ATLANTA — STAG Industrial has purchased a 407,981-square-foot warehouse and distribution building, located in Atlanta, for $11.3 million. The property is fully leased to Empire Distributors, which has nine years remaining on its lease. The facility serves as the company's headquarters facility and the main distribution point for the State of Georgia.
Southeast
CHAPEL HILL, N.C. — Capital Advisors has arranged $40 million in refinancing for East 54, a mixed-use development located on Highway 54 in Chapel Hill. The property contains 114,476 square feet of office space, 55,585 square feet of retail space, residential condos and a new W Aloft hotel, which is separately owned. The hotel and condos were not part of the collateral for the loan. Clark Jenkins of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, East West Partners, through JP Morgan.
ORLANDO, FLA. — The 240-unit Silver Pines Apartments, a garden-style multifamily community located at 5402 Pine Chase Drive in Orlando, has sold for $6.26 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, a Dallas-based special servicer, in the transaction.
NORCROSS, GA. — Meritex has purchased a 106,945-square-foot warehouse, located at 5965 Peachtree Corners E. in Norcross. The value-add property is 70 percent leased. The buyer plans to enhance landscaping, install a new roof and renovate suite interiors. Resource Real Estate Partners represented the buyer in the transaction.
FORT MILL, S.C. — Agree Realty Corp. has acquired a 7,560-square-foot Goodyear Tire & Rubber Co. store, located at 1790 Highway 106 W. in ForT Mill, for $2.4 million. Will Pike of CBRE Group represented the seller in the transaction.
DURHAM, N.C. — CBRE/Raleigh has arranged the $2 million sale of a 2.59-acre restaurant outparcel in South Square Shopping Center, located at 4055 Durham Chapel Hill Blvd. in Durham. A 10,020-square-foot former Golden Corral sits on the site. Charlie Coyne and Barry Bowling of CBRE/Raleigh represented Golden Corral of Durham, the seller, in the transaction.
ORLANDO, FLA. — A 9,014-square-foot Dollar General, located in Orlando, has sold for $1.8 million. Franklin Street represented the seller, a Gainesville, Fla.-based developer, in the all-cash transaction. The buyer was an Apollo Beach, Fla.-based private investor.
OXFORD, MISS. — Carter and Chance Partners plan to build the $39 million, 750-bed The Highlands, a student housing community located at the University of Mississippi in Oxford. The development will include a town square with roughly 15,000 square feet of retail and amenity space and a large clubhouse. Amenities will include a coffee shop, three swimming pools, fitness center with tanning facilities, a basketball court, car wash and dog wash station, a dog park, sand volleyball and other outdoor activities such as bocce ball and horseshoes. Regions Bank is providing construction financing for the project, Reese Vanderbilt is the architect and Apex Cos. is the contractor. Completion is slated for July 2013.
CORAL GABLES, FLA. — AJP Ventures has completed the $9 million, 58,000-square-foot The Building, a Class A office property located at 2990 Ponce de Leon Blvd. in Coral Gables. The Building is 65 percent pre-leased to tenants, which include Zubi Advertising and Mas Group. A joint venture between AJP Ventures, Juan Carlos of The Mas Group of Companies and TAZ Partners developed the property.
COCONUT GROVE, FLA. — Terra Group plans to develop the 96-unit Grove at Grand Bay, a condominium property located on South Bayshore Drive in Coconut Grove. Amenities will include private butlers, private elevators, rooftop swimming pools, wellness spa, fitness center, club room and pet spa. BIG Architects designed the project, which is being constructed to LEED Silver standards. Construction is slated to begin in the fourth quarter of 2012 with completion scheduled for the third quarter of 2014.