VANCOUVER — Pure Industrial Real Estate Trust (PIRET), an industrial REIT based in Vancouver, has purchased a 51 percent interest in the $57 million acquisition of three industrial assets in North Carolina. The three bulk distribution/warehouse facilities are located in the Greensboro/Winston-Salem markets and total roughly 1.3 million square feet. The assets are 100 percent leased to three tenants. The properties are located at 6104 and 6105 Corporate Park Drive in Greensborough and 3928 Westpoint Blvd. in Winston-Salem. The acquisition was funded with a $29 million bridge loan facility and $14.1 million that PIRET provided from existing working capital for its share of the balance of the purchase price. After completing the acquisition, PIRET’s portfolio of assets under management will total 177 properties spanning 17.5 million square feet.
ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.
ANNAPOLIS JUNCTION, MD. — Terreno Realty Corp. has purchased a 115,000-square-foot distribution center in Annapolis Junction for approximately $10.4 million. The industrial property is located at 9070 Junction Drive approximately three miles from Fort Meade in the central Baltimore/Washington corridor. The property consists of 25 dock-high loading bays and five grade-level loading positions. The building is currently 38 percent leased to two tenants.
MIAMI — Marcus & Millichap has brokered the $5.1 million sale of a 30,000-square-foot office building located at 1850 S.W. 8th St. in Miami’s Calle Ocho neighborhood. Constructed in 1972, the five-story building features ground-level retail space and four stories of office suites. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a limited liability company based in Miami, and the buyer, a limited liability company based in North Miami. Included in the purchase was two additional lots comprising 0.3 acres that are currently being used as parking for the nearby Praxis Institute.
ALPHARETTA, GA. — The city of Alpharetta has chosen a team led by MidCity Real Estate Partners and Morris & Fellows to develop Alpharetta City Center, an $80 million mixed-use project in downtown Alpharetta. The public-private partnership will develop 75,000 square feet of restaurant/retail space, 33,000 square feet of office space and 220 units of residential housing. Located across Main Street from the historic district, the development is bound by Main Street, Academy Street and Haynes Bridge Road. The site includes Alpharetta’s new City Hall, a new Fulton County library, public parking deck, city park and Town Green located within new grid streets completed by the city. The project team includes South City Partners, Hedgewood Homes and architect Smallwoods, Reynolds, Stewart, Stewart & Associates. The development team is set to break ground in the third quarter.
RALEIGH, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Creek, a 214-unit multifamily community in Raleigh’s North Wake submarket. The property will be part of the 2,000-acre Heritage master-planned development, which upon completion will feature a golf course, three public schools, a private school, a charter school, multifamily housing an multiple office and retail facilities. Patterson arranged construction financing through RBS Citizens for Capital Creek. TWO Capital Partners expects construction to last roughly 16 months with lease-up starting in early 2016.
CORAL SPRINGS, FLA. — CPAC Royal University LLC, a joint venture between principals of CREC and Lubert Adler Real Estate Funds, has closed on the $26 million acquisition of Royal University Plaza in Coral Springs. The shopping center is a 98,500-square-foot property located at 2556 N. University Drive. Royal University Plaza is currently 45 percent leased to tenants such as Petco, Nick’s New Haven Style Pizzeria & Bar, Jimmy John’s and Brooklyn Water Bagel Co. The new ownership group will implement a series of capital improvements to the shopping center. Alan Esquenazi and Sabrina Meerbott of CREC will oversee the retail leasing and marketing efforts of Royal University Plaza.
CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.
SAVANNAH, GA. — BC Wood Properties has purchased Eisenhower Square, a 126,320-square-foot shopping center located at the corner of Eisenhower Drive and Waters Avenue in Savannah. The property’s tenant roster includes Save-A-Lot Market, Manpower, H&R Block, Springleaf Financial, Sushi Zen, Sit & Sleep Mattress, Frozen Yogurt, Clutter and Asian River Restaurant & Bar. The property was purchased via BC Wood Real Estate Fund LP, BC Wood’s first sponsored private equity fund, which has acquired 13 properties totaling 1.8 million square feet since October 2012. BC Wood plans to renovate the existing Spotlight Theater at Eisenhower Square into an upscale theater with recline seating and restaurant services.
As 2015 begins, the Raleigh-Durham market continues to see heavy investment and development interest in the multifamily sector. Strong fundamentals, including an influx of young professionals lured by healthy job growth, an emergent live-work-play atmosphere and an economy that has continued to outpace its national counterpart, justify the area’s reign as one of the most attractive non-gateway markets in the country. The healthy, long-term fundamentals are challenged by an apartment construction pipeline that is among the nation’s most active, but so far the market is performing remarkably well. Construction starts in the area have exploded during the last two years, and there are now 8,835 units under construction throughout the Triangle area, with an additional 4,919 units proposed, according to Real Data. Whether demand can keep up with supply has been a widely debated topic among real estate analysts. The high number of units delivered represents an increase in supply of 9.3 percent over the past 24 months. Strong demand has shielded the region from notable occupancy declines. In the first half of 2014, 2,453 units were absorbed and 2,642 new units were completed, providing a differential of only 189 units, according to Real Data. Average vacancy ticked up to …