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.
Southeast
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.
MARIETTA, GA. — Atlanta-based Cortland Partners has purchased Highland Court, an apartment community located on Allgood Road in Marietta. The 152-unit property was acquired from a Florida-based bank, which foreclosed on the property last year, for $2.6 million. Cortland plans to invest $800,000 in the property for improvements. The property offers two- and three-bedroom townhomes. Planned renovations include new roofs, exterior paint, landscaping, signage and utility repairs. The acquisition was financed by Douglasville, Ga.-based MetroBank.
ORLANDO, FLA. — Betsy Owens and Mindy Boehm of Cushman & Wakefield (C&W) have brokered the sale of 0.8 acres of land at 11602 Underhill Road and seven units totaling 6,704 square feet at Lake Underhill Business Center at 11616 Lake Underhill Road in Orlando. Vineel Sompalli acquired the property for $1.22 million. Sompalli plans to build medical office on the land and will use the office condos for administrative offices.
ORLANDO, FLA. —Milestone Properties has purchased Osprey Links at Hunter's Creek, which is located at 13931Osprey Links Road in Orlando for $39.5 million. Renovated in 2004 and 2007, the CORE, Class A property features 424 garden-style apartment units. At the time of acquisition, the property was 93 percent occupied. Jeff Morris, Jubeen Vaghefi, Denny St. Romain and Steve Echelson of Jones Lang LaSalle brokered the transaction. The seller was not disclosed.
FORT MYERS, FLA. — CR South, an affiliate of Baltimore-based Continental Realty Corp., has acquired The Shops at Verandah, a neighborhood shopping center in Fort Myers. Located at 11851 Palm Beach Blvd., the 73,000-square-foot center is currently 93 percent leased and occupied by 19 tenants, including Publix, Allstate Insurance, Beef O'Brady's, H&R Block and RE/MAX. The acquisition price and seller were not released.
PENSACOLA, FLA. — J.I. Kislak has acquired three multifamily properties from Miami-based Ocean Beach for an undisclosed price. The recently foreclosed properties, which are located in Pensacola, offer a total of 481 apartment units. The assets include Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park. The buyer has significant renovations planned for the properties. Terms of the transaction were not released.