ELKTON, MD. — Mitsubishi Chemicals has sold an 89,000-square-foot warehouse to the Delaware-based reactive plastics manufacturer Micropore for an undisclosed price. The property is located at 1000 Konica Dr. in Elkton. Matthew Laraway and Thomas Burns of Cushman & Wakefield’s Baltimore office represented the seller. Baltimore-based Manekin’s Greg Masi represented the buyer.
Southeast
KISSIMMEE, FLA. — Supertel Hospitality has sold the 116-room Masters Inn Orlando/Kissimmee Main Gate to Reliance Industries for an undisclosed amount. The buyers are planning to turn the property, which is located at 2945 Entry Point Blvd. in Kissimmee, into a Quality Inn & Suites. Steve Kirby, Burton Brooks and David Holcombe of Mumford Co.’s Atlanta office and David Mumford of the firm’s Newport News, Va., office represented the seller. Mumford Co. also represented the buyer.
ATLANTA — Leapfrog Services has signed a lease with Duke Realty for 23,622 square feet of space in its Druid Chase office development. The 80,249-square-foot building, located at 1190 W. Druid Hills Dr. in Atlanta, is now 91 percent leased. Cushman & Wakefield’s John O’Neill and Allison Bittel represented the tenant, and Wes Hardy served as in-house representation for Duke Realty.
Demosthenes G. Mekras of Marcus & Millichap gives his take on the multifamily market in Miami-Dade County. • What trends do you see presently in multifamily development in your area? Multifamily development for rental projects has been limited to non-existent. Builders are expected to complete 380 units in 2009. This is a drop in the bucket in terms of supply, so one would expect for the fundamentals to be advancing on that metric alone. Unfortunately, continued local job loss and the shadow market have depressed rents and increased vacancies across the board. No class of building or size of project has escaped this downturn, and that is true for every submarket in Miami-Dade County. • Who are the active multifamily developers in your area? Affordable housing developers, such as Pinnacle Housing Group, have clearly been the most active, but they are not entirely sheltered from the turn in the market. In the market-rate arena, the most notable developer has been J. Milton & Associates, a local multifamily developer, owner and operator that is arguably the largest private owner in Miami-Dade County. They have a 97-unit tower under construction in the Fontainebleau submarket west of Miami International Airport, which is slated …
MIAMI — Hunt-Moss, a joint venture between Scottsdale, Ariz.-based Hunt Construction Group and Fort Lauderdale, Fla.-based Moss & Associates, has broken ground on the 37,000-seat Miami Marlins baseball stadium. The $450 million project is located on 17 acres of the former Orange Bowl Stadium site in Miami. The ballpark will feature a retractable roof and six operable glass panels behind center field. A grand opening is scheduled for April 2012.
CORAL SPRINGS, FLA. — Pompano Beach, Fla.-based Coral VUTEC Properties has purchased the 106,599-square-foot AMB Coral Distribution Center from AMB Fund III, Mosaic, for $5.25 million. The Class A property is located on 8.9 acres at 11711 W. Sample Rd. in Coral Springs. Harry Tangalakis and Tom O’Loughlin of CB Richard Ellis’ Fort Lauderdale, Fla., office represented the buyer. Steve Wasserman and David Wigoda of Colliers Abood Wood-Fay’s Fort Lauderdale office represented the seller.
WILMINGTON, N.C. — The Generation Companies has broken ground on the 118-room Homewood Suites/Wilmington-Mayfaire extended-stay hotel at 6732 Swan Mill Rd. in Wilmington. Unit amenities include high-speed Internet and a full kitchen. The property also features an executive business center, a fitness facility and a pool. Delivery is expected next spring.
ALBANY, GA. — Wellness Center Partners, with the help of Atlanta-based Bryant Commercial Real Estate Partners and Stevens Financial Service, are developing the 85-bed Flint River Recovery Center in Albany. No groundbreaking date has been set for the hospital, which is located in the former Turner Field Naval Hospital on Turner Road. After construction funds are obtained, Albany-based Pellicano Construction will build the center.
MIAMI — Miami-based Link Construction Group has broken ground on a 14,500-square-foot Walgreens at the intersection of Biscayne Boulevard and 150th Street in Miami. Demandt Architecture of Miami designed the project, which is being developed by Taubco. Completion is slated for January.
CONCORD, N.C. — Castle & Cooke has borrowed a $26 million loan for construction of a 62,322-square-foot building on the Rowan-Cabarrus Community College campus in Concord. The property will include classrooms, offices and research and development labs. US Bank provided funding for the 20-year loan, which carries a 7 percent interest rate. Hal Kempson of CB Richard Ellis’ Charlotte, N.C., office secured the loan. Royal Net Lease and William Blair & Co. also helped with the deal.