TAMPA, FLA. — Marcus & Millichap has arranged the $5.55 million sale of the 193-unit Treesdale Condominiums, a condominium community located at 1818 9th Ave. E. in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Quebec, Canada-based private investor, in the transaction and procured the buyer, a private investor.
RICHMOND, VA, — Morgan Property Group (MPG) has acquired two tracts of land totaling 1.6 acres, located at the intersection of Broad Street and Pouncey Tract Road in Richmond, for $4 million to build a 12,144-square-foot Walgreens. The sellers were Breez-In Associates and John J. and Ima M. Liesfeld Family LLC. Phillips-Hall represented John J. and Ima M. Liesfeld Family LLC, in the transaction. The buyer was represented by Mid-Atlantic Real Estate Partners, along with Jones Realty and Construction. Demolition of the current structures on the sites are scheduled to begin this month.
DECATUR, GA. — A 10,125-square-foot CVS/pharmacy, located at 4037 Glenwood Dr. in Decatur, has sold for $2.84 million. CVS/pharmacy recently extended its lease on the property for 25 years. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Texas-based investment firm, in the transaction and procured the buyer, an East Coast-based investor.
JACKSONVILLE, FLA. — ABC Properties and Michaelson Real Estate Partners have purchased the 693-unit Londontowne Apartments, located at 1591 Lane Ave. S. in Jacksonville from a special servicer. The property has been renamed Canterbury Gardens and the buyer has planned a multi-million dollar renovation for the property. Amenities include pools, a fitness center, playgrounds, a laundry facility and a nature trail. Jim Sewell of Coastal Apartment Advisors’ Hilton Head, S.C., office represented the seller in the transaction.
LOUISVILLE, KY. — The 830,000-square-foot Springhurst Towne Center, located off Interstate 265 in Louisville, has been sold for $78 million. The center is nearly fully leased to tenants including Target, Meijer, Dick's Sporting Goods, Kohl's, Office Max, T.J. Maxx, HomeGoods, Old Navy and Cinemark Cinemas. Gerard Mason and John Williams of Savills' New York City office represented the seller, a partnership led by Talmage Hocker of Louisville-based The Hocker Group, in the transaction. The buyer was an institutional investor.
CHARLOTTE, N.C. — Proffitt Dixon Partners has started construction on the $26.2 million, 208-unit Fountains at New Bern Station, located at 122 New Bern St. in Charlotte at the New Bern Light Rail station. The property is designed to achieve NAHB Green certification. Amenities will include a saltwater swimming pool with a lap lane, a multi-level sun deck, grilling area, fire pit, courtyard, fitness center, rooftop Zen lounge, and a 6,000-square-foot clubhouse with Wi-Fi, a demonstration kitchen and an entertainment area, which will include billiards, gaming and fireside indoor lounging. Completion is slated for spring 2013.
SUWANEE, GA. — IDI has commenced construction on the 559,407-square-foot, build-to-suit Mitsubishi Electric Cooling & Heating headquarters, located in Huntcrest Business Center at 1340 Satellite Blvd. in Suwanee. The company will consolidate its current 350,000-square-foot footprint across three buildings to the facility. The property will be the corporate headquarters for Mitsubishi Electric's cooling and heating division and will include office and professional training space, as well as nearly half a million square feet of warehouse space. The company will move into the space in February 2013. Alan Clayton of Jones Lang LaSalle's Atlanta office represented the tenant in the lease transaction and the landlord was self-represented by Lisa Ward of IDI's Atlanta office.
DENVER, N.C. — A 12,144-square-foot freestanding Walgreens, located at the northwest corner of Highways 16 and 73 in Denver, a suburb of Charlotte, has been sold to South Florida-based Evans Denver Drugstore for $6.5 million. General Realty Partners represented Denver I Realty, an affiliate of Morgan Property Group, the seller, in the transaction. Denver I Realty acquired the property in 2011 and oversaw all construction and development activities for both on- and off-site improvements. Walgreens opened in the fourth quarter of 2011.
GREENWOOD, S.C. — Marcus & Millichap has arranged the $1.4 million sale of the 100-unit Pinetree Apartments, located at 106 Barkwood Dr. in Greenwood. Mark Boyce of Marcus & Millichap's Charleston, S.C., office represented the buyer, a private individual, in the transaction. Andy Daitch of Marcus & Millichap's Detroit office represented the seller.
MCDONOUGH, GA. — Panattoni Development Co. has been selected by Georgia-Pacific Consumer Products to develop a 900,640-square-foot, build-to-suit distribution center, located at 493 Westridge Rd. in McDonough. Completion is slated for fall 2012. Sean Boswell of Colliers International's Atlanta office represented the tenant in the lease negotiation.
