GASTONIA, N.C. — Faris Lee Investments has arranged the $7.6 million pre-sale of Petco & Shops, a 22,500-square-foot retail center located at 2272-2290 E. Franklin Blvd. in Gastonia, a suburb of Charlotte. The fully leased property features a 12,500-square-foot, freestanding building leased to Petco and two 5,000-square-foot, freestanding pad buildings leased to Select Comfort, Massage Envy, Firehouse Subs and Tijuana Flats. All the tenants have new 10-year triple-net leases. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, a North Carolina-based development company, in the transaction. Shaun Riley of Faris Lee represented the buyer, an Arizona-based investor who purchased the asset in a 1031 tax-deferred exchange.
Southeast
ATLANTA — Atlanta-based Glenfield Capital has purchased a combined 400,000 square feet of office space in five properties in metro Atlanta for an aggregate purchase price of $37.5 million. The portfolio includes 100,000 square feet at 6465 E. Johns Crossing in Johns Creek; 100,000 square feet each at 6525 and 6575 The Corners Parkway in Peachtree Corners; and 50,000 square feet each at 6025 and 6075 The Corners Parkway in Peachtree Corners. Tenants at these properties include Sprint, Anheuser-Busch, Toshiba and TW Telecom. Glenfield Capital has selected CBRE to handle property management for the portfolio. Glenfield has also selected Adam Viente of JLL to lease the Peachtree Corners assets and Michael Howell and Hunter Henritze of Lincoln Property Co. to lease the Johns Creek building.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
CORAL GABLES, FLA. — Marcus & Millichap has brokered the $17.4 million sale of Santona Corner, a 37,130-square-foot retail property in Coral Gables. The property is located at 1430 S. Dixie Highway, across the street from the University of Miami campus. Douglas Mandel and Benjamin Silver of Marcus & Millichap procured an unnamed buyer on behalf of the seller.
CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.
ORLANDO, FLA. — Landmark Apartment Trust has acquired Landmark at West Place, a 342-unit garden-style apartment community located at 753 Sherwood Terrace Drive in Orlando. Constructed in 2002, the asset was 94 percent occupied at the time of the sale. Landmark funded the acquisition through a 1031 tax-deferred exchange, using proceeds from a previous disposition. Formerly known as Villa Tuscany, the property’s amenity package includes a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and business center.
FAIRFAX, VA. — Capital One Multifamily Finance has provided a $70 million Fannie Mae fixed-rate loan for the acquisition of Wheelhouse of Fair Oaks, a 491-unit apartment community in Fairfax. The property’s amenity package includes a clubhouse, swimming pool and sundeck, 24-hour fitness center, tennis court, racquetball court and private lake. Sadhvi Subramanian and Brian Gormley of Capital One Commercial Real Estate originated the five-year loan with five years of interest-only payments and a 30-year amortization schedule.
ROCK HILL, S.C. — Charlotte-based Beacon Partners plans to break ground on Riverwalk Commerce Center, a speculative industrial building within Riverwalk Business Park in Rock Hill, a suburb of Charlotte. Riverwalk Commerce Center will span 277,290 square feet and feature 32-foot clear heights, a 185-foot truck court with trailer parking and an ESFR sprinkler system. Beacon plans to break ground in mid-September and complete the project in the first quarter of 2015. The project team includes architect Merriman Schmitt, general contractor Choate Construction and project lender Regions Bank. This is the second speculative industrial building that Beacon is currently developing.
ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.
LENOIR CITY, TENN. — Halpern Enterprises has purchased Franklin Centre, a 31,153-square-foot shopping center, for roughly $4 million. The property is located at 913 Highway 321 North in Lenoir City, about 20 miles outside of Knoxville, Tenn. Franklin Centre is 95 percent leased to tenants such as Dollar Tree, Sally Beauty Supply and Shoe Show. Joe Montgomery and Tony DeAmbrosio of Colliers International’s Atlanta office brokered the transaction. Ziff Properties was the seller.