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.
Southeast
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.
LAUREL, MD. — Terreno Realty Corp., an owner and operator of industrial real estate in U.S. coastal markets, has acquired an 85,000-square-foot industrial property for approximately $7 million at 14851 Sweitzer Lane in Laurel’s Maryland I-95 Business Park. The rear-load distribution building was built in 1995 and is fully leased to one tenant. Maryland I-95 Business Park is situated adjacent to I-95 between Maryland Highways 198 and 200.
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. will renovate and redevelop Chattanooga’s Northgate Mall. Phase I will include redevelopment of the adjacent T.J. Maxx-anchored retail center with Ross Dress For Less and Michaels as new tenants. Construction will begin in early 2013 and is scheduled for completion in fall 2013. Additionally, CBL will renovate the interior and exterior of Northgate Mall. Remodeling will include updates to the main entrance, repaving of the parking lot, and new flooring inside.
WASHINGTON, D.C. — Cathedral Commons, a 264,272-square-foot mixed-use development at 3336 Wisconsin Ave. in Washington, D.C.’s Cathedral Heights neighborhood, has secured $91 million in construction and permanent financing. The project will include 137 luxury multifamily rental units, eight luxury townhomes, and 128,852 square feet of ground-floor retail space anchored by a 56,000-square-foot Giant Food grocery store. Mark Remington and Daniel McIntyre of HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate loan through Northwestern Mutual.