ATLANTA — Dallas-based Lincoln Property Co. has secured two lease renewals totaling more than 115,000 square feet in the company’s 288,000-square-foot Airport-West Distribution Center. The two-building property is located on Buffington Road in Atlanta. PSI Group leased 66,524 square feet, and Chick-fil-A signed a 51,724-square-foot lease. With the two lease renewals, the property is now 93 percent occupied. Chip Craighill of Cushman & Wakefield’s Atlanta office represented PSI.
Southeast
PEMBROKE PINES, FLA. — Israel-based Gamla-Cedron Group has purchased the 26 remaining units at the 250-unit La Via Condominium complex from an undisclosed seller for $1.43 million. The property is a distressed asset that has been sold, piece by piece, since 2005. The apartment complex, which is located in Pembroke Pines, was converted to condominium units to facilitate its sale. Avery Klann of Apartment Realty Advisors’ Boca Raton, Fla., office arranged the deal.
GREENVILLE, S.C. — Malvern, Pa.-based Liberty Property Trust has sold a 300,000-square-foot portfolio of six Class A office buildings to an undisclosed buyer for $35 million. The space is located in the Independence Corporate Park in Greenville. Ryan Clutter of CB Richard Ellis’ Charlotte, N.C., office represented the seller.
BIRMINGHAM, ALA., AND VALDOSTA, GA. — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased two 657,000-square-foot distribution centers from The Home Depot for $59 million in a sale/leaseback agreement. The Home Depot will lease the buildings for 18 years. The Rapid Deployment Centers, located in Birmingham and Valdosta, each feature 32-foot ceilings and 239 dock doors.
ATLANTA — As a byproduct of the recession, The Home Depot will close 34 EXPO Design Center stores in Florida, Georgia, Maryland, Virginia and other nationwide locations during the next 2 months. In addition, the company will shutter five YardBIRDS stores, two Design Center stores and seven HD Bath locations. The closures will affect 5,000 workers. This decision does not apply to traditional “orange box” stores.
BIRMINGHAM, ALA. — Brokers at CB Richard Ellis Capital Markets have secured a $16.87 million loan for the acquisition of the 400-unit The Meadows at Brook Highland Apartments in Birmingham. Financing for the 7-year loan, which carries a 3.2 percent interest-only floating rate and a 30-year amortization, was provided by Freddie Mac. The borrower is planning $1.2 million in exterior upgrades and interior renovations totaling $6,000 per unit. The 22-year-old apartment is 96.3 percent occupied. Keith Braddish and Jason Gaccione of CB Richard Ellis’ New York City office and Robert LaChapelle, Richard Jordan and Matt Forgione of the firm’s Atlanta office closed the deal.
NEWNAN, GA. — Atlanta-based RCG Ventures has purchased the 146,121-square-foot Shenandoah Plaza from Centro Properties for an undisclosed amount. The center is located on Bullsboro Drive in Newnan. The property is anchored by Big Lots, Goodwill, Dollar General and HOV Services. Van Barron of BridgePoint Advisors represented the seller, and Jim O’Donnell represented RCG in house.
GARDEN CITY, GA. — Officials in Garden City are working with private developers on the 40-acre Town Center, an 800,000-square-foot mixed-use development located on Dean Forest Road in Garden City. The development will feature a new 33,000-square-foot city hall, which will deliver in August; the 10,500-square-foot Georgia Public Safety Training Center Regional Police Academy, set to open in late 2010; and the relocated city visitors’ center, the Dotson House, which will re-open in late 2009. Additional proposed buildings include a West Chatham library branch and a 20,000-square-foot Fire Administration Building. The project also includes a planned beautification of Dean Forest Road.
BUFORD, GA. — Colorado-based Plaza Mall North 08B Junior has purchased an 80 percent ownership in Phase I of the 96,960-square-foot Plaza Mall of Georgia from a local developer for $19.88 million. The property is located at the intersection of State Route 20 and Gravel Springs Road in Buford. Tenants include LA Fitness, Shogun Steak & Sushi and Bonefish Grill. Neal Pringle and Mark Cooley of Atlanta-based The Shopping Center Group represented the seller.
ROBBINS, N.C. — Sayerville Plaza Associates has purchased the 45,577-square-foot Robbins Town Centre from Greensboro, N.C.-based Robbins Centre LLC for $3.5 million. The Robbins property is anchored by Lowe’s Foods and Dollar General. Victor John of Columbia, S.C.-based NAI Avant brokered the sale.