DURHAM, N.C. — Research Tri-Center North VI, located at 2223 N.E. Creek Pkwy. in Durham, has traded for $24 million. The Silverman Group sold the 422,000-square-foot Class A industrial property to Sentinel Data Centers. It is fully leased and located within the 2.4 million-square-foot Research Tri-Center industrial park, the largest industrial park in the Raleigh-Durham region. Christopher Norvell and Scot Humphrey of Cushman & Wakefield/Thalhimer represented The Silverman Group. Their colleague, James Allaire, represented Sentinel Data Centers.
Southeast
HOOVER, ALA. — Cypress Gardens Apartments, a 150-unit apartment community built in 1972 and renovated in 2011, has traded for $5 million in Hoover. David Oakley in the Alabama office of Hendricks & Partners represented Birmingham, Ala.-based Georgetown Investments LLC, which sold the multifamily property to Florida-based Cypress United LLC.
CORAL SPRINGS, FLA. — Cypress Wood Plaza, a 41,908-square-foot retail center at 10412 W. Atlantic Blvd. in Coral Springs, has sold for $4.25 million. The property includes two retail buildings and a 7,000-square-foot out parcel. It is 80 percent occupied with local and regional tenants including VCA Animal Hospital, Bike America and Martinizing Dry Cleaners. Robert Granda and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla. office represented the seller, a Coral Springs-based private investor.
LAUREL, MD. — Terreno Realty Corp., an owner and operator of industrial real estate in U.S. coastal markets, has acquired an 85,000-square-foot industrial property for approximately $7 million at 14851 Sweitzer Lane in Laurel’s Maryland I-95 Business Park. The rear-load distribution building was built in 1995 and is fully leased to one tenant. Maryland I-95 Business Park is situated adjacent to I-95 between Maryland Highways 198 and 200.
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. will renovate and redevelop Chattanooga’s Northgate Mall. Phase I will include redevelopment of the adjacent T.J. Maxx-anchored retail center with Ross Dress For Less and Michaels as new tenants. Construction will begin in early 2013 and is scheduled for completion in fall 2013. Additionally, CBL will renovate the interior and exterior of Northgate Mall. Remodeling will include updates to the main entrance, repaving of the parking lot, and new flooring inside.
WASHINGTON, D.C. — Cathedral Commons, a 264,272-square-foot mixed-use development at 3336 Wisconsin Ave. in Washington, D.C.’s Cathedral Heights neighborhood, has secured $91 million in construction and permanent financing. The project will include 137 luxury multifamily rental units, eight luxury townhomes, and 128,852 square feet of ground-floor retail space anchored by a 56,000-square-foot Giant Food grocery store. Mark Remington and Daniel McIntyre of HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate loan through Northwestern Mutual.
MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
RALEIGH, N.C. — Toronto-based Avison Young, Canada’s largest independently owned commercial real estate services company, has entered into a definitive agreement to acquire Raleigh-based Thomas Linderman Graham Inc., a full-service commercial real estate services company. The acquisition will add 61 employees to Avison Young and new offices in Raleigh and Chapel Hill, N.C. The Raleigh market will represent Avison Young’s 19th market outside of Canada. John Linderman, Rex Thomas, Jack Graham, Lee Clyburn, William Allen, Arnold Siegmund, Gina Ide and Elizabeth Gates will join as principals.
CARY, N.C. — Raleigh, N.C.-based Dominion Realty Partners LLC is developing the 205-unit Tryon Place Apartments at Cary Parkway<
ROCK HILL, S.C. — A 315,000-square-foot high bay distribution facility, located at 2751-2805 Commerce Dr. in Rock Hill, has sold for $5.1 million to a Midwestern life insurance company in partnership with <