SOUTHPARK, N.C. — SunTrust Banks plans to move its new regional headquarters to the Sharon Square mixed-use development in SouthPark. The bank signed a lease for roughly 43,500 square feet in a 105,500-square-foot office building being developed by Pappas Properties and The Allen Tate Cos. The bank will open a full-service branch on the first floor and have offices on the second and third floors. The bank will also have a four-lane drive-through adjacent to the building. SunTrust expects to occupy the building by the second quarter of 2014.
SILVER SPRING, MD. — Alliant Capital LLC has arranged a $45.3 million acquisition loan for Woodvale Apartments, a 376-unit multifamily property in Silver Spring. Mary Dee Clancy of Alliance originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
RICHMOND, VA. — Patricio Enterprises has signed a lease for 427,115 square feet of industrial space at 2705 Commerce Road in Richmond. The site is located just north of the intersection of Commerce and Bells roads. Rob Dirom and Joseph Marchetti of CBRE | Richmond represented the landlord, Alleghany Warehouse Co., in the transaction.
Momentum. In a word, that’s how 2012 ended in the Memphis industrial market. Nearly 3 million square feet of net absorption in the fourth quarter of 2012 helped the market end the year with 2.3 million square feet in positive absorption — setting the tone for what we expect to be a solid 2013. The uptick in fourth quarter net absorption caused vacancy rates to fall to 12.5 percent, down from a high of more than 13 percent. But those vacancy rates can be a bit misleading when you look specifically at Class A space, where vacancy rates are at 10.4 percent. In 2009, industrial development in Memphis totaled only 743,000 square feet in combined under construction and delivered space. Things began improving in 2010 and 2011, with approximately 2 million square feet under construction and/or delivered in both years. In 2012, that number increased by 50 percent to more than 3.1 million square feet. What’s particularly noteworthy about construction activity in 2012 is that it includes speculative development, something the market hasn’t seen in quite a while. IDI has already delivered one spec building totaling 286,000 square feet and has another 870,000-square-foot spec building under construction, both in DeSoto …
NORTH POINT, FLA. — Symcor Capital Properties has acquired the Fountains at North Port, a 312-unit apartment community in North Port, for $19.7 million. The property, located at 1015 Panacea Blvd., is 95 percent occupied and units average 923 square feet. Community amenities include a clubhouse, computer center, fitness center and swimming pool and spa. Elliott Throne and Todd Adams of HFF arranged a 10-year, $14.6 million acquisition loan on behalf of the buyer through GE Capital Real Estate. Matt Mitchell and Jaret Turkell led the HFF team that represented the seller in the transaction.
MORRISVILLE, N.C. — Carter Validus Mission Critical REIT has acquired the Raleigh Data Center in Morrisville for $19.5 million. The 143,770-square-foot property, originally constructed in 1997, is fully leased to four tenants. The property is situated on 12.2 acres.
RALEIGH, N.C. — Marcus & Millichap has brokered the $9.8 million sale of a Food Lion-anchored center in Raleigh. The 75,927-square-foot property is 98 percent occupied. The center sold at an 8.69 percent cap rate. The population within five miles of the center includes 98,346 people. Sonny Molloy with Marcus & Millichap represented both the buyer, River City Capital LLC, and the seller, EIG Wakefield Crossing LLC.
FORT LAUDERDALE, FLA. — Valley Forge Fabrics has acquired a 76,000-square-foot industrial building, located at 1650 W. McNab Road in Fort Lauderdale, for $1.9 million, or $25.33 per square foot. 1650 West McNab Road Holdings LLC was the seller. Les Byron Associates developed the property in 1975. Les Byron of Sperry Van Ness Commercial Realty represented the buyer in the transaction. The building previously sold for $5.2 million. “Over the years, the market has changed and the building became challenged due to its size and configuration,” says Byron. “The buyer will invest in considerable renovations and upgrades.”
ST. PETERSBURG, FLA. — CBRE has arranged $15 million in permanent financing for Crossroads Shopping Center, a 341,682-square-foot power center in St. Petersburg. The loan will be used to refinance a mortgage originally placed in 2004. Crossroads Shopping Center is fully occupied by a mix of tenants, including Home Depot, T.J. Maxx, West Marine and Ross Dress for Less. Michael Strober, Donald Jennewein and Amanda Valenti of CBRE arranged the loan through a correspondent life company.
DURHAM, N.C. — EdR plans to develop a $46.1 million collegiate housing community at Duke University in Durham, through a joint venture with Javelin 19 Investments. The 368-bed community is slated for completion in summer 2014. The community is designed to appeal to graduate students and upperclassmen, whose housing needs are not met on the Duke University campus. Graduate students constitute more than half of the total 2012 enrollment of 14,591 students. Amenities will include a lounge, coffee bar, fitness center, yoga area and a swimming pool.