MEBANE, N.C. AND DALLAS, GA. — STAG Industrial has purchased three industrial buildings totaling 518,383 square feet, for $19.8 million. Two of the buildings are located in Mebane and one is located in Dallas. The properties include two warehouse and distribution facilities and one light manufacturing facility, which are fully leased to Armacell, with an average remaining lease term of 12 years.
Southeast
LOUISVILLE, KY. — Steadfast Income REIT has purchased the 160-unit Valley Farms Apartments, a garden-style multifamily community located at 5306 Valkyrie Way in Louisville, for $15.1 million. The property is 97 percent occupied. Amenities include a resort-style pool, fitness center, barbeque area and a business center.
NASHVILLE, TENN. — Pollack Shores Real Estate Group has sold the 220-unit Velocity in the Gulch, a multifamily property located at 320 11th Ave. S. in Nashville, for $37.5 million. Amenities include a sky lounge with outdoor cabanas, gym and controlled access parking garage. Walton Street Capital was the buyer. The seller had previously converted the property from condominium units to for-rent apartments. The sale did not include the 43 condo units or the ground-level retail.
ASHLAND, VA. — CapLease has entered into a build-to-suit agreement to construct a $20 million, 311,730-square-foot distribution warehouse, located in Ashland, on behalf of Vitamin Shoppe Industries. The company has entered into a 15-year net lease that will commence upon completion of construction, which is slated for the second quarter of 2013.
SHOALS, ALA. — Firestone Building Products plans to add 150,000 square feet to its manufacturing plant, located at 393 Denton Circle in Shoals. The facility manufactures thermoplastic polyolefin (TPO) single-ply roofing membranes. Groundbreaking is scheduled for the second week in September, with completion slated for the second quarter of 2013. The investment will create approximately 40 permanent jobs once the plant is fully functional in July 2015.
PARKLAND, FLA. — Bell Partners has acquired the 396-unit Winners Circle Apartments, a multifamily property located at 5851 Holmberg Road in Parkland. Amenities include two swimming pools, a clubhouse with a fitness center and tennis courts. The buyer plans to rename the property Bell Parkland.
ROCKVILLE, MD. — Washington Real Estate Investment Trust has sold a 101,000-square-foot office building, located at 1700 Research Blvd. in Rockville, for $14.25 million. The buyer was a partnership that includes a long-time tenant of the property. The four-story building is Energy Star Certified.
NAPLES, FLA. — CFC Partnership has purchased a 50,000-square-foot office building, located at 4851 Tamiami Trail N. in Naples, from Naples RB Holdings LLC for $9.5 million. David Stevens of Investment Properties Corp. represented the buyer in the transaction.
LARGO, FLA. — Marcus & Millichap has arranged the $4.9 million sale of the 96-unit Dairy Place Apartments, a multifamily property located at 6701 Bryan Dairy Road N. in Largo. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap represented the seller, a Kansas-based financial institution, in the transaction. Regan and Carriera also represented the Florida-based buyer.
TALLAHASSEE, FLA. — Cabat Properties has acquired the 180-unit Monterey Apartments, a multifamily property located at 2301 Old Bainbridge Road in Tallahassee, from Monterey Associates for $3.75 million. The buyer plans to renovate and reposition the property. Gerald Smith of Smith Equities Real Estate Investment Advisors represented the seller in the transaction.