ATLANTA — Meritex Enterprises has acquired a ten-building office/warehouse portfolio in Atlanta. The Class A, multi-tenant properties total 726,000 square feet and range in size from 41,000 to 122,000 square feet. The properties are located in the northern suburbs of Atlanta, including Lawrenceville, Norcross, Smyrna and Kennesaw, Ga. The portfolio is currently 95 percent leased with 40 tenants. The seller was Young Ventures and The Estate of Maxwell W. Young. The acquisition price was not released.
Southeast
COLUMBIA, MD. — Lund Trading has acquired 6822 Oak Hall Lane, a 40,000-square-foot flex/office building in Columbia. Oak Hall LLC sold the property for $3.7 million. The buyer plans to relocate to its office and distribution operations into approximately 25,000 square feet of the new facility. The balance of the building has been leased to Looks Salon and Spa. Allan Riorda of NAI KLNB represented the buyer; Chuck Breitenother and Tim Gardner, also of NAI KLNB, represented the seller in the transaction.
TAMPA, FLA. — TCG I Tampa LLC, an affiliate of Trident Capital Group, has acquired a 175,920-square-foot warehouse facility in Tampa. MA & TN Sandifer Partnership sold the property, which is located at 4506 Acline Dr., for $7.5 million. Marc Goldberg of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller in the transaction.
RIDGELAND, MISS. — Jackson, MIss.-based Concourse 200 & 400 Holdings, an affiliate of Duckworth Realty, has acquired two multi-tenant Class A office properties in Ridgeland. Totaling 95,000 square feet, the properties are located at 1062 and 1068 Highland Colony Parkway. Current tenants at the properties include BankPlus, GranthamPoole CPA, Marchetti Robertson & Brickell Insurance & Bonding and The Wright Law Firm. Duckworth Realty will manage and lease the properties. Terms of the transaction were not released.
VESTAVIA HILLS, ALA. — Tampa, Fla.-based Arcis Investments has completed the disposition of Dolly Creek Station, a retail center in Vestavia Hills. Birmingham, Ala.-based The Barber Companies acquired the 25,200-square-foot center for $4.61 million. Located at 2409 Acton Road and built in 1997, the property was 100 percent leased to a variety of tenants, including Realty South, Richard's BBQ and Acton Road Pediatrics, at the time of closing. Mark Shellabarger of CB Richard Ellis represented the buyer; Dan Anderson of Birmingham-based Engel Realty represented the seller in the transaction.
ANDERSON, S.C. — A joint venture between Baltimore-based MCB Real Estate and Morristown, N.J.-based The Hampshire Company has acquired two adjoining single-tenant retail properties within North Hill Commons on Clemson Boulevard in Anderson. The two properties, which total 43,149 square feet, are occupied by Michaels and PetSmart. Mike Bukard, Chris Decoufle and Steve Shields of CB Richard Ellis brokered the transaction. Terms of the sale were not released.
The retail market in the Raleigh-Durham-Chapel Hill MSA (“The Triangle”) is steadily improving. Retail vacancy dropped to 8.39 percent within the Triangle as of the third quarter — the result approximately 525,000 square feet in absorption over the past 12 months. Investors and retailers alike continue to be attracted to the region because of its sustainable economy fueled by the state government, Research Triangle Park and the University system. Several new anchor retailers entered the Triangle market during 2010, absorbing the majority of available boxes abandoned by Circuit City and Linens ‘N Things. Nordstrom Rack filled the former Linens ‘N Things space at CBL’s Renaissance Center at Southpoint in Durham; Ollie’s Bargain Outlet opened at York Properties’ Cary Village Square in Cary; The Container Storemade its Triangle debut in the former Circuit City location on Glenwood Avenue across from Crabtree Valley Mall in Raleigh; and buybuy BABY opened its first Triangle location at Kimco’s New Hope Commons in Durham. Only a small amount of new retail development was completed in 2010. Kane Realty delivered the only anchored retail project at North Hills East, which is situated at Six Forks Road and Interstate 440 — Raleigh’s “Beltline”. Anchored by Harris Teeter …
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased the debt and equity interest in NASCAR Plaza, an office building located in Charlotte. Situated in the city's central business district, the property offers 393,000 square feet of Class A office space. Trinity has partnered with Philadelphia-based Rubenstein Partners to improve the building's fundamentals.
SPOTSYLVANIA COUNTY AND ROCKY MOUNT, VA. — Affiliates of Florida-based Morgan Property Group have completed the disposition of two freestanding Walgreens locations in Spotsylvania County Rocky Mount. The two 14,820 square feet stores opened in November 2010. Evans Fredericksburg Drugstore LLC acquired the Spotsylvania County property, which is located at 10600 Rollingwood Dr., for $6.5 million. Casey Cummings of RAM Development Co. represented the buyer. AZ Rocky Mount LLC purchased the Rocky Mount store, which is located at 190 Old Franklin Turnpike, for $6.8 million. Trey Morgan of Morgan Real Estate represented the sellers in both transactions.
FRANKFORT, KY. — Phillips Edison & Co. has broken ground for the development of an 89,000-square-foot retail project in Frankfort. The project, which will be anchored by T.J. Maxx and Michaels, will be the second phase of the mixed-use Parkside development. Scheduled for completion this fall, the new project will also feature Maurices, Dress Barn, Aspen Dental and Sprint Wireless. The 51-acre Parkside project, which is located at Interstate 64 and U.S. 60, is a joint venture of Phillips Edison's Strategic Investment Fund and local developers Pat Madden and Jerry Woodall.