RALEIGH, N.C. — Southbridge Fellowship, a North Carolina-based non profit, has purchased 10.79 acres for $1.46 million on Glenwood Ave. in Raleigh. The organization plans to build a church campus on the property and hopes to consolidate and expand its existing offices to the new campus within the next two to three years. Randy Williamson and Jim Anthony of Colliers International represented the buyer in the transaction.
Southeast
CHANTILLY, VA. — Strategic Storage Trust Inc. has acquired an 870-unit self-storage property, located at 14518 Lee Road in Chantilly, for $7.3 million. The property is 93 percent leased. The new facility will be rebranded under the SmartStop Self Storage name.
HUNTSVILLE, ALA. — MCA has acquired the 603,000-square-foot Bridge Street Town Centre, a lifestyle center located in the 4,000-acre Cummings Research Park in Huntsville. Tenants include Bed Bath & Beyond, DSW, Barnes & Noble, ULTA, Toys “R” Us/Babies “R” Us and a 14-screen Monaco Pictures movie theater. Adam Howells and David Disney of UCR Investment Sales represented the seller, O&S Holdings, in the transaction.
GREENSBORO, N.C. — CDI Properties has sold the 56-unit Grentton Place Apartments, located at 4107 Yanceyville St. in Greensboro, for $3.17 million. Austin Green of Capstone Apartment Partner's Charlotte office represented the seller in the transaction. The buyer was a Chicago-based private investor.
NORTH MIAMI BEACH, FLA. — Continental Real Estate Cos. (CREC) has arranged the sale of the 314-unit Star Creek Apartments, located at 361 NE 191st St. in North Miami Beach. The property is 94 percent leased. Amenities include two resort-style pools and a Jacuzzi. Peter Mekras of CREC represented the seller, a Miami-based private owner and operator, in the transaction. The property was purchased in a 1031 exchange with a first mortgage loan from City National Bank.
RALEIGH, N.C. — Atlanta-based First Fidelity Mortgage Corp. has arranged $240 million in senior secured financing for the 1.35 million-square-foot Crabtree Valley Mall, located in Raleigh. The loan proceeds were used to repay existing maturing debt and fund ongoing capital spending programs. Kell Martin and Richard Booth of First Fidelity secured the 10-year loan through a major life insurance company on behalf of the borrowers, a separate-account client of Clarion Partners and an affiliate of Plaza Associates.
MIAMI — Canyon-Johnson Urban Funds has plans to build the 235,000-square-foot Fontainebleau Park Plaza, a Walmart-anchor neighborhood shopping center located at the intersection of West Flagler Street and SW 92nd Avenue in Miami's Flagler Corridor. Rod Castan of Courtelis Co. is the leasing agent for the project. Construction is slated to begin in the second half of 2012.
CHARLOTTE, N.C. — UPHIC Associates has plans to invest $5 million for a renovation of the 174-room Holiday Inn Charlotte University, located at 8520 University Exec Park Drive in Charlotte. Amenities include 5,000 square feet of flex meeting space, a business center, free wireless internet, fitness center, outdoor pool and The University Patio & Grill. The company, an affiliate of GF Management, recently acquired the property. Beacon Hospitality Partners represented the seller in the transaction.
JACKSONVILLE, FLA. — A 58,600-square-foot industrial building, located at 205 Commercial Drive in Jacksonville, has sold for $2.37 million. Bryan Bartlett of Grubb & Ellis/Phoenix Realty Group represented American Builders and Contractors Supply Co., the seller, in the transaction. The buyer was 2G Energy AG.
WAKE FOREST, N.C. — A 6,468-square-foot retail property, located at 11735 Retail Drive in Wake Forest, has sold for $1.35 million. Sam DiFranco of Cresa represented the buyer, Buffalo Brothers Properties, in the transaction. Marlene Spritzer of Spritzer Commercial Properties represented the seller, Texas Steak Ltd. The property will be the third Buffalo Brothers restaurant located in the Triangle.