DENVER, N.C. — Baum Realty Group has arranged the $7.6 million sale of a single-tenant net-leased Walgreens located in Denver, roughly 26 miles north of Charlotte. Patrick Forkin and Brad Teitelbaum of Baum Realty represented the buyer, a private international investor, in the transaction. The seller was a private East Coast developer. Walgreens has a 20-year lease at the store, with rental increases every 10 years.
DURHAM, N.C. — Lincoln Harris has arranged two retail leases that will kick off new construction at Phase II of Patterson Place, a mixed-use property located at 5324 McFarland Drive in Durham. Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, BP Phase2 LLC, in both transactions. The deals included Blaze Pizza signing a 2,650-square-foot lease and Phenix Salon Suites signing a 3,842-square-foot lease. Additionally, Laboratory Corp. of America has signed a 1,545-square-foot lease at an existing medical office building in the development. Existing tenants include Moe’s Southwest Grill, Applebee’s, AT&T, Five Guys Burgers and Fries and Duke Medicine.
Louisville’s industrial market continues to impress as it has successfully navigated recessionary times to the now current brisk market with solid activity. Even within those leaner times of 2009 and 2010, Louisville grew its occupied footprint by approximately 1.6 million square feet with perhaps a recipe that includes its beneficial geographic location and infrastructure, diverse manufacturing and logistics economy buffeted by UPS Worldport and Supply Chain Logistics, and aggressive state incentives provided by Kentucky and adjacent neighbor Indiana. The I-65 corridor is currently, and has been, white hot over the last 15 years. Louisville, like many similarly sized cities with populations over 1 million, has developed to its outer edges and industrial development is now spilling into smaller adjacent communities such as Shepherdsvillle, Ky., and Jeffersonville, Ind., both of which no longer resemble their former industrial selves. National and international developers like Prologis, USAA, Dermody, Exeter, DCT, Pinchal and Welsh, along with local developers such as Main Street Realty, Capstone, America Place and Crossdock, have found these communities and the I-65 corridor not only ripe with opportunity, but flush with tenants. On the Louisville side of the Ohio River, current speculative construction along the corridor includes more than 1.4 million …
MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
GARDEN CITY, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Westport Business Park on a 33-acre land parcel in Garden City, which borders Savannah. The 312,000-square-foot speculative distribution center will feature 32-foot clear heights with 94 dock doors, 52-foot by 60-foot stage bays, T5 lighting, ESFR sprinklers, 45 trailer spaces and 77 car parking spaces. The facility will be situated less than two miles from the Garden City Terminal at the Port of Savannah and the Savannah/Hilton Head International Airport. The joint venture expects to complete the project by mid-2016.
LEBANON, TENN. — Communications Test Design Inc. (CTDI), an engineering, repair and logistics company serving the communications industry, has signed a 403,750-square-foot industrial lease at Eastgate Distribution Center I in metro Nashville. The building is located at 7800 Eastgate Blvd. in Lebanon. John Ward of Cushman & Wakefield represented the landlord, Pattillo Industrial Real Estate, in the lease deal. Terry Smith of Colliers International represented CTDI. David Mackey and John Morrissey of Jackson Cross Partners assisted in representing CTDI.
RALEIGH, N.C. — Heritage Properties Inc. plans to develop Legacy at Brier Creek, a 121,000-square-foot, Class A office building in Raleigh. The development will be situated at the corner of TW Alexander and Brier Creek Parkway. The office building’s amenities will include a tenant lounge on the first floor with a coffee bar and Wi-Fi, fitness center and yoga studio, locker rooms with showers and an outdoor terrace with seating and grills. The building is designed with 15-foot floor-to-ceiling heights on each floor, allowing tenants the option of having an exposed 15-foot ceiling or a traditional 10-foot drop ceiling. The property features land for the development of an additional 45,000 square feet of office space. Heritage Properties has selected Colliers International to lease the project.
STUART, FLA. — Konover South LLC plans to develop Stuart Landings, a 30,587-square-foot shopping center located at 3801 S.E. Federal Highway in Stuart. Upon completion in summer 2016, the shopping center will feature a 17,837-square-foot Aldi, 3,500-square-foot Aspen Dental, a 4,000-square-foot fast food restaurant outparcel and another 5,250 square feet of inline retail space. The new development will be situated adjacent to an existing Walmart Supercenter. Konover South purchased the 4.4-acre land parcel from Industrial Development Corp. for approximately $2.3 million. Al Cicchese of SLC Commercial Realty & Development brokered the transaction. The Shopping Center Group represented Aldi in its lease transaction, and Katz & Associates represented Aspen Dental.
SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.
