ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.
WAYCROSS, GA. — SRS’ Southeast investment sales team has brokered the $4.3 million sale of Satilla Square, a 117,212-square-foot shopping center in Waycross. The property is located at 1803 Knight Ave. at the intersection of Knight Avenue and South City Boulevard. Dollar General Market and Big Lots anchor the center. Baer Asset Management Co. purchased the property from Satilla Square LLC, Henderson Satilla LLC and Satilla Land LLC. Kyle Stonis and Pierce Mayson of SRS represented the sellers in the transaction. The buyer didn’t have representation.
MIAMI — SunTrust Community Capital (STCC) has provided $42.1 million in construction financing for the development of Allapattah Trace Apartments, a 77-unit affordable housing property located in Miami’s historic Allapattah neighborhood. The borrower, The Richman Group, began construction on the project in October and plans to deliver the community by the end of 2016. Allapattah Trace will feature one- and two-bedroom units, and each apartment will have Energy Star-certified appliances, a central HVAC system and a walk-in closet. Community amenities will include a clubhouse, business center, playground, exercise facility and laundry room. Services such as tutoring and an after-school program will also be available. STCC made a $23.7 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks Inc. provided construction loans totaling $18.4 million.
TYSONS, VA. — Akridge and the Ronald D. Paul Cos. have acquired 1690 Old Meadow Road in Tysons, a Virginia suburb of Washington, D.C., for $7.6 million. The pair plans to redevelop the existing 13,000-square-foot training facility for GEICO into a 250,000-square-foot office building. Upon completion, the 11-story project will sit atop a five-story parking garage and offer ground-floor retail space and on-site amenities such as a conference facility, in-building wireless, a restaurant and a landscaped terrace with common space and bocce ball courts. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. KGD Architecture is designing the redevelopment. The sale of 1690 Old Meadow Road resulted from a tri-party agreement with GEICO and Merritt Properties. GEICO is relocating its current training facility to a new build-to-suit facility in Merritt’s Ashbrook business park in Ashburn, Va. Jeff Groh and Michael Blyumin of JLL represented GEICO, and Joseph Svatos of Akridge represented the buyers in the transaction. Andrei Ponomarev of Akridge represented GEICO in the development and construction phase of the project.
MIAMI — In a joint venture with a real estate fund advised by Crow Holdings Capital Partners, Lincoln Property Co. has completed Turnpike Park, a 136,500-square-foot industrial building located in Miami. The joint venture has also secured its first two tenants. SV Orchids & Potted Supply Inc., a subsidiary of Silver Vase Inc., signed a 39,000-square-foot lease, and Southpoint Sportswear LLC signed a 24,440-square-foot lease at Turnpike Park. Americas Industrial Realty Corp. represented the ownership in both lease transactions. Turnpike Park features 52-foot by 45-foot column spacing with a 50-foot staging area, three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system and four dock doors per bay. The property also offers access to the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), I-75 and the Dolphin Expressway.
ATLANTA — Multi Housing Advisors (MHA) has brokered the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta. The property recently received a comprehensive renovation and now features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring and energy efficient toilets. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $12.8 million sale of a 41,117-square-foot, freestanding Walmart Neighborhood Market in Goose Creek, a suburb of Charleston. Built in 2014 and opened for business in June 2015, the store features a drive-thru pharmacy and a six-pump Walmart fuel station on an outparcel. Walmart has signed a 20-year modified triple-net lease on the property with four five-year options, each with rent increases. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Group represented the seller, a developer. The buyer is a private investor in a 1031 exchange. Raj Ravi of Marcus & Millichap’s Charleston office is the firm’s broker of record in South Carolina.
DAVENPORT, FLA. — McCraney Property Co. has begun construction on a two-building, 603,000-square-foot spec industrial development at Park27, an industrial park located at the northwest intersection of I-4 and U.S. Highway 27 in Davenport. In collaboration with Northwestern Mutual, McCraney will develop a 189,000-square-foot facility followed by a 414,000-square-foot, multi-tenant building. Park27 serves as a distribution location for Amazon, Best Buy, Ford Motor Co. and HHGregg.
TAMPA, FLA. — Dockerty Romer & Co. has arranged a $55 million acquisition loan for five Class A office buildings within the 88-acre Highland Oaks development in Tampa. Highland Oaks is currently 96 percent leased and is situated near the I-75 and I-4 interchange. The five properties span 575,852 square feet. Craig Romer of Dockerty Romer arranged the loan through J.P. Morgan on behalf of the borrower, a global real estate investment manager.
