RALEIGH, N.C. — The Dilweg Cos. has acquired a 12-building, 773,000-square-foot portfolio of office and flex properties in Raleigh for $89.5 million. The properties include Park Forty Plaza, RDU Center II and III, NorthPark I and II, five north Raleigh flex properties known as One North Commerce Center and two flex properties in Cary known as MacGregor Place. The acquisition brings Dilweg’s Southeast portfolio to 4.7 million square feet. Ryan Clutter, formerly of CBRE, led the transaction on behalf of the seller along with Ben Kilgore and Patrick Gildea of CBRE.
Southeast
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $40.7 million sale of 11 office buildings in Richmond’s Innsbrook submarket. The 359,000-square-foot portfolio was sold in two separate transactions to two buyers. Westdale Real Estate Investment and Management purchased West Shore I, II and III, as well as Grove Park I in the Concourse at Wyndham development located off of Nuckols Road. Lingerfelt Cos. purchased the remaining assets in Innsbrook Corporate Center, including Vantage Pointe, Vantage Place A-D and Technology Park I and II. Eric Robinson of Cushman & Wakefield | Thalhimer’s Richmond office represented the unnamed seller in both transactions.
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of Whispering Isles, a 300-unit apartment community located at 250 W. Sample Road in Pompano Beach. The community’s amenity package includes two swimming pools, a fitness center, clubhouse, laundry facility and on-site management. Tal Frydman, Derek Gibbs and Daniel Cunningham of Marcus & Millichap represented the buyer, a private investor, in the transaction.
ORLANDO, FLA. — The Orlando office of ARA has arranged the $19.5 million sale of Highland Pointe, a 272-unit multifamily community located in Orlando’s Southeast/Airport submarket. The property, completed in 1986, consists of one-, two- and three-bedroom units with an average unit size of 975 square feet. Kevin Judd, Patrick Dufour and Richard Donnellan of ARA represented the seller, TIAA-CREF, in the transaction. Tampa-based Robbins Property Associates purchased the asset for roughly $71,691 per unit.
CARROLLTON, GA. — RCG Ventures’ Fund III has acquired Tower Plaza, an 89,880-square-foot shopping center in Carrollton, roughly 47 miles west of Atlanta. The property’s tenant roster includes Ollie’s Bargain Outlet, Badcock Home Furniture & More, Hibbett Sports and Family Dollar. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.
ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has acquired a 21-story trophy office tower located at 171 17th St. in Atlanta’s Midtown submarket for $132.5 million. The tower is part of the larger 5.6 million-square-foot Atlantic Station mixed-use development. KBS REIT III purchased the Class A asset from JP Morgan. The 509,237-square-foot property was 89 percent leased at the time of the sale and was the world’s first LEED Silver Core & Shell-certified high-rise building, according to KBS.
PLANTATION, FLA. — A pension fund advised by LPC Realty Advisors I LP, an affiliate of Lincoln Property Co., has purchased the Royal Palm office complex in Plantation from Duke Realty for $128 million. The Class A property consists of two buildings totaling 465,592 square feet. Lincoln Property has been retained to manage Royal Palm, which features amenities such as an on-site café, conference training center and a gym with locker room facilities. The site has two, four-level parking garages and 400 surface parking spaces. Lincoln Property has selected Blanca Commercial Real Estate to lease the project.
SUMMERVILLE, S.C. — Charlotte-based Ferncroft Capital has acquired North Main Market, a 455,000-square-foot shopping center located at the corner of I-26 and Highway 17 in Summerville, a suburb of Charleston, for $23.5 million. The property is 98 leased to tenants such as Belk, Walmart and Lowes Home Improvement. Ferncroft plans to make capital improvements to the property, such as new signage, lighting, facades and landscaping. The seller, Childress Klein Properties, was self-represented in the transaction and will continue to provide leasing and management services for the property. Bank of North Carolina provided debt financing on behalf of Ferncroft.
BESSEMER, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of 59 West Shopping Center, a 39,500-square-foot shopping center in Bessemer, a suburb of Birmingham. The center is fully leased to Burkes Outlet, Hibbett Sports and Shoe Dept., and 59’s shadow anchors include Walmart, Dollar Tree, Big Lots and Aldi. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, a private investment group based in Atlanta, in the transaction. Cooper also procured the buyer, a private investment group based in Texas, which purchased the property at an 8.66 percent cap rate.
KENNESAW AND ACWORTH, GA. — Lee & Associates has brokered two industrial leases totaling 207,000 square feet in the Northwest Atlanta submarket. Tommy Hiles and Billy Snowden of Lee & Associates represented the landlord of 2850 Barrett Lakes Blvd. in Kennesaw in the leasing of 150,000 square feet. Jack Haden and Mike Chambers of NAI Brannen Goddard represented the tenant, Atlanta Bonded Warehouse Corp. Hiles and Snowden also represented PrologicITS in the leasing of 57,000 square feet at 106 Northpoint Parkway in Acworth. The landlord, Majestic Realty Co., was represented internally by Will Lombard.