CHARLOTTE, N.C. — ROEFSCO Exchange has sold a 52,000-square-foot office building to Metrolina Regional Scholars' Academy for an undisclosed price. The building, which was previously a data center, is currently being renovated and will open as a K-8 school in the fall. When renovations are finished, the building will include an art studio, a media lab, a music room, 18 classrooms and a science lab. The property is located on 4.12 acres of land at 5225 Seventy Seven Center Drive in Charlotte. Piedmont Properties' Frank McCleneghan represented the buyer in the transaction.
Southeast
ATLANTA AND ROSWELL, GA. — The Hayman Co. has sold two Georgia shopping centers for $4.26 million to AT Altus Roswell GA. The 38,937-square-foot Crossing at Roswell traded for $2.16 million. The property, located at 690 Holcomb Bridge Road in Roswell, is 33 percent occupied. In Atlanta, Hayman sold the 33,200-square-foot Shops at Cumberland Place, located on Cumberland Boulevard, for $2.1 million. The property is 30 percent occupied. Elliott Kyle of Shane Investment Property Group represented the buyer in both deals. Transwestern's Jon Kleinberg represented the seller.
BOYNTON BEACH, FLA. — Dizengoff Trading has purchased 106 condominium units in the 160-unit Bermuda Cay complex from an undisclosed party for $8.2 million. The property is located on Woolbright Road in Boynton Beach. CB Richard Ellis represented the buyer.
TAMPA, FLA. — Hillsborough County, Florida, has purchased the 76-unit Cedar Pointe Apartments from Wells Fargo Bank N.A. c/o Berkadia Commercial Mortgage for $1.8 million. The property, which was built in 1986, is located at 5409 Temple Palms Ave. in Tampa. Colliers International Tampa Bay's John Stone and Jason Stanton represented the seller.
The Hampton Roads metropolitan area of southeastern Virginia, named for both the Norfolk-Virginia Beach metro area it encompasses and the body of water that surrounds it, is unlike most other U.S. markets. Its huge military presence, which includes the Air Force, Army, Coast Guard, Marines and the largest Naval base in the world, helps keep this market on an even keel, as do the estimated 6 million people who visit its tourism haven, Virginia Beach, each year. Consequently, this growing market has not been hit nearly as hard by the retail downturn as others. The seven cities that chiefly comprise the Hampton Roads trade area—Virginia Beach, Norfolk, Hampton, Chesapeake, Newport News, Portsmouth and Suffolk—are expected to show a combined population well in excess of 2 million when the 2010 census is tallied, up from 1.6 million at last count. There has been some softening in retail demand. Like elsewhere, landlords have had to re-adjust expectations. Those willing to be aggressive and creative are getting deals done, though certainly not at the same numbers as just 3 years ago. While small businesses seem more willing to look at new opportunities, one overriding issue continues to be tenants’ inability to obtain financing. …
JACKSONVILLE, FLA. — US Industrial REIT III has purchased the 469,830-square-foot General Electric Distribution Center from I&G UOC Jacksonville for an undisclosed amount. The Class A facility, which is located on 24 acres in Jacksonville, was built in 1996. The building includes T-5 lighting and a 3-year-old roof. CB Richard Ellis' Frank Fallon, Chris Riley and Nathan Rogers represented the seller.
SANDY SPRINGS, GA. — Wood Partners will soon break ground on the 168-unit Alta Glenridge Springs apartment complex in Sandy Springs. The property, which will be located near the interchange of Glenridge Drive and Interstate 285, will include 20,000 square feet of retail space. Construction plans also call for a pool with an outdoor kitchen, a fitness center and a gaming room. Delivery is expected by next summer. CB Richard Ellis provided funding for the development, and Colliers International's Hank Hall facilitated debt for the construction.
CRYSTAL CITY, VA. — MRP Realty and Angelo Gordon and Co. have purchased the 135-unit Hampton Apartments from an undisclosed party for $33.5 million. The 17-story Crystal City property was built in 1984. Grubb & Ellis represented MRP in the transaction.
COLUMBIA, S.C. — Franklin Real Estate Partners has brokered the $7.37 million sale of a 45,191-square-foot office building between two undisclosed parties. The property, which houses a Virginia College regional campus, is located at 7201 Notch Road in Columbia. The tenant has a 15-year lease on the building. Franklin's Mac McCall handled the transaction.
TAMPA, FLA. — Franklin Real Estate Services has brokered the $8.8 million sale of Johnson and Kenneth Court Apartments between two undisclosed parties. The 200-unit property, which is located at 5711 Troy Court in Tampa, was built in 1976. Section 42 Low Income Housing Tax Credits were used to finance the deal. The firm's Darron Kattan, Robert Goldfinger and Kevin Kelleher brokered the sale.