WESTON, FLA. — Marcus & Millichap represented a private seller in the $2.92 million sale of SunTrust Crossing to an undisclosed buyer. The 6,400-square-foot shopping strip is located at 2575 Glades Circle in Weston. Michael Zimmerman of the firm's Fort Lauderdale, Fla., office represented the seller.
MIDLOTHIAN, VA. — Village Mill Land Investments has sold a 1.35-acre 7-Eleven ground lease to a New York-based investor for $1.92 million. 7-Eleven has 17 years remaining on its lease of the property, which is located at 13866 Village Place Drive in Midlothian. Eric Robison and Austin Newman of Thalhimer brokered the sale.
The writing was on the wall. Some read it; others ignored it. Regardless of the strategy, retail development came to a halt in 2008. A few single-tenant buildings were developed, but most ground-up projects went into a holding pattern. Two years later, most of those projects are still on hold or moving very slowly at best. From power centers and mixed-use developments to strip centers and grocery-anchored centers, development activity remains stagnant throughout the Peach State. Hardest hit are the secondary and tertiary markets where developers built shopping centers based primarily on residential growth projections. Unfortunately, those projected communities were never built. Many retailers in those markets have struggled, and some have closed their doors. As national retailers look for space again, shopping centers in those markets will be low on their list, furthering the decline of these centers. How Will Developers Survive? The old cliché — location, location, location — holds true. Developers with good projects in prime locations will make it through the cycle by adapting to the changing market conditions with the short-term focus on cash flow and long-term focus on value. However, several fundamental tactics are needed to survive this economic cycle: • Asset Stabilization: One …
ROCKVILLE, MD. — Potomac, Md.-based Willco Cos., in partnership with Fanaroff & Steppa and Don Hinton, has purchased a 50,000-square-foot retail building from Koob Veneman for $5.25 million. The property, located at 12401 Twinbrook Parkway, is occupied by Guitar Center. The tenant moved into the property in 2000 after Veneman Music Co. closed.
DOUGLASVILLE, GA. — Batson-Cook has finished the construction of the 39,000-square-foot Benton House senior housing facility in Douglasville. The $3.7 million project has 59 units and can house 130 residents. Amenities include an activity kitchen and a hair salon. Marietta, Ga.-based Lamas Architects designed Benton House.
CHATTANOOGA, TENN. — General Electric Capital Corp. has sold a 57-room Chattanooga Comfort Inn to Dayton, Tenn.-based Hitten Hospitality for an undisclosed price. The two-story hotel is located near the University of Tennessee at Chattanooga. David Mumford, Steve Kirby and Burton Brooks of Mumford Co. brokered the sale.
LEXINGTON, KY. — Shrout Properties has purchased the 8,500-square-foot former Lexington Antique Gallery from Thunderbird Properties for an undisclosed amount. The property is located at 637 E. Main St. in Lexington. Jennie Brown of Alden Real Estate represented Shrout. NAI Isaac Commercial Properties' Al Isaac represented the seller.
GULFPORT, FLA. — Southern Commercial Developers has acquired the 45,000-square-foot Gulfport Plaza Shopping Center from an undisclosed party for $1.3 million. The buyer is now undertaking renovations to the property, which is located at the intersection of 49th Street and 22nd Avenue South in Gulfport. A grand opening is planned for the summer. Family Dollar and Save-A-Lot anchor the property.
CHARLOTTE, N.C. — MG Land has purchased a 12,800-square-foot warehouse from a private party for an undisclosed price. The property is located on 2.61 acres at 1907 Gateway Blvd. in Charlotte. Lester Osborn and A. Scott Hensley of Piedmont Properties/CORFAC International represented the buyer. Chuck Paxton of Carolina Homes and Land Realty represented the seller.
DAVIE, FLA. — Fort Lauderdale, Fla.-based Moss & Associates will start work in June on a $1.4 million renovation of the Central Services Building on the campus of Nova Southeastern University in Davie. The 22,000-square-foot property will be transformed into a new athletics facility. Delivery has been set for early August.