RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.
Southeast
OAKLAND PARK, FLA. — A 110,989-square-foot Kmart, located on E. Oakland Park Blvd. in Oakland Park, has sold for $11 million. Douglas Mandel and Alan West of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a local property owner, in the transaction. Kmart has less than 5 years remaining on its lease.
SPARTANBURG, S.C. — LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.65 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has arranged a $4.5 million Fannie Mae conventional loan to refinance the 120-unit Bentwood Apartments, located at 2601 Evergreen Drive in Birmingham. Chad Hagwood of Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
ATLANTA — Duke Realty Corp. has executed a lease agreement with Kuehne + Nagel for a 211,000-square-foot build-to-suit office and warehouse distribution building, located at 4100 N. Commerce Drive in Atlanta at Duke Realty's Camp Creek Business Center. The property will serve as Kuehne + Nagel's North American headquarters. The tenant was represented by Bayne Porter of CBRE in the transaction, and the landlord was self-represented by Wes Hardy. Completion is slated for the second quarter of 2013.
GREENVILLE, N.C. — LNR Properties has sold the 308-unit Brasswood Apartments, located at 3150 Brasswood Court in Greenville, to Summer Green through Auction.com for $6.2 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
SARASOTA, FLA. — Marcus & Millichap has arranged the $2.1 million sale of the 119-unit Sunrise Villas, an apartment complex located at 1809 19th St. in Sarasota. Michael Regan and Francesco Carriera of Marcus & Millichap represented both private investors in the transaction.
ROCK HILL, S.C. — Morgan Property Group has plans to build a 14,550-square-foot Walgreens, located at the intersection of Heckle and Herlong boulevards in Rock Hill. The company acquired the 1.9-acre parcel of land from First Place Bank and H. Allen Tate Jr. for $1.6 million. This is third Walgreens the company has developed in the Carolinas.
FORT LAUDERDALE, FLA. — Winthrop Realty Trust has acquired a first mortgage loan for a 326,000-square-foot office and retail building, located in Fort Lauderdale. The loan, which is currently in maturity default, has an outstanding balance of approximately $44.9 million and was purchased for $42.8 million.
MIAMI — Marcus & Millichap has arranged the $8.5 million sale of the 12,271-square-foot Shoppes of Pinecrest, a strip center located on S. Dixie Highway in Miami. Tenants include Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx. Douglas Mandel, Kirk Olson and Drew Kristol of Marcus & Millichap represented Adler Dixie, the seller, in the transaction.