GREENSBORO, N.C. — 4001 Battleground Avenue LLC has purchased a 13,824-square-foot Rite Aid from Battleground LLC for $4.27 million. Eckerd Corporation holds a 20-year NNN lease on the building, which has 17.5 years remaining with four options every 5 years. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented both parties in the transaction.
Southeast
COLLIERVILLE, TENN. — Stan Johnson Co. has sold an undisclosed party’s ground lease of a 5,570-square-foot Longhorn Steakhouse restaurant to an undisclosed buyer for $1.84 million. The seller was represented Ken Hedrick and Jerry Hopkins of Stan Johnson and Cary Whitehead, III, of Boyle Investment Co. Commercial Investment Advisors’ Justin Zahn represented the buyer. The Longhorn deal is Stan Johnson’s third ground lease transaction in the past few months.
WINDERMERE, FLA. — The Orlando, Fla., office of Clancy & Theys Construction Co. has broken ground on a 98,797-square-foot elementary school in Windermere. The two-story property includes offices, classrooms, multi-purpose areas, a kitchen and a cafeteria. The $14.2 million project was designed by Orlando-based SchenkelShultz Architecture. Delivery is slated for July 2009.
OCALA, FLA. — Construction is nearly complete on Edwards Construction Services’ 42,000-square-foot CarQuest Distribution Center expansion. Upgrades to the property, located at 1700 S.W. 38th Ave. in Ocala, include relocation of existing tilt-wall panels, structural steel roof framing, installing interior heating and lighting and erecting new tilt-wall panels. The $1.8 million project was designed by Atlanta-based MacGregor Associates Architects.
GAINESVILLE, FLA. — Marking the company’s first foray into Gainesville, HH Gregg has purchased a 29,300-square-foot property from La-Z-Boy Galleries Gainesville for $3.5 million. The building, located at 3606 S.W. 34th St., will join the company’s 12 other stores statewide. Michael Ryals of Bosshardt Realty Services represented the seller, and the buyer was represented by Frank and Camile Gulisano of Summit Realty.
GOLDSBORO, N.C. — TRB Goldsboro, an affiliate of BRT Realty Trust, has sold a former Quality Inn of Goldsboro to Southern Hotel Partner for an undisclosed amount. The buyer plans to renovate and rebrand the 111-room hotel. David Mumford, Ed James, Justin Pinkard and Matt Winston of Newport News, Va.-based Mumford Co. represented the seller.
MANNING, S.C. — South Carolina-based EWS Investments has sold the 57-room Best Western Palmetto Inn located in Manning to Raghuvans LLC for $1.75 million. Hotel amenities include an outdoor swimming pool. Atlanta-based Hodges Ward Elliott represented the seller.
CARROLTON, GA. — In an agreement with Hull Storey Retail Group, Lowe’s Home Improvement Warehouse is putting the finishing touches on a new store on U.S. Highway 27 in Carrolton. The store will span 117,000 square feet and feature a 38,600-square-foot garden center, representing an investment of $18.5 million. Delivery of the store, which is expected to generate 175 jobs, is slated for the fourth quarter of this year.
BIRMINGHAM, ALA. — CMH Architects has entered the design phase on a 100,000-square-foot addition to the Summit Birmingham, a lifestyle center in Birmingham built in 1989. The addition includes a 50,000-square-foot building for retail and office space and a second 50,000-square-foot retail building. A 163-car parking deck, a valet parking station and outdoor dining areas are also part of the design. The project marks the property’s sixth phase.
RALEIGH, N.C. — Greenway Creekside has purchased the 60,529-square-foot Creekside Crossings shopping center from EIG Creekside for $12.82 million. The center, located at 404 E. Six Forks Rd. in Raleigh, houses Staples and Borders Books & Music. Banks A. Hunter of Hunter & Associates brokered the sale.