FRONT ROYAL, VA. — Calkain Cos. has brokered the sale of two bank pad sites that are ground leased to BB&T and Wells Fargo for $6.5 million. The properties are located within Crooked Run Shopping Center, which is anchored by Target, in Front Royal. Rick Fernandez and Betty Friant of Calkain Cos. represented the seller and buyer.
Southeast
ORLANDO, FLA. — Fort Lauderdale, Fla.-based Morgan Property Group (MPG) has sold an 18.8-acre Orlando retail parcel that is ground leased to WaWa Inc. for $2.2 million. MPG acquired the parcel at Semoran and Auvers boulevards in 2007 through its affiliate Semoran Partners LLC. A freestanding Walgreens drugstore was developed and the property adjacent to Walgreens was ground leased to WaWa, a convenience store that will feature eight pumping stations when it opens in the first quarter of 2013. Dean Zang of Marcus & Millichap represented the seller, while Clinton Textor of Marcus & Millichap represented the buyer.
SPARTANBURG, S.C. — The Wells Fargo and Ward Law Building at 233 S. Pine St. in Spartanburg has sold for $1.3 million. Dan Dunn of NAI Earle Furman’s Spartanburg office represented the unlisted seller. NAI Earle Furman’s Greenville, S.C., office and Greenville-based Investment Services Group procured the buyer.
BETHESDA, MD. — Brasfield & Gorrie, in a joint venture with Walbridge, has completed the new Main Exchange Complex at Walter Reed National Military Medical Center in Bethesda. The $42 million, 151,450-square-foot design-build project began in July 2011 and the facility is now serving the campus. The complex is the largest Navy Exchange in metropolitan Washington, D.C., and was designed to serve the retail and personal needs of active duty, wounded warriors, reserve and retired military personnel. The Exchange was designed to be the first LEED Gold-certified exchange and was constructed to anti-terrorism and force protection standards. It includes a pharmacy, barber shop, beauty salon, clothing and jewelry retailers, food court, dry cleaner and uniform center. CMH Architects, Timmons Group and I.C. Thomasson served as the project architect.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.
ALEXANDRIA, VA. — HFF has secured construction financing and joint venture equity for the development of the 276-unit Bell Del Ray, a Class A multifamily community in Alexandria. A joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Companies engaged HFF to secure equity and debt capitalization for the development. The debt for the project was secured through Sovereign Bank and the equity was provided by Bell Partners Fund IV. Bell Del Ray will also include 3,513 square feet of ground-floor retail space. Community amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness facility, club room and gaming room. Bell Del Ray will be located at the south end of Alexandria’s 167-acre, master-planned Potomac Yard, a mixed-use community.
MEMPHIS, TENN. — Spartanburg, S.C.-based Johnson Development Associates Inc. (JDA), a developer of large-scale distribution and warehouse projects across the central and eastern United States, has selected Jones Lang LaSalle (JLL) to market Aerotropolis Logistics Park, a 113-acre site in Memphis that can accommodate two or more speculative or build-to-suit facilities of up to 1.2 million square feet. Russ Westlake and Jack Wohrman of Jones Lang LaSalle will lead the marketing efforts. Aerotropolis Logistics Park is within three miles of Memphis International Airport, the FedEx Express Global Super Hub, the United Parcel Service (UPS) Regional Sorting Hub and the United States Postal Service (USPS) Sorting Center.
BATESVILLE, MISS. — St. Louis-based ElmTree Funds, a private equity investment firm, has closed on the sale of General Electric (GE) Aviation’s facility in Batesville as well as provided equity for two new GE Aviation facilities currently under construction in Auburn, Ala., and Ellisville, Miss. The total asset value for the three GE Aviation facilities is $87 million. All three of the projects are advanced manufacturing, warehousing and distribution facilities for GE, where the company will manufacture components for aircraft engines and systems. The Batesville facility is a recently expanded 330,000-square-foot warehouse and distribution facility with 27,500 square feet of office space on 87 acres. The project in Auburn will include a 279,000-square-foot warehouse and distribution facility with 24,000 square feet of office space on approximately 45 acres. Finally, the Ellisville project will include a 341,700-square-foot industrial facility with 30,000 square feet of office space on approximately 43 acres.
DULLES, VA. — Cambridge Holdings LLC has structured the $25 million sale of a 163,110-square-foot industrial building at 1501 Moran Road in Dulles on behalf of its seller, 1501 Moran Road LLC. Cambridge assisted in the building’s acquisition in December 2010 as well as its leasing to Cuisine Solutions, a regional food manufacturer that occupies the entire facility on a 20-year triple net lease basis. Marcus & Millichap represented the building’s buyer, W.P. Carey, a real estate investment trust (REIT).