For example, the 76-unit, 21-building Cedar Pointe Apartments at 5409 Temple Palms Ave., was sold after only 83 days on the market. Cedar Pointe Apartments LLC of Mascoutah, IL snapped up the 70,832-sf property from Miami Beach-based LNR Property Inc. for $2.8 million, or $36,184 per unit.
"The property was under contract for less than 60 days before closing at full price and was 98% leased at the time of the sale," says John W. Stone, a Colliers senior investments broker who handled the transaction for the seller. Colliers associate Jason T. Stanton assisted. John Burpee of John A. Burpee and Associates negotiated for the buyer.
The gated community has 17 two-story and four single-story buildings containing four units each on a 4.7-acre site that includes a swimming pool.
In an industrial transaction, Farco Plastics Supply Inc. of Clearwater, FL paid Lakendon Inc. of Killarney, FL $580,000, or $56.27 per sf, for a 10,307-sf, air-conditioned warehouse at 7151 Lake Ellenor Dr. in the 4,500-acre Orlando Central Park development.
Farco plans to relocate its L.B. McLeod Road operations to the new site. Colliers senior associate Michael Caridi negotiated for the seller. Susan Ruby of Cushman & Wakefield of Florida Inc. represented the buyer.
In an office building transaction, the Tampa office of Cushman & Wakefield represented First Industrial LP of Chicago in the $6.4 million sale of the six-building Corporate Center to Capital Realty Investors LLC. Capital Realty paid $59.04 per sf for the property which was built between 1982 and 1984. The 9.2-acre site is in the Westside/Airport industrial submarket at 6702 and 6712 Benjamin R. in Tampa.
"We anticipate continued demand for well-leased investment properties as interest rates continue to drive pricing," says C&W senior director Mike Davis.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
