MARCO ISLAND, FLA. — A 15,000-square-foot Walgreens, located in Marco Island, has sold for $5.7 million. Walgreens is on a 50-year, double-net lease, with 8 years remaining on the original term. Dougall McCorkle of Naples, Fla.-based Premier Commercial represented the seller in the transaction and Rainer Filthaut of Naples-based International Realty Co. represented the buyer, a private investor.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Rock Creek Property Group and BBP has purchased the 71-unit Juniper Gardens, an apartment complex located at 7700-7730 Eastern Ave. NW and 815-825 Juniper St. NW in Washington, D.C., from Premier Bank for $4.1 million. The buyer is planning a complete gut renovation of the property and has selected Washington, D.C.-based Bonstra Haresign Architects as the project architect. The renovation will begin in the first half of 2012 with completion slated for late 2012 or early 2013.
UNION CITY, GA. — The RADCO Cos. has purchased the 260-unit Highland Pointe Apartments, located at 6350 Oakley Rd. in Union City, from an institutional lender. The property includes two-, three- and four-bedroom apartments. Amenities include two swimming pools, washer/dryer connections, fitness center, a playground and picnic/grilling areas.
NORCROSS, GA. — An affiliate of BPG Properties, Ltd., has recently signed leases totaling 44,276 square feet at one of its 57,844-square-foot buildings at Atlantic Industrial Park, located at 3004-3028 Adriatic Ct. in Norcross. Georgia Trading Post renewed its 30,593-square-foot lease, Ratrix leased 6,240 square feet and A&H Wholesales leased 7,623 square feet. Lee Cardwell of Colliers International's Atlanta office represented Ratrix in its lease transaction. Matt DiLeo and Wendy Tomich of Stream Realty Partners' Atlanta office are the leasing agents for the property.
The Raleigh/Durham retail market consists of approximately 41 million square feet and serves a population of about 1.75 million people. Raleigh, Durham and Chapel Hill comprise the “Research Triangle” metropolitan region, which is continuously ranked among the best areas in the nation to live and work. The retail market has an overall low vacancy rate and remains relatively healthy despite the lingering recession. A period of remarkable growth has slowed and only a handful of new developments opened in 2011. These include Park West Village, a 373,748 square feet power center located in Morrisville at Highway 54 and Cary Parkway, and the 57,511-square-foot Market at Colonnade, a shopping center anchored by Whole Foods and located on Six Forks Road in north Raleigh. Another notable project is the renovation of the 200,000-square-foot Waverly Place in Cary. Few new development opportunities are expected in the near future and positive absorption of vacancy for anchor and shop space has been encouraging, as centers have continued to strengthen albeit at lower rental rates. Job growth drivers are simply not there to support the rapid retail growth the area experienced prior to the recession. Trends in the marketplace include expansion of discount chains such as …
ATLANTA — Atlanta-based IDI has plans to begin construction on the 650,000-square-foot Building A, a speculative industrial property located at Riverside Business Center in Atlanta. The building will be built to LEED certification. Completion is slated for the third quarter of 2012. When complete, Riverside Business Center will include 1.2 million square feet of warehouse and industrial space. In addition, there are two commercial sites on the property totaling 20 acres, which will be used for retail and commercial uses.
CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.
MORGANTON, N.C. — Mount Pleasant, S.C.-based WRS has broken ground on a 450,000-square-foot power center, located on the former site of the Henredon manufacturing facility at 400 Henredon Dr. in Morganton. A 177,000-square-foot Walmart, T.J. Maxx, Ross Dress For Less and PetSmart will anchor the center, which is 75 percent pre-leased. Phase I is slated for completion in the summer of 2013. WRS will manage development and leasing/sale activities on behalf of the owner, Morganton Retail Investment.
WASHINGTON, D.C. — Washington, D.C.-based Rock Creek Property Group has purchased a 28,366-square-foot building, located at 1100 16th St. NW in Washington, D.C., at a foreclosure auction from Tysons Corner, Va.-based Cardinal Bank for $4.72 million. The company plans to gut the building and convert the project into a first-class office headquarters. Rock Creek has retained Washington, D.C.-based OTJ Architects as the base-building architect and planner. Construction is slated to begin in the first half of 2012 with completion slated for later in the year.
ELIZABETHTOWN, KY. — Love Funding has closed an $8.15 million construction-to-permanent loan for the 100-unit Tunnel Hill Apartments, located on Tunnel Hill Road in Elizabethtown. Tammy Tate of Love Funding's Knoxville, Tenn., office arranged the 40-year permanent loan with a low fixed-interest rate for the duration of construction through the FHA's 221(d) loan insurance program.