MIAMI — Marcus & Millichap has arranged the $4.6 million sale of a 42,000-square-foot office building, located at 550 LeJune Rd. in Miami, and an adjacent 8-unit apartment building. Greg Zeifman and Benjamin Silver of Marcus & Millichap's Miami office represented the seller, a Miami-based international nonprofit organization, in the transaction and procured the buyer, a Miami-based developer.
WOODSTOCK, GA. — A single-tenant, triple-net leased National Tire and Battery Auto Parts, located at 2010 Eagle Dr. in Woodstock, has sold for $2.5 million. The tenant is the sole occupant of the 7,383-square-foot building. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a high net worth family office, in the transaction. The seller was a Southeast-based developer.
ATLANTA — The 900,000-square-foot Atlanta Financial Center, located at 3343 Peachtree Rd. NE in Atlanta's Buckhead submarket, has achieved LEED Silver certification. Hines owns and manages the building, which is currently 83 percent leased. Tenants include Morris, Manning & Martin, North American Electric Reliability Corp., Prudential Insurance Co. of America, Robert Half International and SunTrust Robinson Humphrey. Green features include alternative transportation options of commuters; a partnership with Sustainable Buckhead and the Buckhead Area Transportation Management Association; an on-going electronic recycling program; energy efficient lighting with reduced mercury content; environmentally sensitive cleaning products and practices; and reduction of water use through the utilization of low-flow fixtures. The building is 24 percent more energy efficient and annually saves more than $630,000 in energy costs compared to the average U.S. office building.
NEW PORT RICHEY, FLA. — NorthMarq Capital has arranged $6.3 million in first mortgage refinancing for the 221-unit Hunters Ridge Apartments, a seniors housing community located at 5223 Hunters Ridge Dr. in New Port Richey. Lee Weaver of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization schedule through AmeriSphere Multifamily Finance.
BALTIMORE — The University of Maryland Faculty Physicians Inc. (FPI) has renewed and expand its lease, located at 250 W. Pratt St. in Baltimore, by 25,102 square feet. FPI now occupies a total of 61,993 square feet. Tim Jackson, Courtenay Jenkins and Whitney Nye of Cushman & Wakefield's Baltimore office represented the landlord, Behringer Harvard Funds, in the transaction. Matthew Haas and Kevin Haus of Colliers International's Columbia, Md., office represented the tenant.
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.
