ATLANTA — CB Richard Ellis has brokered the $81.65 million sale of the 531,287-square-foot Edgewood Retail District, located at the intersection of Moreland Avenue and Caroline Street in Atlanta, to North American Development Group. A separately-owned Target, Lowes Home Improvement, Kroger, Best Buy, Bed Bath & Beyond and Ross Dress for Less anchor the center, which is 99 percent leased. Casey Rosen of CBRE's Miami office and Chris Decoufle of the Atlanta office represented the seller, Greensboro, N.C.-based Bell Partners.
CHARLOTTE, N.C. — EastGroup Properties has purchased two industrial buildings in Charlotte for a total of $22.35 million. The 126,910-square-foot Lakeview Business Center, located off Harris Boulevard, was acquired for $7 million and the 300,000-square-foot Ridge Creek Business Park was purchased for $15.35 million. The properties are both fully leased. David Allen and Dunn Mileham of Trinity Partners' Charlotte office represented the undisclosed seller. The buyer was self-represented.
ALEXANDRIA, VA. — H&R Retail has arranged the sale of the 145,273-square-foot Alexandria Commons, located at 3117 Duke St. in Alexandria, from a local investor to American Realty Advisors. Giant and Staples anchor the center. The price was undisclosed. Michael Gorsage of H&R Retail's Washington, D.C., office represented both parties in the transaction.
ROCKVILLE, MD. — Foulger-Pratt Cos. has broken ground on the 190,907-square-foot Rockville Metro Plaza II, located adjacent to Rockville Metro Plaza I at 378 Maryland 355 in Rockville, for the new headquarters of Choice Hotels. Upon completion more than 400 employees will move to the property. The building will feature 13,670 square feet of first-floor retail space and will be built to LEED Platinum standards.
CHARLOTTE, N.C. — PNC Real Estate has provided a $14.2 million Fannie Mae loan to Vestecor to refinance the 386-bed The Flats at Mallard Creek Apartments, a student housing community at the University of North Carolina at Charlotte. The 10-year loan was originated by PNC's Charlotte office and used to refinance an existing construction loan.
CHARLOTTE, N.C. — Trinity Partners has arranged the $43 million sale of the 944,399-square-foot Woodland Business Park, a 12-building industrial park located at Woodpark Boulevard in Charlotte, to Dallas-based Crow Holdings. David Allen and Dunn Mileham of Trinity Partners' Charlotte office represented the undisclosed seller. The buyer was self-represented.
DOUGLASVILLE, GA. — Phoenix-based Cole Real Estate Investments has acquired a 222,500-square-foot Wal-Mart Supercenter and a 129,500-square-foot Sam's Club, located on Concourse Parkway in Douglasville, for $32.8 million. The adjacent properties are both subject to individual 20-year leases scheduled to expire in 2019, with six, 5-year renewal options. Craig Johnson of Marcus & Millichap's Atlanta office along with Jeffrey Piccinelli of Cole represented the buyer. Johnson also represented the seller, a California-based investor.
HICKORY, N.C. — Atlanta-based ADEVCO Corp. has sold a 60,000-square-foot call center, located off Interstate 40 in Hickory, to McClean, Va.-based The Gladstone Cos. for $10.65 million. The building is fully leased to Fiserv. John Kerby and Tom Hughes of Atlanta-based First Fidelity Cos. represented both parties in the transaction.
MIDDLETOWN, MD. — Potomac, Md.-based Vanguard Realty Group's investment sales division has negotiated the $6.94 million sale of the 84-unit Chesterbrook Apartments, located at 312 Broad St. in Middletown, from a Rockville, Md.-based private investor to a Virginia-based private company. Rick Struse and Cullen O'Grady of Vanguard represented both parties in the transaction.
ATLANTA — DLC Management Corp. has launched a new social media initiative for 14 of its properties in the metro Atlanta area. The business-to-business and business-to-consumer initiative includes “DLC Atlanta” pages on Twitter and Facebook. The property-specific pages will provide shoppers with news about the centers, store openings, new tenants and information about upcoming events. DLC is looking to have the pages on Twitter and Facebook be legitimate sources for commercial real estate happenings in the metro Atlanta area. DLC will be partnering with its tenants to provide store specific information on promotions, sales and hiring information for brokers and retailers in Atlanta.