MCDONOUGH, FAIRBURN AND BRASELTON, GA. — An affiliate of USAA Real Estate Co. has acquired a three-building, 2.8 million-square-foot industrial portfolio in metro Atlanta. The Class A bulk distribution warehouses are fully occupied by Home Depot USA Inc., Owens Corning Insulating Systems LLC and PETCO Animal Supplies Stores Inc. Home Depot’s 1.2 million-square-foot distribution center is in McDonough, Owens Corning’s 1 million-square-foot distribution center is in Fairburn and PETCO’s 506,200-square-foot distribution center is in Braselton. “The Atlanta industrial portfolio offers a unique opportunity to acquire three premier quality distribution facilities within a core inland port market,” says Pat Duncan, chairman and CEO of USAA Real Estate Co. The buildings benefit from their proximity to the Port of Savannah.
Southeast
FORT LAUDERDALE, FLA. — Toronto-based Avison Young, Canada’s largest independently owned commercial real estate services company, has expanded its operations into Florida by acquiring Flagler Real Estate Services LLC (FRES). Thirty FRES employees have joined Avison Young’s new Florida operations, which is headquartered in Fort Lauderdale with branch offices in Boca Raton and Miami. Eight new principals join Avison Young including Pike Rowley, Keith O’Donnell, Wayne Schuchts, Greg Martin, A.J. Belt III, Brian Mark, Michael Vullis and Scott Auker. FRES is the service arm of Flagler, one of Florida’s oldest and largest full-service commercial real estate companies. The move further expands Avison Young’s market coverage in the Southeast. The company also recently agreed to acquire Raleigh, N.C.-based commercial real estate services firm Thomas Linderman Graham Inc.
MIAMI — Miami’s Hampton Village Apartments, a distressed apartment building built in the 1950s, will undergo a $20 million redevelopment into a new four-story affordable housing complex. Landmark Cos., Carrfour Supportive Housing and Special Asset Support Services Inc. are leading the redevelopment at 4301 N.W. 29th Ave. in Miami. It will create 100 newly redeveloped affordable housing units, providing permanent homes for residents at or below 60 percent of the area’s median income. Completion of the project is scheduled for late 2013.
DURHAM, N.C. — Crown Realty & Development has sold a 182,160-square-foot industrial property at 4400 Emperor Blvd. in Durham to Pizzagalli Properties for $11.5 million. The Class A facility is fully leased and situated on approximately 14.32 acres within the Imperial Center Business Park in Durham’s Research Triangle Park/I-40 submarket. Christopher Norvell, James Allaire and Catharine Spangler of Cushman & Wakefield/Thalhimer represented Crown Realty & Development in the transaction.
MIAMI — Ameriworld Enterprises Inc., which provides furnished offices, warehouse space and back-office support services to foreign companies and their subsidiaries looking to expand into the United States, has signed a 124,000-square-foot industrial lease at 3325 N.W. 70th Ave. in Miami’s Airport West submarket. The company is expanding and relocating from its previous 65,000-square-foot space in Opa-Locka, Fla. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented Prologis, the landlord, in the transaction. Mike Waite and Jim Armstrong of Easton & Associates represented Ameriworld Enterprises Inc.
DURHAM, N.C. — New York-based Clarion Partners, a real estate investment manager, has acquired Palladian I and Palladian II, a two-building suburban office park in Durham, for $36.2 million on behalf of Brown Brothers Harriman (BBH) Real Estate Income Fund II. Both four-story office buildings were built between 2005 and 2007, and each has more than 100,000 square feet of office space. The properties are located at the intersection of I-40 and Route 54 with access to the Raleigh-Durham International Airport and the Research Triangle Park.
HYATTSVILLE, MD. — Bethesda, Md.-based Beech Street Capital LLC has provided a $29.1 million Fannie Mae conventional loan with a 10-year term to refinance the 354-unit LaSalle Park, a garden-style multifamily property in Hyattsville. Barry Lefkowitz and Shimshie Tepper originated the transaction for New York-based Meridian Capital Group LLC, which has owned the property since 1986. LaSalle Park was built in 1963 and renovations were made in 2008. The property is 98 percent occupied.
DURHAM, N.C. — Research Tri-Center North VI, located at 2223 N.E. Creek Pkwy. in Durham, has traded for $24 million. The Silverman Group sold the 422,000-square-foot Class A industrial property to Sentinel Data Centers. It is fully leased and located within the 2.4 million-square-foot Research Tri-Center industrial park, the largest industrial park in the Raleigh-Durham region. Christopher Norvell and Scot Humphrey of Cushman & Wakefield/Thalhimer represented The Silverman Group. Their colleague, James Allaire, represented Sentinel Data Centers.
HOOVER, ALA. — Cypress Gardens Apartments, a 150-unit apartment community built in 1972 and renovated in 2011, has traded for $5 million in Hoover. David Oakley in the Alabama office of Hendricks & Partners represented Birmingham, Ala.-based Georgetown Investments LLC, which sold the multifamily property to Florida-based Cypress United LLC.
CORAL SPRINGS, FLA. — Cypress Wood Plaza, a 41,908-square-foot retail center at 10412 W. Atlantic Blvd. in Coral Springs, has sold for $4.25 million. The property includes two retail buildings and a 7,000-square-foot out parcel. It is 80 percent occupied with local and regional tenants including VCA Animal Hospital, Bike America and Martinizing Dry Cleaners. Robert Granda and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla. office represented the seller, a Coral Springs-based private investor.