The Raleigh/Durham industrial market finished 2011 with substantially increased activity within the warehouse sector. Capital markets activity continues to be particularly strong for Class A institutional grade product, and leasing velocity seems to be finding its legs. The increased volume of deal flow is likely to set the stage for continued improvement through 2012. Investment sales activity has been particularly robust during the past 18 months with more than 3.1 million square feet of institutional grade industrial space trading hands for more than $209 million in value. Cap rates for institutional grade product in the Raleigh-Durham market have fallen significantly since the credit crisis in 2008, but have begun to level off in the low 7 percent range. Duke Realty has been the most active buyer of industrial product in the region. Since September of last year, it has acquired nearly 1 million square feet in three transactions totaling $61.4 million, and is now the largest owner of institutional industrial space in the market. Most notable was its acquisition of the Greenfield North portfolio in Garner, North Carolina, for $31 million. Through this acquisition, Duke has virtually cornered the fast growing East Wake market for Class A warehouse space. Leasing …
FAYETTEVILLE, GA. — Nightingale Properties has acquired the 256,903-square-foot Banks Crossing, located at 134 Banks Crossing in Fayetteville, from Banks Crossing Associates for $19.5 million. JC Penney, Kroger, Guitar Center, Farmers House Furniture, CitiFinancial and Goodyear anchor the property, which is 97 percent leased. Whitney Knoll, Fred Victor, Mark Hillis and Andrew O' Brien of Newmark Knight Frank's Atlanta office represented the seller in the transaction.
ORLANDO, FLA. — A 14,490-square-foot Walgreens, located at 1835 W. Sand Lake Rd. in Orlando, has sold for $10.03 million. Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a local developer, in the transaction. The sales price is the highest amount paid for a Walgreens in the Southeast since 2010.
CARY, N.C. — Edinburgh Cary Office has purchased a four-propery office portfolio totaling 115,027 square feet in Cary for $7 million. The properties include 113, 117, 125 and 130 Edinburgh South Drive. Jim McMillan and Curteis Calhoun of Grubb & Ellis/Thomas Linderman Graham's Raleigh, N.C., office represented the seller, Edinburgh Investments, in the transaction.
GULFPORT, MISS. — Beech Street Capital has secured a $7.75 million refinance loan for the 204-unit Creekwood North Apartments, located at 15235 Oneal Rd. in Gulfport. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance, payable on a 30-year amortization schedule, through Freddie Mac's CME loan program.
AUGUSTA, GA. — The 160-unit Center West Villas, located at 1075 Bertram Rd. in Augusta, has received a $3.91 million refinance loan. William Jones, Jr., of Love Funding's New York office arranged the financing through HUD's 223(a)(7) loan program. The loan allows the property's owner to reduce the interest rate and extend the loan back to its original 35-year term.
BIRMINGHAM, ALA. — HP Hotels has sold the 130-room Hilton Garden Inn, Liberty Park, located at 2090 Urban Center Pkwy. in Birmingham, and the 95-room Hilton Garden Inn, Wildwood, located at 520 Wildwood Circle Dr. in Birmingham, to Summit Hotel Properties for $22.1 million. Helen Zaver of Marcus & Millichap's Atlanta office represented the seller in the transaction.
CAPE CORAL, FLA. — A 20,695-square-foot charter school building, located at 2107 & 2119 Santa Barbara Blvd. in Cape Coral, has sold for $2.29 million. Dan O'Berski of Fort Myers, Fla.-based Trinity Commercial Group represented the seller, 2103 SBB Cape Coral, in the transaction. Randal Mercer and Brandon Stoneburner of CRE Consultants' Fort Myers, Fla., office represented the buyer, CDW 10995 Metro Pkwy.
COVINGTON, GA. — StampTech has purchased a 60,146-square-foot industrial building, located at 40 Pinyon Rd. in Covington, from Pinyon Road LLC for $1.05 million. David Barber and Dan Stubbs of Binswanger's Atlanta office represented the buyer in the transaction. Steve Kise of King Industrial Realty's Suwanee, Ga., office represented the seller.
INDIAN LAND, S.C. — York Development Group has selected Benning Construction Co. to build a 49,000-square-foot Publix at Cross Creek Shopping Center, located on Doby's Bridge Rd. in Indian Land, a suburb of Charlotte. In addition to Publix, Phase I of Cross Creek will include 30,000 square feet of retail space. Completion is slated for fall of this year.