ATLANTA — McDonald Development Co. has sold two Class A bulk warehouse and distribution buildings totaling 850,000 square feet within SouthPark Business Park in Atlanta’s Airport/South Atlanta submarket to LaSalle Investment Management Inc. The industrial sale includes the 400,000-square-foot SouthPark 4600, which is leased to FedEx SmartPost, a subsidiary of FedEx Corp. It also includes the 450,000- square-foot SouthPark 3100, which is leased to BrandsMart USA, a consumer electronics and appliance retailer. Stewart Calhoun, David Meline, Samir Idris, Casey Masters and Darice Fichter Rose of Cushman & Wakefield represented McDonald Development Co.
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ATLANTA — Atlanta Demolition is set to implode one of two buildings at the former IBM campus at 4111 Northside Pkwy. in Atlanta to make way for the new North Atlanta High School, which will move from its current location at 2875 Northside Dr. in August 2013. The adaptive re-use project will include the construction of a new building and reconfiguration of an existing building. The new building will include a 600-seat auditorium, a 150-seat black box theater, a 2,100-seat competition gymnasium and a practice gymnasium. The existing building will be converted into classrooms, offices, a library and a cafeteria. Cooper Carry is the project architect and JE Dunn Construction is the general contractor.
WASHINGTON, D.C. — The Avenue at Park Morton, an 83,432-square-foot mixed-use apartment building at 3506 Georgia Ave. in Washington, D.C., has opened. The property includes 83 one- and two-bedroom units and 2,388 square feet of ground-floor retail space. Park Morton Development Partners, which is a joint venture between Landex Corp. and the Warrenton Group, developed the project. WinnResidential, the property management arm of WinnCompanies, is the property manager and leasing agent.
DURHAM, N.C. — Cincinnati-based Viking Partners LLC, a private equity real estate investment firm, has sold two properties through its Fund I including the 40,000-square-foot Generation Plaza, an office building in Durham. The other property was the 20,150-square-foot Shoppes of Deerfield South, which is shadow-anchored by Walmart in Cincinnati. Viking Partners acquired both properties in 2010. Generation Plaza sold for $3.6 million.
JACKSONVILLE, FLA. — Raleigh, N.C.-based First Citizens Bank and Trust has acquired two properties and leased a third property for expansion in Northeast Florida. The financial institution purchased three combined lots at the corner of San Marco Boulevard and Cedar Street in Jacksonville to construct a two-story, 6,000-square-foot building that will house its Jacksonville office and San Marco branch. It also purchased a 4,053-square-foot vacant building at 13860 Old St. Augustine Rd. within the Shoppes of Bartram Park. The building previously served as a banking branch of another financial institution. The Federal Deposit Insurance Corp. (FDIC) sold the building to First Citizens for $2.25 million and it will be renovated for the bank’s Julington Creek branch. First Citizens is also relocating its Ponte Vedra branch to 830 State Rd. A1A North within Tournament Plaza through a 2,500-square-foot lease from Sleiman Enterprises. Lee Stine and Rick Sutton of Jacksonville-based Grubb & Ellis/Phoenix Realty Group represented First Citizens in all three transactions.
DALLAS — Capital Senior Living Corp. (NYSE:CSU) has purchased eight senior living communities for $72.9 million. The communities are located in Ohio, Indiana and Texas and contain assisted living and memory care facilities. The average occupancy for the properties is above 95 percent, with average monthly rents of about $3,200. The acquisition will generate additional cash from facility operations of $3.6 million, or 13 cents per share.
DETROIT — A ground lease portfolio of 11 Michigan 7-Eleven locations has hit the market for $18.9 million. The properties are fully occupied and are located in Howell, Shelby Township, Macomb, Chesterfield, Romulus, Warren, Clinton Township and Lenox Township. Simon Jonna and Raymond Jonna of Marcus & Millichap are representing the seller, a private partnership.
CASS LAKE, MINN. — Marcus & Millichap has arranged the $120,000 sale of an O'Reilly Auto Parts property in Cass Lake. The 4,000-square-foot building is located at 6289 Cass Frontage Road. Mike Marzinske, Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a private investor. Marzinske also represented the buyer, a private investor.
NEW YORK CITY — Hersha Hospitality Trust has agreed to purchase the 205-room Hilton Garden Inn at 52nd Street in New York City for $74 million. The transaction is expected to close shortly after the developer completes the hotel's construction in the fourth quarter of 2013. Jay Shah, CEO of Hersha, says the hotel is expected to appeal to both corporate and leisure travelers. Hersha owns 64 hotels in New York City, Washington, Boston, Philadelphia, Miami and Los Angeles.
DAYVILLE, CONN. — Inland Diversified Real Estate Trust has acquired a majority interest in The Crossing at Killingly Commons, a 395,539-square-foot shopping center in Dayville. Inland purchased the property through a joint venture with Dayville Unit Investors, an affiliate of the seller, for $60.2 million. Completed in 2010, the center is anchored by Lowe's Home Improvement, which operates on a ground lease, as well as Stop & Shop and T.J. Maxx.