MIAMI — The law firm Blizin Sumberg Baena Price & Axelrod has signed an 80,000-square-foot lease with 1450 Brickell LLC for space in 1450 Brickell. The 35-story Miami office tower is expected to deliver during the first quarter of next year. Blizin Sumberg will move from its current location in Miami’s Wachovia Financial Center to the new property, which has achieved LEED Gold pre-certification. Barbara Liberatore Black and Matthew Goodman of CRESA Partners represented the law firm. Blanca Commercial Real Estate’s Tere Blanca and Danet Linares represented the landlord.
Sonny Culp of Birmingham-based Graham & Co. looks at the Birmingham industrial market through an optimist’s glasses. While the recession has slowed activity significantly — Culp estimates that the bulk distribution vacancy rate is somewhere around 20 percent — transactions are still taking place. And on the bright side, at least the current development standstill means Birmingham won’t have tons of warehouse space sitting empty for the next few months. “The economy has slowed construction, so that when the market rebounds, those projects that need to get filled first most likely will,” Culp says. Birmingham, by location and size, is a secondary market. The city’s industrial market is closely tied to the health of corporate America; when corporations do well, space gets occupied, but in the current stagnant financial situation, it’s harder to find firms hungry for a transaction. “Historically, Birmingham has always been two or three deals shy of a shortage,” Culp says. “Today, you might say that two or three figure is eight or nine.” Sales are now the territory of mom-and-pop companies, and the leasing arena mostly consists of renewals and small leases for short terms. This is the broker’s new reality. “Any transaction person is finding …
SMITHS STATION, ALA. — Hoar Construction has broken ground on the 263,316-square-foot Smiths Station High School for the Lee County Board of Education. Spread across 106 acres in Smiths Station, the property encompasses 88 classrooms, tennis courts, a gym and athletic fields. Completion of the school, which was designed by McKee & Associates Architects, is expected in fall 2011.
ROCKVILLE, MD. — The Montgomery Housing Partnership has acquired the 67-unit Halpine Hamlet apartment community in Rockville from its Bethesda, Md.-based developer for $5.9 million. The property, which was built in 1966, is 88 percent occupied. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office represented the seller.
JACKSONVILLE, FLA. — David Hsieh of Marcus & Millichap’s Jacksonville office has represented a private party in the $4.35 million sale of 51 rental condominiums in the Reserve at James Island complex to an undisclosed buyer. The 354-unit property is located at 10961 Burnt Mill Rd. in Jacksonville. The Reserve was converted to condominiums in 2006, and this transaction marks the sale of the property’s remaining units. Andy Neiswenter of Marcus & Millichap’s Miami office represented the buyer.
SPARTANBURG, S.C. — Phillips Feed has purchased a 100,000-square-foot warehouse from an undisclosed buyer for $2.7 million. The property is located on Blackstock Road in Spartanburg. Brian Young of Greenville-based Grubb & Ellis|The Furman Co. represented the buyer. Coldwell Banker Commercial Caine’s Sammy Dubose represented the seller.
ALTAMONTE SPRINGS, FLA. — An undisclosed Georgia-based party has sold a 210-room Hampton Inn to a Tennessee-based investment group for $10 million. The property, which was built in 1993 and renovated in 2006, is located at 151 N. Douglas Ave. in Altamonte Springs. Douglas Dial of Marcus & Millichap’s Orlando, Fla., office and Jonathan Ruprai of the firm’s Denver office represented the seller. Jaimin Patel of the firm’s Tampa, Fla., office represented the buyer.
MIAMI BEACH — Marcus & Millichap has brokered the sale of the 24-unit La Paloma Apartments complex between two private parties for $1.21 million. Located at 1949 N.E. 172nd St. in Miami Beach, the three-story property was built in 1964. Evan Kristol and Still Hunter, III, of Marcus & Millichap’s Fort Lauderdale, Fla., office and Andrew Jordan, Dew Kristol and Kirk Olson of the firm’s Miami office represented the seller. Paul Nudelman of the firm’s Miami office assisted Jordan in representing the buyer.
BOGART, GA. — Stelf LLC has purchased a 28,575-square-foot retail building from Capmark Finance for $1.15 million. The former Circuit City store is located on 3 acres at 4110 Atlanta Highway in Bogart. Kyle Stonis and Rob Whitmire of Bull Realty, the sole brokers involved in the transaction, represented the seller.
NAPLES, FLA. — PBR Naples has purchased a 6,300-square-foot warehouse from the James R. Noe II Revocable Trust for $1 million. The property spans 1.16 acres at 3535 Arnold Ave. in Naples. William Gonnering of Naples-based Investment Properties Corp. brokered the transaction.