RALEIGH, N.C. — PPPV has sold an 18,300-square-foot office building to 5560 Munford Partners for more than $2.3 million. The building, which will be used by the non-profit group Telamon, is located at 5560 Munford Rd. in Raleigh. Stewart Patch of Raleigh-based Coldwell Banker Commercial TradeMark Properties represented the seller. Kyle Greer of Raleigh-based NAI Carolantic Realty represented the buyer.
NORFOLK, VA. — CB Richard Ellis has represented an undisclosed owner in Norandex Building Materials Distributions’ 44,000-square-foot lease renewal at the Progress Road Industrial Building. Norandex has leased space in the 66,000-square-foot industrial building for 21 years. The property is located in the Norfolk Industrial Park in Norfolk. R. Worth Remick of CB Richard Ellis’ Norfolk office represented the landlord.
WASHINGTON, D.C. — January retail sales increased slightly over the previous month, according to the National Retail Federation (NRF). Retail industry sales for January increased 0.5 percent seasonally adjusted from last month and decreased 2.1 percent unadjusted year-over-year. Additionally, U.S. Commerce Department totals show retail sales increased 1 percent seasonally adjusted from December but decreased 9.0 percent unadjusted year-over-year. “While 2009 got off to a surprising start, it’s going to be difficult for retailers to maintain this momentum,” says Rosalind Wells, chief economist with NRF. “We expect the first half of the year to present challenges while giving way to sustained growth in the fourth quarter.” Electronic and appliance stores sales increased 2.6 percent seasonally adjusted from last month but decreased 7.4 percent unadjusted year-over-year. Sales at clothing and clothing accessories stores increased 1.6 percent seasonally adjusted from December and decreased 8 percent unadjusted over last January.
OXFORD, MISS. — The Place/BV Student Housing Fund, managed by BVP Managers, is developing the 366-bed Lafayette Place student housing complex. The project is part of a two-property development worth $48 million. Located near the University of Mississippi campus in Oxford, the property features furnished apartments with washers and dryers. Complex amenities include a clubhouse, a computer lab, a fitness center and a pool. Lafayette Place is slated for a summer 2009 opening.
BOYNTON BEACH, FLA. — Orlando, Fla.’s Keene Construction Co. is putting the finishing touches on the 121,787-square-foot Shoppes at Woolbright shopping center. Located at the intersection of Jog and Woolbright roads in Boynton Beach, the center is anchored by a 46,031-square-foot Publix. The property was developed by Boca Raton, Fla.-based Woolbright Development, and Boca Raton-based Marc Wiener Associates provided design services.
NASHVILLE, TENN. — 3258 Ezell Partners has sold 150,000 square feet of industrial space to FR/CAL Ezell Pike for $3.8 million. The space is located at 3258 Ezell Pike in Nashville. Colliers Turley Martin Tucker — Nashville’s David McGahren, Doug Howard and John Ward represented the seller.
MEMPHIS, TENN. — The Sports Authority has signed a 41,587-square-foot lease for space at the 335,000-square-foot Ridgeway Trace Center. The shopping center is located at the interchange of Popular Avenue and Interstate 240 in Memphis. The Sports Authority will serve as co-anchor along with a 30,000-square-foot Best Buy; Target is the lead tenant. The Sports Authority is slated to deliver in spring 2010.
LA GRANGE, GA. — M&I Bank has provided a $17 million loan for the construction of Woodland Trail, a 236-unit apartment complex in La Grange. The site is being developed by the Woodland Trail Associates Joint Venture; the Kalikow Group, a member of the joint venture, has already invested $3.03 million in the project. Woodland Trail will serve as housing for workers at the planned $1.2 billion Kia Motors plant, which will open in late 2009.
CALIFORNIA, MD. — Bryn Mawr, Pa.-based WP Realty has sold the 264,199-square-foot San Souci Plaza to Port Washington, N.Y.-based Cedar Shopping Centers for an undisclosed amount. The 22-year-old property is located at the intersection of Route 235 and MacArthur Boulevard in California and has been renovated twice. San Souci is anchored by a 61,466-square-foot Shoppers Food Warehouse and a 27,000-square-foot Marshalls. The center is 96 percent occupied by tenants including Jo-Ann Fabrics & Crafts, Maximum Health and Fitness, Dollar Tree and Fashion Bug.
ST. JOHNS COUNTY, FLA. — Fort Lauderdale, Fla.-based Stiles Corp. and Hallmark Partners have completed the development of the 77,580-square-foot Shoppes at Murabella, located at the intersection of State Route 16 and Pacetti Road in St. Johns County. The center, which sits adjacent to the Murabella master-planned community, is anchored by a 54,340-square-foot Publix, the brand’s 1,000th location. CVS/pharmacy has purchased an outparcel at the site, and officials are targeting restaurants, healthcare providers and service-oriented retailers for the rest of the property’s space.