WINSTON-SALEM, N.C. — Publix Super Markets Inc. has unveiled its plans to enter the Winston-Salem market with a 49,000-square-foot store located at 34 Miller St. The store will be the third Publix in Mecklenburg County. The new location, which is slated to open in 2015, will feature covered parking below the store. Publix has made known its plans to expand its footprint in North Carolina, with previous stores announced for Cornelius, Ballantyne, Asheville, Cary and two in the greater Charlotte area. Publix currently has 1,072 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
Southeast
BIRMINGHAM, ALA. — Hendricks-Berkadia has arranged the $18.3 million sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham. The purchased involved the assumption of an existing Freddie Mac loan fixed at 6.1 percent with an approximate balance of $13 million. David Oakley of Hendricks-Berkadia's Alabama office represented both the seller, Alabama-based Madison at Shoal Run LLC, and the buyer, New York-based TEG Madison at Shoal Run LLC, in the transaction.
SANDSTON, VA. — CBRE | Richmond has brokered the $9 million sale of 5700 Audubon Drive, a 317,400-square-foot warehouse/distribution center in Sandston, about nine miles east of Richmond. Mazda used to occupy the property before a local manufacturing group purchased the property. The one-story, tilt-up concrete property is located on a 16-acre parcel near the Richmond International Airport. John Carpin and Matt Anderson of CBRE | Richmond represented the seller in the transaction.
ATLANTA — Bull Realty has arranged the $7.8 million sale of a 1.4-acre land parcel at 930 Spring St. in Midtown Atlanta. Daniel Latshaw and John DeYonker of Bull Realty represented the seller, Centergy North LLC, in the transaction. This is the fourth sale of an Atlanta land parcel that Latshaw and DeYonker has brokered in the last 12 months. UH Spring Street LLC was the buyer. Inland American Communities Group Inc. and Ambling University Development Group will partner to build the 706-bed University House, a mixed-use student housing development housing Georgia Tech students, on the site. The 20-story building will feature 268 units, a resort-style pool on an elevated terrace, secured parking garage, city-view sky lounge on the top floor, a business center and a fitness center. The property is slated to open in fall 2015.
ATLANTA — Los Angeles-based Thorofare Capital has provided an $8.2 million recapitalization financing for a 420-unit multifamily portfolio in Atlanta. The three-property portfolio has an average 73 percent occupancy. The loan includes a $900,000 capital expenditure facility.
MONROE, LA. — Faris Lee Investments has brokered the $14.6 million sale of Pecanland Commons, a Target-anchored shopping center located at 4209-4299 Pecanland Mall Drive in Monroe. Other tenants include Ross Dress for Less, Bed Bath & Beyond and Petco. Target was not included in the sale. Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with Beezie Landry of Stirling Property Group, represented the seller. The buyer, Missouri-based TKG, was self-represented.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $4.4 million sale of Olive Tree Apartments, an 88-unit apartment community located at 2051N.W. 43rd Terrace in Lauderhill, about 6 miles west of Fort Lauderdale. Evan Kristol and Daniel Draizin of Marcus & Millichap's Fort Lauderdale office represented the seller, a Pompano Beach, Fla.-based limited liability company, in the transaction. Felipe Echarte, also in Marcus & Millichap's Fort Lauderdale office, secured and represented the buyer, a Deerfield Beach, Fla.-based limited liability company.
VIRGINIA BEACH, VA. — ARA has arranged the sale of Pembroke Lanes, a 300-unit, garden-style community located on Pembroke Boulevard in Virginia Beach. The Class B apartment community was 97 percent occupied at the time of sale. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Norfolk, Va.-based Harbor Group International LLC, in the transaction. Harbor Group International is a private real estate investment and management firm that controls a portfolio of international assets valued at approximately $3.8 billion. Virginia Beach-based Breeden Realty purchased Pembroke Lanes.
SANFORD, FLA. — NAI Realvest has secured the $1.1 million sale of a second-floor office condominium at 5739 Byron Anthony Place in Sanford, about 25 miles north of Orlando. The condominium is located in Savannah Park at Heathrow near International Parkway and State Road 46. Paul Partyka of NAI Realvest represented the seller, Home Office Holdings LLC, in the transaction. The buyer was 5739 BAP LLC d/b/a Xcel Media. Xcel Media will operate its headquarters in the Savannah Park at Heathrow property.
If you subscribe to the notion that “a rising tide floats all boats,” then all of South Florida is benefiting from the renewed interest by out-of-market and international investors in all of the region’s commercial property sectors. In addition to regular South Florida investors from America’s Northeast and affluent Latin Americans, Florida has experienced a significant number of property acquisitions by Canadians in the last 18 months. While much of the international investment has focused on Miami/Dade County, one of the largest Broward County investments this year has come from Miami-based Fifteen Group, which recently acquired the Sawgrass Technology Park for $52 million in Sunrise, Fla. The Class B office and industrial buildings were formerly occupied by Racal Milgo and the seller had planned to redevelop the campus but never did. While industrial, multifamily and retail are garnering the most attention, the pricing structure for office properties is improving. The current cap rate for well-located, stabilized assets is on average 7.5 to 8.5 percent and falling as the market recovers. Much foreign investment is tied to capital flight and is less concerned with achieving the highest yield. As such, pricing is less important to those investors. In terms of sales …