TALLAHASSEE, FLA. — Magnolia Park LLC has completed the disposition of a freestanding retail property, which is located at the corner of Park Avenue and Magnolia Drive in Tallahassee. The NN-leased AT&T store sold to an undisclosed buyer for $2.16 million. Francis Rentz of Sperry Van Ness (SVN) represented the seller; Jason Long of Shane Investments represented the buyer in the transaction.
Southeast
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired The Ashborough, a Class A multifamily property located in Ashburn. Built in 2004, the property offers 504 units and is currently approximately 97 percent occupied. Associated Estates now owns 2,340 units at eight apartment communities in Maryland and Virginia. Terms of the transaction were not released.
MIAMI — Wexford Science & Technology has completed vertical construction on the six-story R&D Building One, the first phase of The University of Miami Life Science & Technology Park. The 252,000-square-foot building is located on 8.8 acres of land at NW 17th Street in Miami. R&D Building One, which has been designed to LEED standards, will house office, lab and retail space. Delivery is expected in the middle of next year. The entire technology park will eventually span five buildings and 2 million square feet.
DURHAM, N.C. — Hines Global REIT has purchased the 327,10-square-foot Hock Plaza from Brickman Durham for an undisclosed price. The Durham medical office building, which was completed in 2004, is 99 percent leased to Duke University, Duke University Health System and a small retailer. Holliday Fenoglio Fowler represented Brickman in the transaction.
MACON, GA. — Hull Storey Gibson Cos. has purchased the 1.44 million-square-foot Macon Mall from a private party for an undisclosed price. The mall, which opened in 1975, is located on Eisenhower Parkway in Macon. The property is anchored by Belk, JC Penney and Sears. Macon Mall underwent an expansion in 1997.
DULLES, VA. — Calkain Cos. has brokered the $13.37 million office sale of Orbital Building 7 in Dulles. The two-story, NNN-leased property is located on 4.52 acres of land off Route 28. Jerry Burg, Rick Fernandez and Andrew Fallon of Calkain represented the seller in the transaction.
SPARTANBURG, S.C. — Centro Properties Group has borrowed $18.5 million for its 384,306-square-foot Hillcrest Shopping Center. The Publix-anchored center, which is 76 percent leased, is located on East Main Street in Spartanburg. Quadrant Real Estate Advisors funded the 5-year loan. Dustin Stolly, Jere Lucey and Bryan Jonas of Jones Lang LaSalle secured the loan.
MEDLEY, FLA. — Mike Davis, Brian Smith and Wayne Ramoski represented a private seller in the sale of Palmetto Distribution Center to an undisclosed party. The 880,543-square-foot property traded for $66.5 million. Palmetto Distribution Center, which will now be known as AMB Miami International Business Park, is located at the intersection of Palmetto Expressway and US Highway 27 in Medley. The park is 95 percent occupied.
BALTIMORE — DCT Industrial Trust has purchased a two-building distribution property from a private party for $13.8 million. The 323,000-square-foot development is located at 6200-6300 Beckley St. in Baltimore. The property houses three tenants and is fully leased.
NORTH ARLINGTON, VA. — Rick Fernandez of Calkain Cos. represented an undisclosed party in its $7.3 million sale of a Walgreens store to an undisclosed buyer. The NNN property, which is located in North Arlington, sold at a 6.8 percent cap rate.