ROGERS, ARK. — A Florida-based private investor has acquired Boomerang Car Wash via a sale-leaseback transaction in Rogers, from North Little Rock, Ark.-based Rogers Pleasant Crossing Car Wash, for $3 million. The single-tenant property includes a 4,500-square-foot building situated on a 1-acre parcel, and it is located at 2000 West Pleasant Grove Rd. near Interstate 540. Greg Nabholz of Sperry Van Ness’ Conway, Ark., office represented the seller, and the buyer was represented in-house.
Submitted by Alex Zylberglait CCIM, SIOR and Ryan Shaw, associate vice president and associate with the Miami office of Marcus & Millichap Real Estate Investment Services. Posted Online 05-07-08. What area is your expertise? Our primary focus of business is office properties in Miami-Dade County, Florida. What trends do you see presently in office development in your area? Office developments over the past few years have been limited to mostly office condominiums and build to suit. The office condo market was short lived and non-existent at this point. Unfinished condo projects are currently going back to for rent product and therefore adding nominal supply back to the market. The majority of office development for Dade is focused in the downtown Miami and Airport West submarkets. Downtown has seen three projects break ground for approximately 1.77 million square feet of Class A space. The airport area is targeted for many of the import and export companies that see much of the business go through the Miami International Airport as cargo planes transport much of the imports that come into the Port of Miami. Broward county is a little bit different in respect to they have had little new development in the …
ORLANDO, FLA. — Houston-based RIDA Development Corp. has purchased the 5.6-acre Plaza site in downtown Orlando, from Weston, Fla.-based Downtown Plaza, for $15 million. The site will be redeveloped as a $250 million mixed-use project. The property is located at 400 N. Orange Ave. on a city block bordered by Orange Avenue, Amelia Street, Livingston Street and the Linx bus station near Interstate 4.
KENNESAW, GA. — GEM Kennesaw, an overseas private investor, has acquired the 175,900-square-foot Heidelberg U.S.A. headquarters building as part of a 1031 exchange in Kennesaw, from a TIC controlled by Dallas-based MacFarlan Capital Partners, for $22.3 million. The Class A, two-story building is located at 1000 Gutenberg Dr. and is 100 percent leased by Heidelberg U.S.A., a wholly-owned subsidiary of Heidelberg Druckmaschienen AG. Falcon Real Estate Investment Company advised the buyer.
WINTER HAVEN, FLA. — Philadelphia-based Mills Development Co. is building a $10 million, 181-unit independent living retirement community in Winter Haven, located at the intersection of Cypress Gardens Boulevard and Ninth Street S.E. Cuhaci & Peterson is the project architect. Construction is slated to begin later this year.
FORT PIERCE, FLA. — Dale and Roni Zaletel of Birmingham, Ala.-based Senior Management Solutions have acquired Broadmoor Assisted Living, a 32-unit, 55-bed assisted living and Alzheimer’s community in Fort Pierce, from Christopher Lundstrom of Perfect Healthcare, for $3 million. Krone Weidler of Marcus & Millichap’s Tampa, Fla., office represented both parties in the transaction.
HUNTSVILLE, ALA. — An undisclosed buyer has purchased Mill Stream Apartment complex, a 5-acre, 80-unit property located at 3000 Ivy St. in Huntsville, from Mill Stream LLC, for $2 million. John Landrum of Huntsville-based Coldwell Banker Commercial McLain Real Estate represented the seller, and the buyer was represented by Annie Rapiere of Keller Williams Realty’s Huntsville office.
D’IBERVILLE, MISS. — Chattanooga, Tenn.-based CBL & Associates, in conjunction with joint venture partner Forum Development Group, is building The Promenade, a 72-acre, 700,000-square-foot power center in D’Iberville, located at the northwest corner of interstates 10 and 110. The center will feature 11 anchors and more than 80,000 square feet of specialty shops and restaurants. CBL is the majority partner responsible for development, leasing and management. Construction will begin this month, and the center will open next fall. The project will benefit from tax exempt funding via GO ZONE legislation, which is designed to encourage development in hurricane-impacted areas. Chattanooga-based EMJ Corporation is the general contractor, and the project architect is Atlanta-based Phillips Partnership. Tenants have committed to occupy more than 365,000 square feet.
LOUISVILLE, KY. — NTS Realty Holdings has completed the sale of 100 percent of the membership interests in its wholly-owned subsidiary, which consisted of eight office properties in Louisville, to Kentucky-based Ascent Properties, for $56.5 million. The portfolio was comprised of Plainview Center, which features 98,000 square feet; Plainview Point Office Center I and II, which feature a total of 57,300 square feet; Plainview Point Office Center III, which features 61,700 square feet; 1901 Campus Place, which features 85,300 square feet; Atrium Center, which features 104,300 square feet; Blakenbaker Business Center I, which features 160,700 square feet; and Blakenbaker Business Center II, which features 77,400 square feet.
WASHINGTON, D.C. — The development partnership of Canyon-Johnson Urban Funds and Donatellis Development has secured a $53 million construction loan for Park Place, a seven-story, 161-unit multifamily and townhome community in the Columbia Heights/Petworth suburb of Washington, D.C., from Citi Community Capital. The development will feature units averaging 860 square feet with one or two bedrooms and 16,000 square feet of community-serving retail. The project will be located directly above the Georgia Avenue/Petworth Metro Station. The general contractor is S.E. Foster, a subsidiary of The Paradigm Companies, and the architect is Torti Gallas and Partners. Construction is slated for completion next July.