Southeast

Duncan Distribution Center South Carolina

CBRE Brokers $12.6M Sale of Distribution Center in Metro Spartanburg

by John Nelson March 13, 2015

DUNCAN, S.C. — CBRE has brokered the $12.6 million sale of Duncan Distribution Center, a 350,000-square-foot, Class B distribution center in Duncan, part of the Spartanburg West industrial submarket. Beacon Partners purchased the distribution center, which was fully occupied at the time of sale. Patrick Gildea, Brett Floyd and John Scott of CBRE represented the seller, Duncan Owner Corp., in the transaction. The center is located near I-85, the South Carolina Inland Port in Greer and BMW’s manufacturing plant.

March 13, 2015

Multifamily Southeast Virginia

MHA Brokers Sale of Two Apartment Communities in Virginia Totaling $11.2M

by John Nelson March 13, 2015

RICHMOND AND SALEM, VA. — Multi Housing Advisors (MHA) has brokered the sale of two Virginia Apartment communities in two separate transactions. The properties include the 120-unit Laurel Pines in Richmond and the 132-unit Northview in Salem. Monument Real Estate Services acquired Laurel Pines from an undisclosed seller for $6.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller in the transaction. Additionally, Yorkshire Holdings LLC purchased Northview from Northview Associates for $4.6 million. Robinson, McCarley and Bryant also represented the seller in the transaction. The MHA team was the sole brokerage firm in both transactions.

March 13, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $6.4M Sale of Mixed-Use Retail in Atlanta

by John Nelson March 13, 2015

ATLANTA — Marcus & Millichap has brokered the $6.4 million sale of the retail component of Windsor Glenridge Springs, a mixed-use development located at 5610 Glenridge Drive in Atlanta. The retail component totals roughly 20,000 square feet and is leased to tenants such as Sushi Nami, Blue Moon Pizza and Firehouse Subs. Built in 2011, Windsor Glenridge Springs also includes 168 luxury apartment residences, which were not part of the transaction. Craig Johnson and Tim Giambrone of Marcus & Millichap’s Atlanta office represented the buyer, an unnamed investment firm based in California.

March 13, 2015

Retail Southeast Tennessee

Sterling Organization Acquires Stones River Mall in Metro Nashville

by John Nelson March 12, 2015

MURFREESBORO, TENN. — Sterling Organization has purchased Stones River Mall, a 594,688-square-foot enclosed regional mall in Murfreesboro, a suburb of Nashville. Sterling purchased 497,691 square feet at the mall, which was developed in 1992 and renovated in 2008. The company acquired the asset through its institutional fund: Sterling Value Add Partners II LP. Anchored by Dillard’s, Sears and J.C. Penney, other tenants include Aeropostale, Books-A-Million, Electronic Express, Hancock Fabrics, Chuck E. Cheese’s, PacSun, Bath & Body Works, Shoe Carnival, Versona, Bink’s Outfitters, Hibbett Sports and Victoria’s Secrets. The mall’s outparcel restaurants include TGI Fridays, Olive Garden and Buffalo Wild Wings.

March 12, 2015

Florida Industrial Southeast

Hernandez Construction Breaks Ground on 235,000 SF Phase III of Flagler Station

by John Nelson March 12, 2015

FORT LAUDERDALE, FLA. — Hernandez Construction has broken ground on Phase III of Flagler Station, Flagler Global Logistics’ industrial logistics park in Fort Lauderdale that at completion will span 14 million square feet. Buildings 1 and 2 in Phase III will span 235,000 square feet, and Phase III will ultimately expand the park by 1.7 million square feet. Hernandez will begin construction on Buildings 3, 4 and 5 in the next few months. Buildings 1 and 2 are slated to wrap up construction this summer. The construction firm is also nearing completion of five buildings spanning 820,000 square feet at Phase II of Flagler Station.

March 12, 2015

The Executive Building 607 William St. Fredericksburg

Office Southeast Virginia

Wack Cos. Buys Office Building in Fredericksburg for $35M Redevelopment Project

by John Nelson March 12, 2015

FREDERICKSBURG, VA. — Wack Cos. has purchased The Executive Building, a 10,000-square-foot office building located at 607 William St. in downtown Fredericksburg, for $2.8 million. Wack Cos. plans to convert the site into a mixed-use development featuring single-level condos, retail space and restaurants. The company plans to break ground on the $35 million project in the fall. Heather Hagerman of Coldwell Banker Commercial represented Thomas Wack of Wack Cos. in the transaction. Mike Degen and Jamie Scully of Cushman & Wakefield | Thalhimer represented the seller, Sandton Capital, formerly known as the Free Lance-Star Cos. Hagerman, Ben Keddie and Joe Pfahler of Coldwell Banker Commercial and Coldwell Banker Elite will manage the sales and leasing of the commercial and retail portions. Hagerman, Kevin Breen Jr. and Conor Breen of Coldwell Banker will manage the sales and marketing of the residences.

March 12, 2015

5900 Lake Ellenor Drive in Orlando Central Park

Florida Office Southeast

CBRE Brokers $5.8M Sale of Office Property in Orlando

by John Nelson March 12, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.

March 12, 2015

Florida Southeast

Marcus & Millichap Brokers Sale of Self Storage Facility in Florida

by John Nelson March 12, 2015

SEBASTIAN, FLA. — Marcus & Millichap has brokered the sale of US 1 Self Storage, a 55,168-square-foot self storage facility located at 9893 N. US Highway in Sebastian. The property features 29 climate-controlled units, 483 non climate-controlled units, two retail spaces and 16 parking spaces. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the undisclosed buyer and seller in the transaction.

March 12, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

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