CHARLOTTE, N.C. — Trinity Capital Advisors has sold NASCAR Plaza to Parkway Properties for a reported $100 million. The 20-story, 390,000-square-foot LEED Silver-certified office building is located at 550 S. Caldwell St. in downtown Charlotte. Trinity Capital Advisors purchased NASCAR Plaza in a joint venture with Rubenstein Partners in December 2010. The building’s occupancy grew from 37 to 88 percent under Trinity Capital Advisors and Rubenstein Partners’ ownership. Chiquita Brands International relocated its corporate headquarters to NASCAR Plaza under the former ownership.
Southeast
ORLANDO, FLA. — A former Hertz rental car facility, which includes 19.44 acres of land for development at 5601 Butler National Dr. off Semoran Boulevard north of Orlando International Airport, has sold for $14.25 million. Los Angeles-based L&R Investment Co. acquired the property and intends to obtain a master plan for the development of retail parcels that front Semoran Boulevard and an off-airport parking facility. Kevin O’Connor and Matt Cichocki of NAI Realvest represented the seller, The Hertz Corp., which moved its operations onto airport grounds at Orlando International Airport.
CHESAPEAKE, RICHMOND AND CHESTERFIELD, VA. — Three absolute net-leased Jiffy Lube retail properties have sold in southern Virginia. The assets commanded sales prices of $1.3 million in Chesapeake, $930,000 in Richmond and $920,000 in Chesterfield. Michael Early and Matthew Greenspon of Marcus & Millichap’s Virginia and Raleigh, N.C., offices represented the sellers. The buyers were unlisted private investors and an unlisted large regional real estate operator. Each Jiffy Lube unit was available for purchase as an investment, operated on absolute net-leased structures by subsidiaries of the parent company, Lucor Inc., which owns and operates more than 165 Jiffy Lube retail properties.
WASHINGTON, D.C. — A 23-unit apartment property has sold for approximately $1.5 million in Washington, D.C.’s Petworth submarket. It is located at 3921 Kansas Ave. and was built in 1952. Twenty units were occupied at the time of the sale. Peggy Brooks Smith and Marty Zupancic of Marcus & Millichap represented the seller, an unlisted partnership, and also secured the buyer, an unlisted private investor.
CHARLOTTE, N.C. — Marsh Aviation has purchased an approximately 25,000-square-foot freestanding retail property from Regions Bank for $1 million. Home South, a new home furnishings retail concept, is planned to operate at the site at 7220 Smith Corners Blvd. in Charlotte. Todd Harrelson of Cushman & Wakefield/Thalhimer represented the seller in the transaction.
The uncertainty created by the nation’s current economic and fiscal conditions continues to dampen confidence for both government and private sector tenants resulting in increasing vacancy rates and declining net absorption in the D.C. market. In anticipation of the looming possibility that the government will fail to resolve its budget impasse, and so enforce mandated federal budget cuts (i.e., “sequestration”), companies that rely on federal spending are consolidating operations, discarding excess space and deferring leasing decisions. As a result, the Washington, D.C., vacancy rate, which has been in the mid-single digits for at least the last decade, has steadily increased since 2010 to over 12.5 percent as of the second quarter of 2012. The D.C. market’s leasing activity has been dominated by lease renewals, totaling 87 percent of all leasing activity in 2011 and 70 percent for the first half of 2012. Despite the economic uncertainty, the D.C. market continues to see new development activity, with nearly 2 million square feet currently under construction, and more than 70 percent of this space pre-leased. The 10-acre, mixed-use CityCenterDC project on the former Convention Center site has approximately 500,000 square feet of office space currently under construction, 77 percent of which has …
TAMPA, FLA. — The 521-room Hyatt Regency at 211 N. Tampa St. in downtown Tampa has sold. Daniel Peek, Paul Hsu and Max Comess of HFF represented the seller, AREA Property Partners. Driftwood Hospitality Management LLC purchased the property for an undisclosed price. The hotel features a restaurant and bar, 30,000 square feet of meeting space, heated outdoor pool, rooftop sundeck, fitness center and gift shop. Following a renovation, the hotel will be converted to the Hilton brand.
GREENVILLE, N.C. — Charlotte, N.C.-based SYNCO Properties Inc., on behalf of Greensboro, N.C.-based Richardson Properties, has acquired the 280-unit Pointe at Wimbledon Apartments in Greenville for approximately $22.5 million. The buyer assumed two existing first mortgages, on the project’s Phase I and II, that were originated with GE Capital Corp. and Housing & Healthcare Finance LLC (HUD). The multifamily community is located at 1530 Wimbledon Dr. and was developed in two phases in 2001 and 2004. The Pointe at Wimbledon features one-, two- and threebedroom luxury apartments ranging in size from 700 to 1,420 square feet. Amenities include two clubhouses, two pools, a fitness center, billiards room, business center, volleyball court, lighted tennis court, basketball court and pet park. It is the initial entry into the Greenville market for SYNCO Properties and Richardson Properties.
ACWORTH, GA. — CNL Healthcare Trust, a real estate investment offering focused on seniors housing and healthcare real estate, will invest $21.5 million in the development of Dogwood Forest of Acworth, a seniors housing community planned in Acworth. Solomon Senior Living Holdings LLC will serve as the project’s developer, and Trinity Lifestyles Management, Solomon’s affiliated management company, will manage the community under a long-term agreement with CNL Healthcare Trust. Dogwood Forest of Acworth will be a three-story building totaling nearly 85,000 square feet with 46 assisted living units and 46 memory care units. This is the second seniors housing development project for CNL Healthcare Trust.
NORTH PORT, FLA. — Heron Creek Towne Center, a 64,664-square-foot, Publix-anchored neighborhood shopping center in North Port, has sold for approximately $8.7 million to Phillips Edison-ARC Shopping Center REIT Inc. A Tennessee-based private investment group sold the property located at 1289 S. Sumter Blvd. Heron Creek Towne Center was built in 2001 and includes tenants Subway, The UPS Store and Sparkle Brite Pool Stores. Mark Shellabarger and Cliff Taylor of CBRE represented the seller.