CHARLOTTESEVILLE, VA. — Dallas-based The Cogent Group has acquired 12 convenience stores and gas stations, totaling 21 acres in Charlottesville, all of which are leased to Charlottesville-based Virginia Oil Co. The purchase was part of a simultaneous transaction among The Cogent Group, VPS Convenience Store Group (an affiliate of Sun Capital Partners) and Virginia Oil Co. In conjunction with VPS's acquisition of Virginia Oil Co., The Cogent Group acquired Virginia Oil's fee-owned properties through a concurrent sale-leaseback transaction.
FORT LAUDERDALE, FLA. — Stiles has been selected to build the new 50,000-square-foot flagship store for West Marine, to be located at 2401 South Andrews Ave. in Fort Lauderdale. This will be West Marine's largest store. In January 2011, Stiles acquired the land with construction financing provided by Wells Fargo and has leased the space to West Marine on a long-term basis.
DAYTON BEACH, FLA. — Toronto-based Bayshore Capital has purchased a 5.44-acre beachfront development site, located at 801-905 South Atlantic Ave. in Dayton Beach, for $6 million from Birmingham, Ala.-based Regions Bank. The site is comprised of four separate lots and three former beachfront motels that AJ Daytona Developers combined into a single parcel for development of a luxury hotel before Regions foreclosed in 2009. Chris Butera of NAI Realvest's Maitland, Fla., office represented the buyer and Coldwell Banker Commercial Benchmark represented the seller in the transaction.
DURHAM, N.C. — The Keith Corp. has sold the 309,000-square-foot Implus Building, located at 2001 T.W. Alexander Dr. in Durham, to New York-based GRC Durham for $21 million. The distribution facility is fully leased on a triple net basis. Chris Norvell and David Finger of Cassidy Turley's Raleigh, N.C., office and Rob Cochran of the Charlotte, N.C., office represented the seller in the transaction.
GREENVILLE, S.C. — Walker & Dunlop has secured a $19.46 million acquisition loan for the 305-unit Millennium Apartments in Greenville. The 7-year loan has 2-years interest only payments followed by a 30-year amortization schedule. Barry Judelson of Uniquities originated the loan. Drew Anderman led the Walker & Dunlop team.
HENRICO, VA. — Richmond, Va.-based The Rebkee Co. has purchased a 41-acre, mixed-use development site, anchored by an 86,750-square-foot Kroger, located in the Short Pump area of Henrico. The seller was an affiliate of the Whitehall Street Real Estate Funds, managed by Goldman Sachs. Construction has started on 125,000 square feet of retail space, 85,000 square feet of which is pre-leased to Olive Garden, Bassett Furniture, Select Comfort and a Toys “R” Us/Babies “R” Us. Upon completion, the development will also feature 79 townhome lots, although no plans have been made for that portion of the site. Cushman & Wakefield | Thalhimer is the leasing agent and LF Jennings is the general contractor on the project.
ORLANDO, FLA. — Fort Myers, Fla.-based J.L. Wallace Construction has completed the renovation of the VA Consolidated Patient Account Center (CPAC) in Orlando. The entire third floor of the CPAC building was renovated, including a redesign of 48,000 square feet of space to accommodate offices, work stations, conference rooms, training areas and the addition of an elevator tower. Hickory, N.C.-based Atriax Group provided architectural services.
WESTON, FLA. — Greenfield World Trade has added an additional 16,650 square feet of distribution warehouse space to its lease to occupy an entire 61,000-square-foot building at the Meridian Business Campus, located at 3355 Enterprise Ave. in Weston. The extension was for another 30 months. Ken Morris of Plantation, Fla.-based Morris Southeast Group/CORFAC International represented the tenant in the transaction.
BETHESDA, MD. — The Montgomery County Planning Board has approved a mixed-use initiative proposed by Donohoe Development for Woodmont Central, located at the Woodmont Triangle area in Bethesda. The 585,000-square-foot, multi-phase development will include two apartment towers and an office building. The 455-unit residential component, known as The Gallery at Bethesda, will feature 20,000 feet of retail space. Construction on the 234-unit first phase is expected to begin in January 2012, with completion in March 2014. Additionally, construction on the 91,612-square-foot office building with 10,505 square feet of retail space is expected to begin in January 2012 with completion in March 2013. The second building of The Gallery at Bethesda, containing the remaining 221 units, is expected to break ground in January 2013 with completion in November 2014. WDG Architecture is providing architecture and urban design services.
DELRAY BEACH, FLA. — The 144-unit Village at Delray, located between SW 10th Street and Atlantic Avenue in Delray Beach, has held its grand opening. Delray Beach-based Auburn Communities completed the affordable and workforce housing community and secured financing through funding by the American Recovery and Reinvestment Act with supplemental funds provided by the Florida Housing Finance Corp., Palm Beach County and PNC Bank. Amenities include a 7,500-square-foot clubhouse with six-station computer lab, pool, soccer field, basketball courts and the new Milagro Center, a non-profit organization providing after-school and summer arts education programs.