BALTIMORE — Cushman & Wakefield of Maryland Inc. has arranged the sale of a 1.2 million-square-foot distribution center located at 4000 Principio Parkway in Baltimore. Cole Real Estate Investments purchased the Class A industrial property from Weeks Robinson, a private real estate investment and development firm. The center is fully leased to Restoration Hardware. The property includes 32-foot clear ceiling heights, 234 docks and 294 trailer storage spaces.
Southeast
VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based REIT that owns 23 properties in eight states, has purchased five grocery-anchored shopping centers in South Carolina for a combined $15.8 million, equating to about $60.38 per square foot. The portfolio spans 261,689 square feet and has an average occupancy rate of 91 percent. The properties include the 45,575-square-foot Clover Plaza in Clover, the 44,350-square-foot South Square in Lancaster, the 59,279-square-foot St. George Plaza in Dorchester County, the 49,750-square-foot Waterway Plaza in Little River and the 62,735-square-foot Westland Square in West Columbia.
RICHMOND, VA. — CBRE has arranged the sale of the Lar Don Portfolio, a three-building office portfolio in Richmond consisting of the Vistas I, Vistas II and One Holland Place. Real Estate Value Advisors LLC purchased the 153,762-square-foot portfolio for $13.1 million. Vistas I and Vistas II are two three-story, Class B office buildings located at 5516-5540 Falmouth St. in the Glenside/I-64 submarket. One Holland is a four-story, Class B office building located at 2235 Staples Mill Road. David Wilkins, Will Bradley and Joe Marchetti of CBRE | Richmond represented the seller, Lar Don Realty LLC, in the transaction.
ALPHARETTA AND ACWORTH, GA. — Atlanta-based Bull Realty has brokered the sales of three office buildings totaling 78,000 square feet in Alpharetta and Acworth. SugarOak Investors acquired 3050 and 3060 Royal Blvd. S. in Alpharetta for $3.9 million. The buildings span a combined 60,352 square feet and are 70 percent occupied. Tom Shafer and John Hinson of CBRE represented the seller, KR Office Investors LLC, in the transaction. Casey Keitchen of Bull Realty represented SugarOak Investors. Keitchen also represented the sellers in the disposition of the 18,000-square-foot Building 800 at 4900 Ivey Road in Acworth. An Israeli-based investor purchased the building for $960,000.
The Raleigh-Durham-Chapel Hill market, known as the Triangle, has long been viewed as a market favorable for investors, due to very strong demand metrics. The state capital’s thriving economy and excellent demand drivers have made it a prime renter destination and the new darling for yield-chasing institutional investors. A skilled workforce, transitional student renter pool and national trend of millennials “de-nesting” have continued to keep the apartment market strong and attract institutional investors such as Redwood Capital Group, Guardian Life Insurance and Heitman. As one of the most active firms in the Carolinas, Cassidy Turley has witnessed the transition firsthand as the Triangle has transformed from a regional player into a national powerhouse that has attracted some of the world’s most savvy institutional groups. According to Reis, the apartment vacancy rate in the third quarter of 2013 stood at 3.9 percent, well below the greater South Atlantic region’s average of 4.9 percent. Furthermore, the vacancy rate has actually decreased 20 basis points since last quarter, demonstrating the strong momentum of the local market and the appeal to institutional investors. Contributing factors include: • A 20 percent population growth in the Triangle over the last decade • The area boasts a …
SPARTANBURG, S.C. — Westbridge Partners and TMS Development have reached an agreement to purchase the historic Drayton Mill, two 111-year-old former mill buildings located minutes from downtown Spartanburg. Westbridge and TMS will purchase the buildings from property owner Pacolet Milliken. The development team, headed by Pacolet Milliken, will develop 288 apartment units in the former mills, which feature 16-foot ceilings, maple floors and heavy timber construction. The project team features Durham, N.C.-based architect Belk Architecture, historic consultant Meek Architecture and Atlanta-based general contractor Gay Construction Co. In addition to the apartments, Pacolet Milliken plans to develop an event space, restaurant, community center and office space at the 230-acre Drayton Mill site. The development will be connected to the Spartanburg Trails & Greenway Master Plan via a one-mile greenway. Construction is slated to begin this spring, pending approval from the National Park Service.
ALEXANDRIA, VA. — Clarion Partners LLC, a real estate investment manager, has acquired a majority condominium interest in Carlyle Overlook, an office property located in the Carlyle district of Alexandria. The purchase price was approximately $65.8 million. Clarion purchased the top five floors, ground-floor retail and parking at the property, which is 91.4 percent leased. The remaining interest of the 126,462-square-foot, Class A office building is held by the American Society of Clinical Oncology, which is headquartered in the building.
ORLANDO, FLA. AND FORT SMITH, ARK. — Inland Real Estate Corp. has acquired two shopping centers for approximately $63.3 million. The properties include the Goldenrod Marketplace in Orlando and the 415,000-square-foot Fort Smith Pavilion in Fort Smith. Inland purchased about 91,500 square feet of Goldenrod Marketplace, and the company plans to soon acquire the remaining 32,600 square feet, which is under development. Goldenrod Marketplace features a Marshalls and LA Fitness, as well as Taco Bell and KFC outparcels. Inland’s purchase of Fort Smith Pavilion included the assumption of a $33.2 million loan. Fort Smith Pavilion’s tenant roster includes Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival and Ulta Beauty.
MIAMI — CBRE has arranged $38 million in financing for the Hilton Garden Inn and Homewood Suites by Hilton in Miami. The 189-room Hilton Garden Inn and the 124-room Homewood Suites are located at the intersection of Palmetto Expressway and N.W. 36th Street, less than one mile from Miami International Airport. Jonathan Rice of CBRE Hotels | Finance and David Borge of CBRE Capital Markets Debt & Equity Finance arranged the loan on behalf of the borrower, Economos Properties.
COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.