CHARLOTTE, N.C. — Trinity Capital Advisors and joint venture partner DRA Advisors LLC, has acquired a 33-story, 584,315-square-foot office building located at 400 S. Tryon St. in downtown Charlotte for an undisclosed price. The building is 92 percent leased, with Duke Energy as its anchor tenant. Rob Cochran, Bill Collins, Jud Ryan and Craig Evans of Cassidy Turley represented the undisclosed seller in the transaction. Trinity Partners has been hired to lease and manage the asset.
CULLMAN, ALA. — Birmingham, Ala.-based Merchants Retail Partners has broken ground on the expansion of Cullman Shopping Center, bringing the retail asset to more than 325,000 square feet. New tenants coming to the center include Publix, PetSmart and a custom-designed Dick’s Sporting Goods. All three tenants are new entrants to the city of Cullman. Existing tenants at the shopping center include Belk, Books-A-Million and Shoe Dept.
LAKE COMO, N.J. — Four Springs Capital Trust, a privately traded REIT, has purchased five properties in the Southeast and Midwest for a combined $34 million. The assets include a 71,917-square-foot Academy Sports + Outdoors in Mt. Juliet, Tenn.; a 71,514-square-foot Academy Sports + Outdoors in Jonesboro, Ark.; two 9,026-square-foot Dollar Generals located in Yulee and Middleburg, Fla.; and a 226,756-square-foot industrial asset leased to Gander Mountain Co. Inc. in Lebanon, Ind. The properties are all subject to long-term triple net leases.
Atlanta is the economic engine of the Southeast, which is the fastest growing region in the country. With a population of 5.5 million across the 28-county metro area, the city is the ninth-largest metro nationally and is projected to be the sixth most populated by 2020. Atlanta’s high quality of life and low cost of living make it an ideal destination for young and educated talent around the region, as well as growing companies. Atlanta is home to 16 Fortune 500 companies and the busiest airport in the world — the recipe for a business boom and hot office real estate sector. According to Georgia State University’s Economic Forecasting Center, Atlanta is projected to add 305,000 new jobs between 2010 and 2016, with a drop in the unemployment rate to 5.7 percent in the same timeframe from the current rate of 7.5. That is a 13.5 percent increase in job growth over six years. The technology, homebuilding and service sectors are returning to health, if not climbing to new heights. According to CBRE’s U.S. Tech-Twenty research report, tech employment in Atlanta rose nearly 11 percent between 2011 and 2013. CBRE Research also finds that Atlanta’s recovery is underpinned by an …
DALLAS — PM Realty Group has purchased One Hanover Park, an eight-story office building located at 16633 North Dallas Pkwy. in Dallas. The 195,894-square-foot property was built in 1998 and includes a three-level parking garage. The Class A office building was 82 percent occupied at the time of sale, with floor plates averaging 25,000 square feet. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE arranged the transaction on behalf of the seller, a partnership between Cawley Partners and Stockbridge Capital.
BEE CAVE, TEXAS — Silverado Memory Care Community in Bee Cave, a suburb of Austin, will open Oct. 16 with a ribbon-cutting ceremony that will include residents and Texas State Rep. Paul Workman. Construction on the property began last year and more than 20 residents with memory impairments already live in the community, which is located at 14058 A. Bee Cave Pkwy. in Bee Cave. The property can accommodate up to 90 residents. The Bee Cave location is Silverado’s second in the Austin area. Amenities include memory boxes to help residents find their rooms, along with gardens, putting greens and walking paths.
GRAPEVINE, TEXAS — America’s Best Contacts & Eyeglasses has leased a 4,610-square-foot space at Grapevine Towne Center, located at 1217 W. Highway 114 in Grapevine, a suburb of Dallas. Other tenants at the location include Target, Ross Dress for Less, Bealls, Office Depot and Cost Plus World Market. America’s Best Contacts & Eyeglasses is headquartered in metro Atlanta and has more than 350 locations across the United States. Dawn Greiner and Ryan Johnson of SRS Real Estate Partners, along with Kathryn Bieber Knoll of Cassidy Turley, represented the tenant in the transaction. Matt Luedtke of The Weitzman Group represented the landlord, Grapevine/Tate Joint Venture.
HOUSTON — Mitsubishi Caterpillar Forklift America Inc. has expanded, moving into 15,870 square feet of warehouse space located at 1812 Brittmoore Road, Suite 200, in Houston. Jon L. Michael and Ed Bane of NAI Houston arranged the transaction on behalf of the landlord, IndCor Properties Inc. Jeff Klaasen of Kwekel Cos. represented the unnamed tenant.
FRANKFORT, ILL. — Inland Real Estate Corp. has acquired Prairie Crossings in Frankfort, an affluent southwest suburb of Chicago, for $24.7 million. Inland purchased the property in cash, excluding closing costs and adjustments from the seller, Beachwood, Ohio-based Chase Properties. The Prairie Crossings acquisition consists of approximately 109,000 square feet of gross leasable area, including more than 83,000 square feet of inline retail space, plus two multi-tenant outlot buildings. The power center is currently 99 percent leased. Bed Bath & Beyond, Sports Authority and Office Depot anchor the shopping center, which is shadow-anchored by Kohl’s. Other tenants include Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy’s, Massage Envy and Spa and Hair Cuttery, among others.
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Fresh Market Center in Glen Ellyn, a suburb in metro Chicago. New York-based American Realty Capital Properties Inc. purchased the 30,877-square-foot center for an undisclosed sales price. The Fresh Market Center is located at the southwest quadrant of Roosevelt and Lambert roads. The Fresh Market anchors the shopping center. Tenants include Firehouse Subs, Great Clips, Tide Dry Cleaners and European Wax Center. Joe Girardi and Rick Drogosz of Mid-America represented the seller, Minnetonka, Minn.-based Opus Development Company LLC.
