ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis’ Orlando office represented Colonial Properties Trust in its sale of the 496-unit Colonial Grand at Hunter’s Creek to an undisclosed buyer for $57.7 million. The apartment complex is located across from the Hunter’s Creek Golf Course on John Young Parkway in Orlando.
Southeast
BILOXI, MISS., AND GULF BREEZE, FLA. — Ladera Ranch, Calif.-based Strategic Storage Trust, a new $1 billion real estate investment trust sponsored by U.S. Commercial, has purchased two storage properties totaling 146,000 square feet from U-Stor-It for $10.76 million. The properties, located in Biloxi and Gulf Breeze, together boast more than 1,300 storage units.
OWINGS MILLS, MD. — Fore Property Co. will break ground next month on the 226-unit 4 Groveton, an apartment complex located near the intersection of Lakeside Boulevard and Painters Mills Road in Owings Mills. The 15.6-acre property will be built to LEED standards and will include a swimming pool, a health club, billiard and shuffleboard tables and an indoor virtual golf machine.
CHARLOTTE, N.C. — Charlotte-based Medalist Capital has secured $46.5 million in permanent, non-recourse financing for Collett & Associates’ Perimeter Woods Shopping Center, located off Interstate 77 at W.T. Harris Boulevard in Charlotte. The loan was placed with Chicago-based PPM Finance. Don Williams and Mary Neill Hagood arranged the transaction.
PUNTA GORDA, FLA. — Fort Myers, Fla.-based Eagle Concrete Systems has completed construction of the 189,532-square-foot East Elementary School, located at 27050 Fairway Dr. in Punta Gorda. The property features a 164,389-square-foot classroom building and a 4,696-square-foot gym. Owen-Ames-Kimball served as general contractor, and Reynolds, Smith & Hills designed the building.
DURHAM, N.C. — Lee Holder of Raleigh, N.C.-based Anthony & Co. has leased 168,295 square feet of space at a building in Research Triangle Park to Global Electric Electronics. Further details of the lease were not announced. The property, located at 2910 Weck Dr. in Durham, will serve as a recycling space for electronics.
ASHEVILLE, N.C. — Thomas D. Wood & Co.’s Marshall Smith has secured a 15-year, $7.2 million loan for the 164,672-square-foot Forest Ridge Shopping Center, located at 1636 Hendersonville Rd. in Asheville. The loan comes with a 15-year amortization and a 6.25 percent fixed rate. The anchor tenant, Wal-Mart, is planning a 40,000-square-foot expansion. Additional tenants include RadioShack and Subway.
NAPLES, FLA. — Logan Fort Myers Associates has sold an Office Max to OLP Naples for $6.16 million. Dan O’Berski, Bill Young and Larry Foster of CB Richard Ellis’ Fort Myers, Fla., office brokered the transaction with the help of the company’s Atlanta office. The property is located at 3770 Ninth St. N. in Naples.
ATLANTA — John Glass of Marcus & Millichap’s San Francisco office represented an undisclosed party in the sale of 12 Napa Auto Parts stores leased to Genuine Parts Co., which were listed at a sales price of $18.65 million. The properties are located in Bessemer, Ala., Florida City and St. Augustine, Fla., Lake City, Ga., Jackson, Miss., Charlotte, N.C., Midlothian, Va., Vancouver, Wash., and four other states. The stores are between 5,000 and 11,000 square feet, and the leases come with six 5-year renewal options. Rob Fox of Marcus & Millichap’s Atlanta office represented the buyer, and Marcus & Millichap employees in 11 states helped broker the transaction.
GEORGIA — Atlanta-based MetroGroup Development, a preferred developer of CVS/pharmacy stores in Georgia and Florida, is currently constructing two stores in Georgia and has plans for 16 more statewide. Construction is underway on CVS/pharmacy stores in Macon, Ga.’s Hartley Station and in Rome, Ga., at the intersection of Martha Berry Boulevard and North Rome Connector. In the next 2 to 12 months, MetroGroup will begin construction on two stores in Atlanta, three stores in Sandy Springs, Ga., and one store each in Braselton, Canton, Cartersville, College Park, Ellijay, Fairburn, LaFayette, LaGrange, Newnan, Sharpsburg and Tallapoosa, Ga.