LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.
TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.
In 2019, the Greenville-Spartanburg industrial market added an unprecedented 33 buildings encompassing 10 million square feet of inventory, bringing the total market size to approximately 211 million square feet. Despite record-breaking new deliveries, absorption has kept pace at 9.6 million square feet the same year. This market is preparing for future growth with delivery of available buildings and land sites, as well as investment in infrastructure and the overall workforce. With the increased supply of Class A speculative space, the market has seen numerous company expansions and relocations away from its Class B product type. New, modern space provides the efficiencies and amenities companies desire (i.e. above 32-foot clear heights). In order to service customers’ consumption preferences, companies are making capital investments into automated processes that allow them to stay competitive in a rapidly changing supply chain. One of the earliest signs of momentum in 2020 was the announcement of South Greenville Enterprise Park and its first user investment, Vermeer. South Greenville Enterprise Park is the first industrial park to deliver to the Greenville market in 10 years. Primary investment has been focused on the S.C. Highway 101 and S.C. Highway 290 corridors due to demand drivers such as BMW …
JACKSONVILLE, FLA. — JLL has arranged the sale of Grainger Distribution Center, a 297,000-square-foot industrial building in Jacksonville. W.W. Grainger, a distributor of maintenance, repair and operating supplies, fully occupies the facility, which is situated on 75 acres at 6590 Pritchard Road in Jacksonville’s West industrial submarket. The seller and developer, TriGate Capital LLC, delivered the property in December. The center features 32-foot clear heights, 65 dock-high doors, two drive-in doors, ESFR fire suppression and LED high-bay lighting. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Patrick Nally, Bret Felberg and Luke Pope of JLL represented the seller in the transaction. Further details of the deal were not disclosed.
RALEIGH, N.C. — CBRE has negotiated the sale of four office buildings in Raleigh. The portfolio comprises Lake Plaza East and Brook Forest in the North Raleigh submarket, and Sunday Drive and Centerview III in the Southwest Raleigh submarket. The four office buildings total 275,554 square feet. At the time of sale, the buildings were leased to technology, healthcare, engineering and insurance tenants. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE, along with Ben Kilgore of CBRE|Raleigh, represented the seller, Continental Capital Real Estate, in the transaction. TriGate Capital LLC acquired the portfolio for an undisclosed price.
FLORENCE, KY. — The Cotsworld Group has acquired Turfway Plaza, a 134,000-square-foot retail center in Florence. At the time of sale, the property was 96 percent leased to tenants including Big Lots, Party Town, Office Depot, Rent-A-Center, Family Dollar, Cosmo Prof, Check ’n Go and H&R Block. The property is situated at 167 Lloyd Ave., 12 miles south of downtown Cincinnati. Jeff Johnston and Chris Prosser of Colliers International represented the undisclosed seller in the transaction. The Harrison, N.Y.-based buyer purchased the property for an undisclosed amount.
FREDERICKSBURG, VA. — Big Lots has signed a lease to anchor The Shops at England Run, a retail center in Fredericksburg. The Big Lots store will span 36,815 square feet and is expected to open this fall. England Run is located at the intersection of Warrenton Road and Plantation Drive, 50 miles south of Washington, D.C. The landlord, MTH Management, has also signed leases with Goodwill, PNC, H&R Block, Taco Bell, Pancho Villa Mexican Restaurant and Skrimp Shack.
SPRING HILL, FLA. — Marcus & Millichap has brokered the $3.6 million sale of a Firestone Complete Auto Care in Spring Hill. The property, which comprises 5,789 square feet, is situated at 4833 Commercial Way, 45 miles north of downtown Tampa. The property is triple-net-leased to Firestone. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, FS Spring Hill LLC, in the transaction. David R. David of WA Development represented the buyer, 4 H Ranch LLC. McMinn says the property had multiple offers due to its long-term lease with rental increases and Firestone’s status as an internet-resistant business.
ROCKVILLE, MD. — Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot office building in Rockville. The property is situated near the interchange of Interstate 270 and Shady Grove Road, 23 miles north of downtown Washington, D.C. Originally built in 2005, 77 Upper Rock recently underwent a $6.5 million capital improvement program to update the lobby, conference center, restrooms and elevators. In addition, the property’s amenity package includes outdoor seating and a new fitness center with a yoga studio, locker rooms and Peloton bicycles. Bridge plans to invest in further capital projects that include common area refurbishment, upgrading the existing amenity space and the buildout of 16,000 square feet of spec suites. Tenants at 77 UpperRock include M&T Bank Corp., Aurinia Pharmaceuticals, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering. Bridge Commercial Real Estate LLC, the operating company for Bridge Investment, will oversee property management and redevelopment work at 77 Upper Rock. Renovations will begin immediately. Tommy Spinosa internally represented the buyer in the transaction. Andrew Weir of JLL represented the undisclosed seller.
HIGH POINT, N.C. — Global Medical REIT Inc. has acquired a 98,000-square-foot medical office building in High Point. The property is situated at 1814 Westchester Drive, equidistant to the Triad cities of Greensboro and Winston-Salem. At the time of sale, the building was fully leased to Wake Forest Baptist Health. Matt Bear of Bear Real Estate Advisors represented the Bethesda, Md.-based buyer in the transaction. Jennifer Stein of JDS Real Estate Services was the broker-of-record for the transaction. David Divine of Colliers International represented the seller, CHC Realty LLC. The sales price was not disclosed.