ORLANDO, FLA. — Marcus & Millichap has brokered the $6.7 million sale of College Park, a 665-unit, 74,806-square-foot self storage facility in Orlando. Built in 2000, the property is located at 1420 N. Orange Blossom Trail. Michael Mele of Marcus & Millichap's Tampa office represented the local seller, a limited liability company, in the transaction. Mele also represented the New York-based buyer.
VIRGINIA BEACH AND RICHMOND, VA. — Morgan Property Group LLC (MPG) has acquired two sites in Virginia for the development of two new freestanding 7-Eleven stores. One site is located at the southwest corner of General Booth Boulevard and Dam Neck Road in Virginia Beach. The other is located at the southeast corner of West Broad Street and Pemberton Road in Richmond. Once the two stores are developed, MPG will have developed seven 7-Eleven properties in Virginia in the past two years. MPG purchased the Virginia Beach location through its affiliate SDC VII General Booth LLC for approximately $1.1 million. The new property will feature a 3,010-square-foot convenience store and four pumping stations. Construction is expected to start later this year and wrap up in the second quarter of 2014. MPG purchased the Richmond site through its affiliate SDC VI Broad LLC for a little more than $1 million. Construction is expected to start in October and wrap up in the first quarter of 2014. MPG purchased the sites from Doswell Ventures LLC in both transactions.
ROANOKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.4 million sale of Shops at Pheasant Ridge, a 13,740-square-foot retail center located at 4335 Pheasant Ridge Road in Roanoke. John Nielsen and Bob Copty of Cushman & Wakefield | Thalhimer represented the seller, Quatros Amigos Partnership, in the transaction. The buyer was Summers Properties LLC. Goodwill will lease a portion of the retail center.
WINSTON-SALEM, N.C. — Publix Super Markets Inc. has unveiled its plans to enter the Winston-Salem market with a 49,000-square-foot store located at 34 Miller St. The store will be the third Publix in Mecklenburg County. The new location, which is slated to open in 2015, will feature covered parking below the store. Publix has made known its plans to expand its footprint in North Carolina, with previous stores announced for Cornelius, Ballantyne, Asheville, Cary and two in the greater Charlotte area. Publix currently has 1,072 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
BIRMINGHAM, ALA. — Hendricks-Berkadia has arranged the $18.3 million sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham. The purchased involved the assumption of an existing Freddie Mac loan fixed at 6.1 percent with an approximate balance of $13 million. David Oakley of Hendricks-Berkadia's Alabama office represented both the seller, Alabama-based Madison at Shoal Run LLC, and the buyer, New York-based TEG Madison at Shoal Run LLC, in the transaction.
SANDSTON, VA. — CBRE | Richmond has brokered the $9 million sale of 5700 Audubon Drive, a 317,400-square-foot warehouse/distribution center in Sandston, about nine miles east of Richmond. Mazda used to occupy the property before a local manufacturing group purchased the property. The one-story, tilt-up concrete property is located on a 16-acre parcel near the Richmond International Airport. John Carpin and Matt Anderson of CBRE | Richmond represented the seller in the transaction.
ATLANTA — Bull Realty has arranged the $7.8 million sale of a 1.4-acre land parcel at 930 Spring St. in Midtown Atlanta. Daniel Latshaw and John DeYonker of Bull Realty represented the seller, Centergy North LLC, in the transaction. This is the fourth sale of an Atlanta land parcel that Latshaw and DeYonker has brokered in the last 12 months. UH Spring Street LLC was the buyer. Inland American Communities Group Inc. and Ambling University Development Group will partner to build the 706-bed University House, a mixed-use student housing development housing Georgia Tech students, on the site. The 20-story building will feature 268 units, a resort-style pool on an elevated terrace, secured parking garage, city-view sky lounge on the top floor, a business center and a fitness center. The property is slated to open in fall 2015.
ATLANTA — Los Angeles-based Thorofare Capital has provided an $8.2 million recapitalization financing for a 420-unit multifamily portfolio in Atlanta. The three-property portfolio has an average 73 percent occupancy. The loan includes a $900,000 capital expenditure facility.
MONROE, LA. — Faris Lee Investments has brokered the $14.6 million sale of Pecanland Commons, a Target-anchored shopping center located at 4209-4299 Pecanland Mall Drive in Monroe. Other tenants include Ross Dress for Less, Bed Bath & Beyond and Petco. Target was not included in the sale. Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with Beezie Landry of Stirling Property Group, represented the seller. The buyer, Missouri-based TKG, was self-represented.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $4.4 million sale of Olive Tree Apartments, an 88-unit apartment community located at 2051N.W. 43rd Terrace in Lauderhill, about 6 miles west of Fort Lauderdale. Evan Kristol and Daniel Draizin of Marcus & Millichap's Fort Lauderdale office represented the seller, a Pompano Beach, Fla.-based limited liability company, in the transaction. Felipe Echarte, also in Marcus & Millichap's Fort Lauderdale office, secured and represented the buyer, a Deerfield Beach, Fla.-based limited liability company.