ROSWELL, GA. — The 62,000-square-foot Sweet Apple Village, an office and retail property located at 12030 Etris Rd. in Roswell, has sold for $6.25 million. Tenants include Menchies Frozen Yogurt and Kumon Math & Reading Center. Craig Taylor of CBRE's Atlanta office represented the seller, the REO department of BB&T Bank, in the transaction. Mount Pleasant, S.C.-based Ziff Properties, the buyer, was self-represented by Christian Chamblee and Shaun Payne.