MEDLEY, FLA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased three auto salvage properties in Medley, part of the Miami MSA, for $17.3 million. The properties, totaling approximately 30 acres, are fully leased through July 2022 to a subsidiary of a large publicly traded global provider of replacement auto and truck parts.
Southeast
MIAMI — Marcus & Millichap has arranged the $13 million sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail property in Miami. The asset is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way. The property includes 18,356 square feet of ground-floor retail space and 56,105 square feet of office space. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and the seller in the transaction. The property has received approximately $2 million in capital improvements in the last two years.
GADSDEN, ALA. — Jason Stinson of Commercial Realty Services of Alabama LLC has brokered the purchase of two retail buildings once occupied by Food World in Gadsden for an undisclosed price. The two assets are approximately 45,000 square feet each and are located in Eastside Plaza Shopping Center and Canterberry Station Shopping Center. Anniston, Ala.-based GB & MH Properties LLC purchased the Eastside Plaza asset, and Birmingham-based Beltline Canterberry LLC purchased the Canterberry Station asset. Beltline Canterberry is the majority owner of the remainder of Canterberry Station Shopping Center.
CHARLOTTE, N.C. — LRC Properties LLC, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building located at 2101 Rexford Road in Charlotte’s SouthPark submarket. The joint venture purchased the Class B asset, also known as the Esplanade, for approximately $25.3 million. The office building’s tenant roster includes Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC Properties plans to upgrade the property with the addition of a conference meeting room, lounge and health club. Darren Hirsch will lead LRC Properties’ day-to-day management of Colonial Plaza. Including this transaction, LRC Properties now owns and manages approximately 1.8 million square feet of commercial space in Charlotte.
GERMANTOWN, MD. — NexCore Group LLC, a national healthcare developer, has broken ground on a 79,491-square-foot medical office building on the new Holy Cross Health hospital campus in Germantown, an unincorporated municipality roughly 20 miles northeast of Bethesda. The new facility is located within the Hercules Pickney Life Sciences Park on the Montgomery College campus. Holy Cross Health hospital is slated to open in October. NexCore is building the medical office building to LEED Silver certification standards, with high efficiency air handling units, lighting control system and a green roof. The asset is one of three healthcare facilities around the country that NexCore is developing for CHE Trinity Health.
SUN CITY CENTER, FLA. — Phillips Edison-ARC Grocery Center REIT II Inc. has purchased Kings Crossing, a 75,020-square-foot grocery-anchored shopping center in Sun City Center, part of the Tampa MSA. Publix anchors the shopping center, which also houses Sally Beauty Supply, Subway and The UPS Store. With this acquisition, the REIT’s portfolio features eight properties representing an aggregate purchase price of approximately $116 million.
CHARLOTTE, N.C. — NorthMarq Capital’s Charlotte office has arranged $11.8 million in acquisition financing for Highland Business Park, a 169,240-square-foot office development in Charlotte. Kevin Jenkins of NorthMarq arranged the 10-year loan with a 30-year amortization schedule through a conduit CMBS lender on behalf of the unnamed borrower.
CHARLESTON, S.C. — Federal Capital Partners (FCP) and Roi-Tan Investments LLC have signed nearly 22,000 square feet in new leases at the Cigar Factory, a redevelopment of the landmark office building located at 701 E. Bay St. in Charleston. The new tenants include Fritz Porter (6,377 square feet), Midland Mortgage Corp. (4,611 square feet), Exceed Physical Culture (4,256 square feet), EnviroMix Inc. (3,252 square feet), The Law Office of M. Brooks Derrick (1,162 square feet) and Strategic Risk Solutions (1,162 square feet). Since taking ownership in April, FCP and Roi-Tan have inked 77,523 square feet of new leases at the redeveloped mixed-use project, making Cigar Factory 35 percent pre-leased. The new tenants are expected to move into their new space by the summer of 2015.
RALEIGH, N.C. — The Dilweg Cos. has acquired a 12-building, 773,000-square-foot portfolio of office and flex properties in Raleigh for $89.5 million. The properties include Park Forty Plaza, RDU Center II and III, NorthPark I and II, five north Raleigh flex properties known as One North Commerce Center and two flex properties in Cary known as MacGregor Place. The acquisition brings Dilweg’s Southeast portfolio to 4.7 million square feet. Ryan Clutter, formerly of CBRE, led the transaction on behalf of the seller along with Ben Kilgore and Patrick Gildea of CBRE.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $40.7 million sale of 11 office buildings in Richmond’s Innsbrook submarket. The 359,000-square-foot portfolio was sold in two separate transactions to two buyers. Westdale Real Estate Investment and Management purchased West Shore I, II and III, as well as Grove Park I in the Concourse at Wyndham development located off of Nuckols Road. Lingerfelt Cos. purchased the remaining assets in Innsbrook Corporate Center, including Vantage Pointe, Vantage Place A-D and Technology Park I and II. Eric Robinson of Cushman & Wakefield | Thalhimer’s Richmond office represented the unnamed seller in both transactions.