DULUTH, GA. — Gwinnett Center, a 263,742-square-foot office complex consisting of three buildings, was acquired for $14.1 million from a senior lender by Orlando, Fla.-based Global Growth Trust, Inc., a non-traded real estate investment trust (REIT), after the previous owners defaulted on their debt payments. The Duluth property, located adjacent to the Pleasant Hill Road and Interstate 85 interchange, is 41 percent leased by tenants in the healthcare, education and engineering industries.
DURHAM, N.C. — Cree Inc. has acquired 60,000 square feet of office space, located at 4600 Silicon Dr. in Durham, from Pinnacle Park, for $3.65 million. Jim Allaire, Chris Norvell and Jackson Rives of Cassidy Turley's Raleigh, N.C., office represented the buyer in the transaction. Lee Clyburn of Grubb & Ellis Thomas Linderman Graham's Raleigh office represented the seller.
ORLANDO, FLA. — Financial Compound has secured an $8.25 million refinance loan for a 150,000-square-foot, Food Lion-anchored shopping center in Orlando. The 3-year loan has no amortization schedule.
JEFFERSON PARISH, LA. — The Feil Organization has purchased the 412,000-square-foot Elmwood Distribution Center, an industrial complex located at 5600 Jefferson Highway in Jefferson Parrish, for approximately $20 million. The center is comprised of the 42,000-square-foot Elmwood Plaza, a retail building, and four warehouse buildings totaling 370,000 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield's Tampa, Fla., office represented the seller in the transaction.
DADELAND, CUTLER BAY, FORT LAUDERDALE AND WEST PALM BEACH, FLA. — City Furniture has started the $17.5 million renovation and development of four stores in Florida. In Cutler Bay, a $7 million, 56,000-square-foot store will be constructed by Stiles Construction. A $3.5 million renovation and expansion is also being completed by Stiles Construction for the store in Dadeland. In Fort Lauderdale, Miller Construction Co. is building a $3 million, 25,000-square-foot Ashley Furniture HomeStore. Miller is also constructing a $4 million Ashley Furniture HomeStore in West Palm Beach. The Cutler Bay, Dadeland and Fort Lauderdale stores are slated for completion in 2012 and the West Palm Beach store will be completed in early 2013.
FORT MYERS, FLA. — Arthrex Inc. has purchased the 238,520-square-foot former Robb & Stucky distribution center, located at 14550 Plantation Rd. in Fort Myers, from Ryan Cos. for $12.5 million. The facility is being remodeled and completion is slated for the first quarter 2012. Gary Tasman and Shawn Stoneburner of Fort Myers-based Commercial Property Southwest Florida, a Cushman & Wakefield Alliance member, represented the seller in the transaction.
ALPHARETTA, GA. — CAPREIT has sold the 294-unit Wellington on Windward, an apartment complex located at 905 Lake Union Hill Way in Alpharetta, to Euramex/Wesley Apartment Homes for an undisclosed price. David Gutting and Derrick Bloom of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
ARLINGTON, VA. — The Donohoe Co. has broken ground on the 183-room Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Arlington. Additionally, the company closed on a $36 million construction loan through Capital One Bank. The hotel is part of the more than 1 million-square-foot Founders Square, a mixed-use, five-building complex adjacent to the Ballston Metro. Donohoe Construction Co. is the general contractor for the project and Donohoe Hospitality Services will manage the hotel. Completion is slated for the second quarter of 2013.
WINCHESTER, VA. — Cole Real Estate Investments has purchased the 167,000-square-foot Winchester Station, located at 2540 S. Pleasant Valley Rd. in Winchester, for $26.8 million. The shopping center is currently 97.5 percent leased to tenants including hhgregg, Ross Dress for Less, Bed Bath & Beyond, Michaels, Old Navy, Olive Garden and Red Lobster. William Kent and Gary Lawrence of CBRE's Washington, D.C., office represented Trout, Segall & Doyle Winchester Properties, the seller, in the transaction. The buyer was self-represented by Thomas Faltatko.