COLUMBIA, S.C. — NAI Avant has arranged the lease of a Class A distribution center currently under construction in Columbia. Trane USA, a division of Ingersoll Rand, will occupy the facility in late January 2014. The 38,500-square-foot distribution center is located at 1510 Key Road. Dick Stanland and Nick Stomski of NAI Avant arranged the lease for the speculative distribution center.
Southeast
DENVER — Smashburger, a Denver-based burger restaurant concept, is targeting several Southeast cities as sites for new restaurants. The company has partnered with Robert Marshall of Bamaberto LLC to open 23 new restaurants in Atlanta during the next several years. Marshall, formerly with McDonald’s, and his team will also purchase five existing Smashburger restaurants in Atlanta. Smashburger has also partnered with Ray Ruiz and Wellesley Bromfield of Two Spurs LLC to open 18 new locations in Orlando and Jacksonville, Fla. Ruiz and Bromfield were former franchisees of McDonald’s. Lastly, Smashburger has partnered with Steven Taylor, Chris Smith and Jay Kikel of CapQueen3 to open six restaurants in Charlotte, N.C. Taylor and Smith currently own a Smashburger in Columbia, S.C., and Kikel was a former operator of Five Guys Burgers & Fries franchises.
RAINBOW CITY, ALA. — Paradise Ventures, a developer based in Safety Harbor, Fla., plans to build a new Publix-anchored shopping center in Rainbow City, about 60 miles outside of Birmingham, Ala. The Shoppes at Rainbow Landing will be located at the intersection of Rainbow Drive and Alabama Highway 77. The shopping center will feature a 45,600-square-foot Publix and 20,000 square feet of retail space and two outparcels. Paradise Ventures plan to open the center in the fourth quarter of 2014. Andrew Loveman of Birmingham-based Southpace Properties Inc. is handling the property’s leasing responsibilities.
NASHVILLE, TENN. — Walker & Dunlop Inc. has provided $44.2 million in acquisition financing for Madison at Ridgelake, a 560-unit apartment community located in Nashville. The borrower, Arenda Capital Management, will use the funds to purchase the apartment community and make capital improvements. Stephen West and Matthew Wallach of Walker & Dunlop led the team that structured the two-year interest-only bridge loan.
WESTON, FLA. — HFF has arranged the sale of Weston Shops, a 30,420-square-foot neighborhood center in Weston, located in Broward County. The property, located at 4473-4477 Weston Road, is fully leased to tenants including Walgreens and Mayors Jewelers. Danny Finkle, Luis Castillo and Coler Yoakam of HFF represented the seller, an affiliate of Spirit Realty Capital Inc., in the transaction. The buyer, Savitar Properties Inc., purchased the asset free and clear of existing debt.
MIDLOTHIAN, VA. — Ingenuity Development LLC has acquired Archway Sixty Office Park, a 65,000-square-foot office complex in Midlothian, about 16 miles west of Richmond, Va. Ingenuity Development is an affiliate of Virginia Beach, Va.-based Divaris Real Estate Inc., which will lease and manage the office complex. Ingenuity Development plans to upgrade the property’s interior and exterior, as well as give the complex a new name.
CHARLOTTE, N.C. — Marriott International Inc. has acquired the 438-room Charlotte Marriott Center City for $111 million, according to the Charlotte Business Journal. The hotel is located at 100 W. Trade St. in Uptown Charlotte. The company is reportedly planning an extensive renovation to the property and doesn't plan on owning the hotel for long. Marriott usually manages its hotels but typically does not own the properties. By purchasing the Charlotte Marriott Center City, the company can ensure it stays a Marriott-managed property and will also allow the company to try out new ideas, according to the report. The seller was a company managed by Cornerstone Real Estate Advisors.
ELKRIDGE, MD. — First Capital Realty has arranged the $44.1 million sale of Belmont Station, a 208-unit, Class A apartment community in Elkridge, about 11 miles southwest of Baltimore. The property, which was built in 2008, consists of five buildings, four townhomes and a 6,500-square-foot clubhouse. The new owner plans to invest in common area renovations and upgrades to the existing apartments. Plans include a redesign of the clubhouse interior, fitness center, landscaping and signage upgrades. Apartment upgrades will include granite countertops, upgraded flooring and designer paint schemes. Jeff Fabrikant of First Capital Realty represented the seller, and Jeff Coles of First Capital Realty represented the buyer, JRK Investors Inc., a Los Angeles-based investment group, in the transaction.
MIDWAY, GA. — Pacific Global Logistics Inc. (PACTRA) has signed a 502,824-square-foot lease at Tradeport East Building A in Midway, approximately 30 miles southwest of Savannah. PACTRA is a third-party logistics company for Hankook Tire America Corp., a subsidiary of Hankook Tire Co. Ltd. The lease brings the LEED Silver-certified building to full occupancy. The company plans to use the space for administrative work, as well as the storage and distribution of tires and related products. Other tenants in the Tradeport Business Park include Target, Tire Rack and Firth Rixon. Bryan Sohn of Atlanta Realty Advisors represented PACTRA in the lease transaction. The landlord, IDI, was represented in-house by Lisa Ward, along with Cliff Dales of Colliers International.
RALEIGH, N.C.— Cushman & Wakefield | Thalhimer has arranged the sale of Gresham Lake Distribution Center, a 235,404-square-foot industrial building located at 3401 Gresham Lake Road in Raleigh. Meridian Development Group purchased the 56 percent leased property for $9 million. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets group represented the seller, Roper Investments LLC, in the transaction. Cushman & Wakefield | Thalhimer was also awarded the leasing assignment for the marketing of the property, which Jackson Rives will lead.