OCALA, FLA. — CBRE has arranged the sale of a Heather Island Plaza, a 70,970-square-foot, Publix-anchored shopping center in Ocala. Built in 2000, the property is located at 7878 SE Maricamp Road, and was 85 percent leased at the time of sale. CBRE represented the seller, a joint venture between Madison International Realty and SITE Centers Corp., in the transaction. The seller, New Bandera Ventures, sold the asset for an undisclosed price.
LELAND, N.C.— Capstone Land Sales has brokered the $4.4 million sale of a 22.8-acre multifamily development site within the Westgate community of Leland, about 10 miles west of Wilmington, N.C. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community at the site. Caleb Troop and Eric Liebich of Capstone Land Sales led the sales transaction. The seller was not disclosed. Kotarides’ apartment project will offer views of Jackeys Creek and be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park. The project will be the first apartment property in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. The regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.
MANCHESTER, GA. — Coldwell Banker Commercial has arranged the sale of a 370,000-square-foot warehouse and distribution building located at 1000 W. Main St. in Manchester. The sales price was not disclosed. Ernie Smallman IV of Coldwell Banker Commercial Kennon, Parker, Duncan & Davis represented the buyer, FW Logistics, and the seller, Global Track Warehouse. Built in 1978, the single-story property is situated on 30 acres roughly 39 miles from Columbus, Ga., and 19 miles from Pine Mountain, Ga. The property has 21 exterior dock doors and 300 parking spaces located outside of the building. FW Logistics has selected Coldwell Banker Commercial as the exclusive leasing agent for the property. The firm intends to lease 300,000 square feet of the building to a tenant and utilize the remaining space for its own operations. The company also plans to do upgrades and renovations to the building.
CLEARWATER BEACH, FLA. — Moss Construction will build the second phase of the J.W. Marriott Clearwater Beach in the Tampa Bay area. The beachfront project is expected to be completed in early 2023. Developed by Dr. Kiran Patel, the 450,000-square-foot property will include 162 hotel rooms and 36 furnished residential units. Community amenities will include an elevated 11th floor swimming pool and bar, spa, meeting rooms, ballrooms, gym and an ocean-front restaurant with private dining. The new addition will have approximately 250 feet of private beach for guests. Located at 691 S. Gulfview Blvd., the new hotel will offer views of the Gulf of Mexico and the Intercoastal from the private balconies.
CLEARWATER, FLA. — Stan Johnson Co. has brokered the $23 million sale of a 106,000-square-foot distribution facility located at 13133 34th Street N. in Clearwater. Seattle-based Amazon anchors the industrial facility, which is adjacent to Macy’s operations center and Raymond James’ headquarters. Stan Johnson’s Craig Tomlinson, John Zimmerman and Rocco Driscoll represented the 1031 exchange buyer, a New Jersey-based syndicator, in the transaction. Bruce Vaughan of Vaughan Commercial represented the seller, a private local partnership group. Originally built in 1980, the distribution facility was fully renovated in 2019 and is situated on 8.8 acres. The property is located less than two miles from Interstate 275, St. Pete-Clearwater International Airport and Old Tampa Bay.
SHEPHERDSVILLE, KY. — Bay Country Estates has purchased a 34,484-square-foot retail property in Shepherdsville that is ground-leased to Burger King. An entity doing business as Dixie Hwy Development #3 LLC sold the property for $1.6 million. Carrols Corp. operates the Burger King location, which has 18.5 years remaining on its lease. The property is located at 315 Keystone Crossing Drive, about 20 miles south of Louisville. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Jesse Limon and Colby Haugness of Marcus & Millichap’s Kentucky office represented the buyer.
BALTIMORE — Athletic apparel giant Under Armour Inc. (NYSE: UA) has reported $1.3 billion in sales in its fiscal first quarter of 2021, a 35 percent jump from last year’s first-quarter sales. The Baltimore-based company’s fiscal first quarter ended on March 31. Under Armour’s earnings in the quarter totaled 16 cents per share, which far surpasses the 3 cents expected by analysts, according to CNBC. The company reported an increase of $1.26 billion in revenue from the $930.2 million recorded in the first quarter of 2020. Additionally, the brand’s net income increased to 17 cents per share, or $77.8 million. Last year, the company experienced a loss of $589.7 million. Under Armour expects its sales to increase by 70 percent in the second quarter compared with second-quarter 2020, the period in which the U.S. economy took the full brunt of the COVID-19 pandemic. As of March 31, Under Armour operated 426 stores. Under Armour’s stock price closed on Wednesday, May 19 at $18.26 per share, up from $7.70 a year ago, a 57.8 percent increase.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects. The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within Hays Nature Preserve. Construction is expected to complete in early 2023 with first units becoming available in 2022. Doster Construction is also working on another development in downtown Huntsville known as Constellation, a mixed-use property. The company is working with developer Heartland Real Estate Partners LLC on that project.
MARTINSBURG, W.VA. — Equus Capital Partners Ltd. has signed a 10-year, build-to-suit lease agreement with subsidiaries of The Clorox Co. for a 580,000-square-foot warehouse space within the Mid-Atlantic 81 Logistics Park in Martinsburg. The new warehouse is expected to come on line in spring 2022. Clorox is currently constructing a manufacturing facility for its Fresh Step cat litter brand approximately one-third of a mile from Mid-Atlantic 81 Logistics Park. Additionally, there are two Kingsford manufacturing plants located in West Virginia. Clorox will store and distribute the products from the new Martinsburg facility. Mid-Atlantic 81 Logistics Park is situated on 150 acres off Tabler Station Road along the Interstate 81 corridor in Berkeley County, approximately 85 miles west of Washington, D.C. The warehouse and distribution building will feature 36-foot clear heights, cross docks, all-concrete truck courts, an ESFR sprinkler system, LED lighting, a 7-inch concrete floor and will be expandable to 868,000 square feet. Brad Metzger and Liz Roberts of Cresa represented Clorox in the lease transaction, and John Lesinski and Ben Luke of Colliers International represented Equus, a Philadelphia-based developer and private equity real estate fund managing firm. In 2018, Equus developed a 356,000-square-foot warehouse for Proctor & Gamble at …
