Acquisitions

One Ravinia Drive

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

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19855-SW-124th-Ave-Tualatin-OR

TUALATIN, ORE. — Pennsylvania-based Exeter Property Group has purchased an industrial property located at 19855 SW 124th Ave. in Tualatin. Meriwether Tualatin LLC sold the asset for an undisclosed price. Nortek Air Handling Solutions fully occupies the 329,474-square-foot campus, which includes three warehouse/manufacturing buildings on 25.1 acres. Paige Morgan of CBRE represented the seller in transaction. The seller is a private partnership that includes principals of Meriwether Partners and private investors.

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Tower-Capital-Apts-Glendale-AZ

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

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Griffith-Office-Bldg-Beaverton-OR

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

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ROANOKE, TEXAS — Marcus & Millichap has brokered the sale of the 58-room Best Western Roanoke Inn & Suites in Roanoke, located north of Fort Worth in Denton County. Andrew Frosch, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Gomes and Miller also procured the buyer, another private investor. Both parties requested anonymity.

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Crossways

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $61 million sale of Crossways Commerce Center I & II, a three-building, 525,082-square-foot industrial/flex portfolio in Virginia’s Hampton Roads region. The properties are located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake. Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, as well as Eric Robison of Cushman & Wakefield | Thalhimer, represented the seller, D.C.-based DSC Partners. A family office out of New Jersey known as Heritage Capital acquired the property. Crossways Commerce Center I & II was 100 percent leased at the time of sale to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering and Regus.

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Lewis House

KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.

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85 Logistics

DUNCAN, S.C. — McCraney Property Co. has sold 85 Logistics Park, a 201,600-square-foot, speculative industrial building located on 18.6 acres at 816 Berry Shoals Road in Duncan. This property is the first location in South Carolina for the new owner and buyer, Pall Corp., a global manufacturer of high-tech filtration, separation and purification products servicing the advanced manufacturing, food and life sciences industries. The sales price was not disclosed. The addition of Pall Corp. to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs, according to Joseph Curley of McCraney. Trey Pennington and Jeff Benedict of CBRE represented McCraney in the transaction. Frank Larsen of CBRE represented the buyer.

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LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.

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NEW ALBANY, OHIO — Alterra Real Estate Advisors has sold an 83,000-square-foot office building in New Albany to OhioHealth for $9.7 million. The property is located at 5150 E. Dublin Granville Road within suburban Columbus. The building was constructed in 1999 and renovated in 2007. OhioHealth, central Ohio’s largest hospital system, plans to redevelop the building into its New Albany Medical Campus at a project cost of roughly $36 million. The campus will enable the health system to expand its services and offer urgent care, primary care, various specialties, lab and imaging and an onsite retail pharmacy.

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