KNOXVILLE, TENN. — Knoxville-based Ruby Tuesday has sold 10 of its restaurants to three buyers for a total of $22 million. A Southern California-based private investor purchased six properties in Georgia, South Carolina, North Carolina and Virginia for $12.8 million. Two Virginia properties sold to private individuals for $1.99 million and $2.09 million, and California-based Mare Living Trust acquired properties in Delware and North Carolina for $2.1 million and $2.7 million, respectively. Matt Mousavi of Faris Lee Investments represented the seller in all transactions, as well as Mare Living Trust.
Southeast
FAIRFAX CITY, VA. — NAI KLNB has arranged the $4.1 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to a variety of professional service companies including law practices and accounting firms. Josh Simon and Marc Tasker of NAI KLNB represented the buyer, 4010 University LLC. Also, Bill Prutting of CBRE represented the seller, Extra Billy Smith Partnership.
WEST PALM BEACH, FLA. — The two-building Flagler Center has completed a $2 million renovation. The properties include a 90,000-square-foot office tower located at 501 N. Flagler Drive and a 155,000-square-foot tower located at 505 N. Flagler Drive in West Palm Beach. The interior renovation included an overhaul of the lobbies with new lighting, Italian marble floors, custom artwork and contemporary furniture. The exteriors received lush new landscaping, an updated outdoor patio area and granite bistro tables. A second $1 million renovation is planned to update the chiller plants to improve energy efficiency.
RIVERVIEW, FLA. — Alliant Capital has arranged $14.5 million in refinancing for the 204-unit Park at Kensington Apartments, a garden-style complex located in Riverview. The 10-year, fixed-rate loan has a 30-year amortization schedule.
ST. AUGUSTINE, FLA. — The Roseview Group has advised a bank client in the $4.5 million sale of two unanchored retail shopping centers totaling 33,025 square feet. Located at the entrance to Palencia, a high-end residential and golf course community in St. Augustine, the retail centers are 78 percent leased to tenants including Dunkin’ Donuts, Starbucks, Donovan’s Pub and MediMD. Roseview directed the leasing and management of the center through the Sembler Co. and engaged a local broker on behalf of the lender. Cliff Taylor of CBRE represented the seller in the transaction.
FOREST PARK AND JONESBORO, GA. — Blue Ridge Capital has acquired an 11-property portfolio, comprised of office and retail properties located in Forest Park and Jonesboro, from Capmark for $3.2 million. The portfolio is approximately 50 percent leased. The properties include Center Village Shopping Center, Parkway Village Shopping Center, the four-building Shady Oaks and the four-building Northpark in Forest Park, as well as the Jonesboro Village Shopping Center in Jonesboro. Fred Victor of Newmark Knight Frank’s Atlanta office represented the seller in the transaction.
JACKSONVILLE, FLA. — A 35,000-square-foot retail building located at 6024 103rd St. in Jacksonville has been sold to 6024 103rd Street LLC for $1.65 million. American Freight occupies the triple-net leased property. Jimmy Cranford of Silverfield Cranford represented the seller, SILJAX, in the transaction.
LEXINGTON AND NICHOLASVILLE, KY. — Capital Advisors has secured $6.8 million in refinancing for Bryan Station and Brannon Crossing, two 50,000-square-foot shopping centers in Lexington and Nicholasville. Riley Skinner of Capital Advisors arranged the 10-year loans with 30-year amortization schedules on behalf of the borrowers, ERP Bryan Station and ERP Brannon Crossing, through UBS.
SPRING HILL, FLA. — Aztec Group has secured $3 million in debt refinancing for a Walgreens located at 4096 Mariner Blvd. in Spring Hill. Howard Taft and Charles Penan of Aztec Group arranged the 10-year loan with a 25-year amortization schedule through BankUnited.
The return of development in the Raleigh-Durham apartment market should not be surprising to anyone familiar with the market, and neither should the pace of development, which leads the nation when judged by some metrics. Raleigh-Durham has become one of the most popular markets in the nation for investment over the last decade due mostly to its high-growth status. The Triangle’s existing inventory is relatively young which is appealing to a large number of investors seeking newer product, and this has propelled investment activity. More than $1.2 billion worth of apartments have traded in Raleigh-Durham since the beginning of 2011. Prospects of continued job and population growth are promising, and an analysis of these local trends indicate a need for new development that meets the changing preferences of renters in one of the nation’s fastest growing markets. Currently, 3,453 new units in 12 communities are under development in the Triangle. This accounts for 3.2 percent of current inventory of nearly 108,000 units. An additional 3,733 units are likely to break ground within the next 18 months. These projects generally represent the most desirable sites within their respective submarkets, are led by well-capitalized developers, and, in most cases, are backed by …