BURLINGTON, N.C. — Lamar Cos., in partnership with Real Capital Solutions, has acquired Alamance Crossing, a 456,742-square-foot open-air retail center located in Burlington, about 22 miles east of Greensboro, N.C. Hobby Lobby, Carousel Cinemas, Barnes & Noble and Belk anchor the center. Additional retailers include Buffalo Wild Wings, Tropical Smoothie Café, Anytime Fitness, Bath & Body Works, Kay Jewelers and DentalWorks, among others. Tom Dobrowski of Newmark represented the seller in the transaction. Triad Business Journal reported that previous owner CBL Properties defaulted on the property’s $50 million loan and that Spinoso Real Estate Group was court-ordered to take over management of Alamance Crossing, as well as bring it to market. The news outlet also reported the asset traded hands for $38.5 million.
FREDERICKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of a four-property industrial portfolio within Four Mile Fork Industrial Park in Fredericksburg, a city in Virginia’s Spotsylvania County. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as Longwood Holdings LLC, in the transaction. The buyer, an entity doing business as Longwood Owner LLC, purchased the portfolio for $38 million. Situated on 35.7 acres at U.S. Route 1 and Courthouse Road, the 221,189-square-foot portfolio comprises Longwood 1 at 230 Industrial Drive, Longwood 2 at 11001 Houser Drive, Longwood 3 at 10934 Houser Drive and Longwood 5 at 11200 Houser Drive. The portfolio was fully leased at the time of sale to tenants including Flowers Bakery, Midsouth Building Supply, F.H.Furr, Capital Electric, Lennox and Blossman Gas.
CARSON, CALIF. — NAI Capital Commercial has negotiated the purchase of a single-tenant industrial facility at 1055 Sandhill Ave. in Carson. Rexford Industrial sold the asset to Carson Warehouse Corp. for $52.4 million, or $410 per square foot. Ryan Campbell of NAI Capital Commercial represented the buyer, while Frank Schulz and David Prior of The Klabin Company represented the seller in the deal. Built in 2024, the 127,775-square-foot move-in ready building features 19 dock-high doors, 10 hydraulic pit levelers, a clear height of 32 feet, LEED Gold certification and 6,998 square feet of high-end, two-story office space. Additionally, the property offers ESFR sprinklers, heavy power and a 130-foot concrete truck court. The buyer plans to convert a significant portion of the facility into cold storage, including freezers and coolers to support its food distribution operations.
RALEIGH, N.C. — JLL has brokered the sale of Greens at Centennial, a 292-unit apartment community located at 320 The Greens Circle within North Carolina State University’s (NC State) Centennial Campus in Raleigh. An affiliate of a fund managed by Arboretum Partners purchased the property for an undisclosed amount. John Mikels, John Gavigan, Chase Monroe and William Martin of JLL represented the seller, Capital Associates, along with the seller’s internal representatives, in the transaction. Taylor Allison and Brad Woolard of JLL arranged an undisclosed amount acquisition financing for Arboretum through the Canadian Imperial Bank of Commerce. Built in 2014, Greens at Centennial features a mix of studio, one- and two-bedroom apartments that average 941 square feet in size. Amenities include a saltwater pool, 24-hour fitness center, fenced dog park and landscaped courtyards with grilling areas. Greens at Centennial is on a ground lease with NC State.
AVE MARIA, FLA. — Barron Collier Cos. will soon open Midtown Plaza at Ave Maria, a 21,000-square-foot retail center located at 5360 Ave Maria Blvd. in Southwest Florida. Set for a grand opening event on May 17, the retail property is situated on the east side of Collier County within the Ave Maria master-planned community. Barron Collier achieved full occupancy at Midtown Plaza with the recent signings and openings of NCH Immediate Care and UMami Asian Fusion. Other tenants include Sunshine Ace Hardware, AM Nails, Cold Stone Creamery and Ledo Pizza. Dunkin’ occupies a corner suite at the property that features a drive-thru.
RODEO, CALIF. — EAH Housing has reopened Rodeo Gateway, a seniors housing property in Rodeo, after implementing interior and exterior upgrades to residences and common spaces. Rodeo Gateway features 49 one-bedroom apartments for seniors aged 62 and older and a two-bedroom manager’s unit. Community amenities include a landscaped courtyard, tree-lined walkways, comfortable seating areas and resident amenities, including a sunroom, computer lab and fully equipped community kitchen. The rehabilitation included upgraded residences with new energy-efficient appliances, high-efficiency LED lighting, new flooring and updated kitchen and bathroom cabinetry, sinks and fixtures; enhanced ADA-compliant amenities, including roll-in showers and improved mobility features; and a newly designed community room with new furnishings, flooring, paint and window coverings. Additional enhancements include improved air circulation in common hallways and new security features, such as an updated entry call system with key fob access and a new Wi-Fi system.
MCKINNEY, TEXAS — A partnership between regional developer Creation, Horizon Capital Holdings and Arizona-based investment firm Vaulter will develop Long Branch, a $1.3 billion mixed-use project that will be located about 30 miles north of Dallas in McKinney. The site, which spans 155 acres and is situated just north of the downtown area, will be developed in phases over the next decade. Plans currently call for 1,600 multifamily units; 135,000 square feet of retail space that will be anchored by a 65,000-square-foot grocery store; a 318,600-square-foot office campus with two six-story buildings; a 100-room hotel; and a five-story, 910-space structured parking garage. Dallas-based GFF is leading design of the project, and LGE Design Build, which is also based in Dallas, is leading construction. Infrastructural work on the site is expected to kick off later this year, with the first phase of vertical development to follow shortly thereafter.
CLOVIS, N.M. — Marcus & Millichap has arranged the sale of a two-property self-storage facility portfolio in Clovis. Terms of the transaction were not disclosed. The portfolio includes two facilities at 3400 W. 7th St. and 5126 N. Prince St. In total, the portfolio offers 262 non-climate-controlled units, 29 fully enclosed RV and boat units and one office. Situated on 3.2 acres, the portfolio totals 53,880 net rentable square feet. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer in the deal.
MISSION VIEJO, CALIF. — Hanley Investment Group Real Estate Advisors and Walseth Investment Co. have negotiated the $11.6 million sale of a shopping center located at 24011-24031 Marguerite Parkway in Mission Viejo. Kevin Freeman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Colorado-based private investment company, while Michael Walseth of Walseth Investment Co. represented the buyer, an Orange County, Calif.-based regional grocery store operator, in the transaction. Built in 1973 on 3.4 acres, the shopping center offers 51,312 square feet of retail space. Current tenants include A Cut Above, Little Caesars and Leslie’s Pool Supplies. The vacant, 37,118-square-foot Orchard Supply Hardware store comprises more than 72 percent of the center’s total square footage. The asset underwent a facade remodel in 2016.
VISTA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $4.3 million for the refinancing of an industrial building located at 2270 La Mirada Drive in Vista. Kevin Elliott of MMCC secured the financing with a local credit union for the undisclosed borrower. Terms of the 10-year loan include a 6.3 percent interest rate with a 30-year amortization period and a 60 percent loan-to-value. Beacon Building Products, a distributor of roofing, waterproofing and related exterior products in the United States and Canada, occupies the 4,800-square-foot facility.