Montgomery’s commercial real estate industry is repaving the rocky road of the recession. The small capital city is fairing well, fueled by the state government, the Maxwell-Gunter Air Force Base and the car manufacturer Hyundai. Montgomery’s transportation options also make the area attractive; two major highways intersect in the city, and the Alabama River provides a shipping alternative for sea-fairing businesses. According to Jerome Moore of Montgomery-based Moore Company Realty, manufacturing helps fuel local commercial real estate because industrial activity boosts the multifamily and retail markets. The tight financial markets have affected the resiliency of the industrial market, however, and warehouse vacancy is now a little more common that it was before. The office market remains strong on the heels of government expansion. The one dark area hovering around the industry concerns the financial meltdown and the ever-changing banking landscape. “All the shakeup there, with the merger of Regents and AmSouth [banks] and Colonial’s present troubles, will create significant vacancy in the market from an office standpoint,” he says. Many office buildings were developed with significant vacant space. If a landlord purchased a building that was vacant, he’s having a hard time filling the property, but the recession hasn’t created …
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
RIVERVIEW, FLA. — The FDIC, acting as a receiver for Corus Bank, has sold 199 units in the 432-unit Allegro Palm condominium complex to a local private investor for $6.25 million. The property, which was built in 2000, is located at 5501 Legacy Crescent Place in Riverview. Evan Kristol and Still Hunter of Marcus & Millichap¹s Fort Lauderdale, Fla., office brokered the sale.
GREENSBORO, N.C. — Greensboro-based Brown Investment Properties and Charlotte, N.C.-based Flagship Capital Partners have purchased the 39,000-square-foot Wesley Long Professional Building from Cone Health System for an undisclosed amount. The three-story medical office property is located at 510 N. Elam Ave. in Greensboro. RBC Capital Advisors provided funding for the purchase. Jim Rogers served as in-house representation for Flagship Capital.
FLOWOOD, MISS. — Southeast Medical Properties I has purchased a 12,000-square-foot building from Cress Realty Group for an undisclosed amount. Located at 2925 Layfair Dr. in Flowood, the property formerly housed Baker Engineering. Southeast Medical plans to turn the space into a medical office facility for University Physicians of Jackson, Miss. Jackson-based Duckworth Realty¹s Breck Hines represented the buyer.
ATLANTA — Gables Residential has signed a full-floor lease at The Lenox Building in Atlanta, located at 3399 Peachtree Rd. in Atlanta. The company has signed a 10-year lease for approximately 21,000 square feet and will move its headquarters to the tower this fall. Gables Residential will relocate from its current headquarters at an office tower in the Vinings section of Atlanta. Billy Hobbs and Jason Jones with CRESA Partners represented Gables Residential in the transaction.
JACKSONVILLE, FLA. — Calkain Companies has procured the $1.1 million sale of a Chick-fil-A ground-lease investment property in Jacksonville. The property at 4461 Southside Blvd. was corporately leased by Chick-fil-A and consisted of approximately 1 acre of land and a 4,202-square-foot building constructed specifically for the fast-food location. Patrick Nutt of Calkain Companies represented the purchaser for the transaction.
MIAMI — Flagler Real Estate Services, the brokerage arm of Flagler, has closed the sale of 26,000 square feet of industrial warehouse space at 15855 NW 13th Ave. in Miami on behalf of Elan International. Elan International plans to occupy the space in October, following the completion of several upgrades, and the location will also serve as Elan's new corporate headquarters. Stuart Gordon and Chris Sutton of Flagler Real Estate represented the buyer, Senaya Holdings, an affiliate of Elan International. Viktoria Telek of Comreal represented the seller, Norman Shapiro, former owner of Sunshine Kitchens, which originally occupied the space.
BOWIE, MD. — Columbia, Md.-based Manekin Construction will break ground on the 80,000-square-foot Bowie City Hall Wednesday with an eye toward completing the development in 15 months. Administrative offices for the city government, as well as the Bowie Police Department, will be housed in the property. The $15 million project will spread across 6.2 acres at the intersection of Excalibur Road and Evergreen Parkway in Bowie. Manekin won the contract after bidding $10 million less than the city’s targeted budget for the property. The city has placed a call for artists to design two structures in the new city hall — a kinetic mobile for the building’s lobby and a working sundial to be placed in the hall’s front courtyard.