DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a two-building, 150,000-square-foot industrial portfolio in southwest Dallas. The multi-tenant, shallow-bay buildings are situated on a seven-acre site at 4647 Mint Way. According to LoopNet Inc., the site is located within Mint Way Business Park, and the buildings were constructed in 1975 and feature 20-foot clear heights. Chase Miller of NAI Robert Lynn represented M2G Ventures in the transaction. The seller and sales price were not disclosed.
HOUSTON — Alterra IOS has acquired two industrial outdoor storage sites totaling 7.2 acres in the eastern Houston suburb of Baytown. The sites at 8121 and 8223 Parkside Ave. are located within Bay 10 Business Park and house a combined 50,000 square feet of warehouse space. Lee & Associates brokered the sale. The seller and sales price were not disclosed. Alterra IOS plans to make capital improvements into the sites, including adding speculative office space and a reinforced concrete yard at 8121 Parkside.
DULUTH, GA. — Gwinnett County’s Urban Redevelopment Agency has acquired a Macy’s department store and furniture store at Gwinnett Place Mall, a beleaguered regional shopping mall in the northeast Atlanta suburb of Duluth. In 2021, the county initially purchased a 39-acre portion of the Gwinnett Place Mall site, and with this 23-acre acquisition, will own a total 76 acres. The mall originally opened in 1984. Gwinnett County’s Urban Redevelopment Agency purchased the two Macy’s stores, which span 293,059 square feet, in a sale-leaseback with the New York-based retail giant. Macy’s will continue to operate the two stores through early 2025. The county purchased the stores for $16.5 million and will issue bonds to finance the transaction, which is expected to close in November. “The acquisition of the Macy’s site marks a pivotal step forward in the redevelopment of Gwinnett Place Mall, setting the stage for Gwinnett County to establish a national — and possibly international — model for equitable and impactful transformation,” says Nicole Love Hendrickson, Gwinnett County chairwoman. “This redevelopment will be a catalyst for change, creating transformative opportunities that enhance property values, align with neighboring investments and drive growth for a new generation of entrepreneurs, residents and local …
RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.
WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.
MEMPHIS, TENN. — Colliers Mortgage has provided a $9.5 million Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit apartment community located at 595 Cadraca Drive in east Memphis. The garden-style property features one-, two- and three-bedroom apartments and features onsite laundry facilities and property management, according to Apartments.com. Randy Engel of Colliers Mortgage’s Memphis office originated the agency loan on behalf of the borrower, an undisclosed sponsor that is a repeat client of Colliers Mortgage.
CYNTHIANA, KY. — NAI Isaac has arranged the sale of a 100,000-square-foot industrial facility located at 736 US Highway 27 in Cynthiana, roughly 30 miles northeast of Lexington. Grand Rapids, Mich.-based Herdegen Commercial Equipment LLC, a liquidator of corporate equipment and other fixed assets, purchased the facility for an undisclosed price. Bruce Isaac of NAI Isaac represented the undisclosed seller in the transaction. According to LoopNet Inc., the facility is a single-tenant building that was delivered on a 7.5-acre site in 1964. The property features 19-foot clear heights, two dock doors and four drive-in doors. The acquisition also includes a separate 7,000-square-foot facility at the site.
EAST GREENWICH, R.I. — JLL has brokered the sale of East Greenwich Plaza, a 158,709-square-foot shopping center in East Greenwich, located south of Providence. Situated on 20.5 acres and anchored by Dave’s Fresh Marketplace, the center was 97 percent leased at the time of sale. Other tenants include Le’s Isle Rose, Healthtrax, Bank Newport and McDonald’s. Chris Angelone, Bill Moylan, Zach Nitsche, Jessica Dowd and Sam Wiesman of JLL represented the undisclosed seller in the transaction and procured the buyer, a joint venture between Brand Street Properties and Regency Centers.
GUILFORD, CONN. — Zelco Properties, the development and acquisition arm of Charter Realty, and Haverford Retail Partners have acquired Guilford Commons, a 123,000-square-foot retail center in southern coastal Connecticut. Tenants at the property, which originally opened in 2015, include The Fresh Market, Michaels, DSW, Ulta Beauty, Panera Bread, MOOYAH, Spavia, Pure Barre and Ivy Rehab. T.J. Maxx and Old Navy also recently signed leases at the center. Charter Realty will handle leasing of the property.
EASTON, PA. — NAI Summit has arranged the $3 million sale of the historic former Crayola warehouse and distribution center in the Lehigh Valley community of Easton. Originally built in the 1890s as a manufacturing facility by Crayola predecessor Binney & Smith, the property consists of four buildings totaling 94,000 square feet on an 8.9-acre site. Matt Sprung of NAI Summit represented the seller, an out-of-state investor, in the deal. A local developer purchased the property with plans to implement a residential conversion.