TYSONS CORNER, VA. — Calkain Cos. has brokered the $24.7 million sale of a CVS/pharmacy store at 8117 Leesburg Pike in Tysons Corner, about 16 miles west of Washington, D.C. The asset sold for the lowest cap rate (4.97 percent) of any CVS/pharmacy sale in the United States, according to Calkain. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain represented the sellers, Regency Centers and J. Donegan Co., in the transaction. The buyer, an unnamed entity based in the Middle East, purchased the property in conjunction with The Rappaport Cos.
Southeast
MIAMI AND MEDLEY, FLA. — JLL has brokered the sale of two industrial facilities totaling 312,000 square feet in South Florida. In the first transaction, Marjam Supply Co. Inc. purchased a 271,000-square-foot warehouse located at 18000 State Road 9 in Miami’s North Dade submarket. Brian Smith and Audley Bosch of Cushman & Wakefield represented the seller, ProLogis, in the transaction. Steven Medwin, Nick Wigoda and Matt Maciag of JLL represented the buyer. In the second transaction, the JLL team represented ProLogis in the sale of a fully leased, 41,000-square-foot facility inside of the Pan American North Business Park at 11200 N.W. 138th St. in Medley. An institutional investor purchased the asset for an undisclosed price.
YOUNGSVILLE, N.C. — Trinity Partners Construction Services has completed the renovation of Xerium Technologies’ 43,387-square-foot office located at 14101 Capital Blvd. in Youngsville. Xerium Technologies is a manufacturer and supplier of products used in the paper manufacturing business. The project included updated office space, a new fitness center, dining area with full kitchen and an outdoor patio with an outdoor kitchen. The building’s owner, Clemmons and Berenthal LLC, tapped Trinity Partners Construction, a division of Trinity Partners, for the construction project. Phillips Architecture PA designed the renovation project.
KENNESAW, GA. — Westwood Financial Corp. has executed a new 10-year lease agreement with Pep Boys for a 5,000-square-foot store at Orchard Square in Kennesaw. Orchard Square is a 94,212-square-foot, Publix-anchored shopping center located at 4290 Bells Ferry Road N.W. near I-575. Other Orchard Square tenants include Harbor Freight Tools, Super Clips, First Acceptance Insurance and Mail Boxes Etc. Pep Boys operates roughly 800 automotive stores in 35 states and Puerto Rico.
Miami’s residential boom is not the only red-hot segment of South Florida real estate market. While the world’s attention may be fixated on Miami’s next crop of “starchitect”-designed condo towers and their sky-high penthouses, the city’s commercial office sector is also surging. Growing interest among domestic and multi-national tenants, coupled with diminishing supply and a lack of new office product set to deliver in the coming years, have given way to new confidence in Miami’s office market and initial talk about the need for future commercial development. This would have seemed unlikely as recently as 2010, when three new Class A office towers prepared to deliver 1.9 million square feet of new space in downtown Miami. The first of those buildings to deliver, 1450 Brickell, has been 100 percent leased and occupied since the first quarter of 2013 and is home to a number of global firms, including JPMorgan Chase, American Express, SAB Miller, H.J. Heinz Co. and BBVA Compass. The other two buildings are also experiencing positive absorption as demand for downtown Miami office space grows. This activity is taking place as Miami’s urban core emerges as an international destination for commerce, investment, residential living and travel. What was …
POMPANO BEACH, FLA. — CBRE has arranged the sale of a fully leased, 285,000-square-foot FedEx Ground distribution center located at 2700 N.W. 25th St. in Pompano Beach. Christian Lee, Chris Riley, Brian Budnick, Compie Newman, Jose Antonio Lobon and Tom O’Loughlin represented the seller, Charlotte-based Ft. Lauderdale BTS LLC, in the transaction. TIAA-CREF purchased the asset, which features 30-foot clear heights, 90- to 160-foot deep truck courtyards, a conveyer system, trailer storage parking and a fully fenced perimeter.
CLEARWATER, FLA. — Stan Johnson Co. has brokered the sale of a 113,040-square-foot Sun Microstamping Technologies manufacturing facility in Clearwater for $8.7 million. Sun Microstamping provides metal stamping, injection molding and insert molding for the automotive sector. Camille Renshaw and John Rotunno of Stan Johnson’s New York office represented the seller, an investment fund, and the buyer, STORE Capital.
LOUISVILLE AND MURRAY, KY. — The Cooper Commercial Investment Group has brokered the $5.4 million sale of a portfolio of two CVS/pharmacy locations in Louisville and Murray. The assets both span 10,200 square feet and have five-and-a-half years remaining on the lease term. Dan Cooper of Cooper Commercial represented the seller, a private investment group based in New York, and procured the unnamed buyer in the transaction.
HORN LAKE, MISS. — Kennedy Funding Financial has completed a $2.3 million, three-year acquisition loan for a 240-acre ranch, now known as Circle G Ranch, which once was owned by Elvis Presley. The ranch is located in Horn Lake, about 18 miles south of Memphis, Tenn. The borrower is purchasing the property for roughly $3.7 million. Circle G Ranch includes a 3,000-square-foot restaurant, a honeymoon cottage and a 5,028-square-foot personal residence.
ARLINGTON, VA. — Finmarc Management Inc. has purchased an 85-unit apartment community located at 3409 Wilson Blvd. in Arlington for $39.9 million through a joint venture partnership with The Goldstar Group. The eight-story property was formerly an AKA Luxury Suites Residences. The property is located approximately two blocks away from the Virginia Square Metro Station and within walking distance of stores and restaurants in the Rosslyn and Ballston neighborhoods. Finmarc plans to invest $6 million to upgrade the property and convert it into a luxury condominium community. The Goldstar Group will manage the community. Alexandria, Va.-based McWilliams | Ballard will begin selling the condominium units in September. Wells Fargo provided senior debt for the community, and Metropolis Capital Finance arranged debt and equity.