VIRGINIA BEACH, VA. — Pacolet Milliken Enterprises Inc. and Republic Station LLC have entered into a joint venture to own the new Whole Foods Market in the Hilltop area of Virginia Beach. The 40,000-square-foot freestanding grocery store is located at 1800 Laskin Rd. and opened this past October. The joint venture purchased an ownership interest from the developer, S.J. Collins Enterprises. It is the 14th addition to Pacolet Milliken Enterprises’ grocery store portfolio in the past 26 months.
Southeast
CHARLOTTE, N.C. — Charlotte-based SYNCO Properties Inc., on behalf of Associated Realty Investors/500 East Morehead Limited Partnership, has sold 500 East Morehead Street, a 43,000-square-foot office building in Charlotte’s Midtown submarket. An entity sponsored by Charlotte-based Beacon Partners acquired the property for $5.25 million. The three-story building was built in two phases in 1960 and 1963. It fronts East Morehead Street adjacent to the Dowd YMCA. SYNCO Properties and its investing partners purchased 500 East Morehead Street in 1982 for $1.3 million. Tim Hose of SYNCO Properties represented the seller, and Mike Harrell of Beacon Partners represented the buyer.
LARGO, FLA. — The 37,574-square-foot Champions Center shopping center has sold for $2.65 million at 3690 E. Bay Dr. in Largo. Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller, JPMCC 2005-CIBC13 East Bay Drive LLC. The buyer, Cantor Spellman Family Partnership LLP, represented itself. The center was 66 percent occupied at the time of the transaction. Outback Steakhouse is Champions Center’s major tenant. Other tenants include Kut Doctors Barbershop, Color Pages, Miracle Ear, Vitamin Outlet, Select Staffing, Next Step Rehab, Allstate and West Shore Pizza.
GREENWOOD, S.C. — Greenville, S.C.-based Carolina Holdings has sold the two-tenant Shops at Westwood on Highway 72 Bypass in Greenwood. The property is fully leased to Mattress Firm and Aspen Dental. Carolina Holdings developed the retail property, which is situated in front of Walmart, and will continue to serve as manager on behalf of the new ownership. McMillan Pazdan Smith was the project architect and Caldwell Construction was the general contractor.
A slight decline in vacancy this year confirms that Washington, D.C.’s apartment sector is in a new phase, where a closer alignment in tenant demand and completions will maintain vacancy within a tight range. Solid rental absorption promises to persist as employers hire workers who create new households and homeownership remains out of reach for many who cannot qualify for mortgages. However, potential cuts in defense spending might dull future housing demand in Virginia. The difference in the multifamily market at mid-year 2012 and one year ago shows the revival of residential construction as developers have cranked up production of all types of housing. Multifamily starts have jumped and represent more than 40 percent of all residential groundbreakings over the past year, approximately two times the typical proportion. All sections of the market will receive new multifamily stock this year, with only modest growth expected in Maryland offset by significant completions in Virginia. Meanwhile, most of this year’s production in the district will come online in the second half of 2012, limiting the extent of vacancy declines in the third and fourth quarters. Positive job growth supported growth in D.C.’s multifamily sector. Employers added 25,200 workers in the first six …
MEMPHIS, TENN. — US Foods has more than doubled the size of its distribution center in Memphis by adding 385,000 square feet. Improvements include a new state-of-the-art kitchen in which the company will hold product demonstrations for customers and an on-site truck repair shop. The expanded facility was officially dedicated to Joe Campbell, the former president of US Foods who was instrumental in the facility’s expansion. US Foods’ Memphis division has more than 375 employees and serves customers throughout the Southeast, including independent restaurants, healthcare and hospitality entities, government and educational institutions.
BALTIMORE — Minneapolis-based Target Corp. will open a new Target store in Baltimore in October 2013 as part of the Canton Crossing Shopping Center on Boston Street. The new Target will be approximately 135,000 square feet and will employ approximately 200 employees. The Baltimore East location will be the third Target in Baltimore.
FAYETTEVILLE, N.C. — Fayetteville’s Cross Creek Mall will expand by 46,000 square feet and will deliver new tenants Chico’s, LOFT, White House/Black Market, Men’s Warehouse, Reed’s Jewelers and Lane Bryant by fall 2013. Construction is set to begin in early 2013. Cross Creek Mall is located at the intersection Morganton and Skibo roads in Fayetteville. The regional mall is anchored by Belk, Macy’s, JC Penney and Sears. Chattanooga, Tenn.-based CBL & Associates Properties Inc. owns Cross Creek Mill.
BRADENTON, FLA. — CBRE Capital Markets has secured a $12.7 million acquisition loan with structured bridge financing on behalf of Beachwold for the purchase of Fountain Lake, a 201-unit apartment community in Bradenton. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the financing through Kennesaw, Ga.-based NXT. Fountain Lake is located at 5620 Fountain Lake Circle and was built in 1984. The multifamily property was recently renovated and amenities include a pool, clubhouse, carports, tennis courts, fitness center, business center and car care center.
PLANTATION, FLA. — Plantation Technology Center, a 99,000-square-foot office building and warehouse at 1700 and 1800 N.W. 66th Ave. in Plantation, has sold for $8.85 million. Plantation Properties of Broward traded the property to COFE Fund I – Plantation LLC. Tenants at Plantation Technology Center include Metro PCS, the Broward County Department of Revenue and the Federation of Public Employees. Lloyd Berger and Judy Dolan of Berger Commercial Realty represented the seller.