COLUMBUS, GA. — St. Paul, Minn.-based AEI Capital Corp. has acquired an 8,300-square-foot Family Dollar property, located in Columbus, for $1.55 million. Family Dollar Stores Inc. has signed a long-term lease for the property. AEI was self-represented by Marni Nygard in the transaction, and Bryan Belk of Franklin Street's Atlanta office represented the undisclosed seller.
CHARLOTTE, N.C. — Marcus & Millichap has arranged the $1.02 million sale of the 49,688-square-foot Penny Pinchers Self-Storage, located at 124 Dorton St. in Charlotte. Michael Mele of Marcus & Millichap's Tampa, Fla., office, along with Allen Smith of the firm's Charlotte office and Stacey Gorman of the firm's Atlanta office, represented the seller, a limited liability company, in the transaction. Mele and Gorman also produced the buyer, a private investor.
GREENVILLE, S.C. — Greenville-based Vista Capital Management Group has been retained by Gardena, Calif.-based Highridge Costa Investors to manage its 619-unit South Carolina multifamily portfolio. The properties include the 72-unit Avalon Place in Columbia; the 60-unit Creek View in Batesburg-Leesville; the 72-unit Village Senior in Warrenville; the 40-unit West Winfield Acres in Spartanburg; the 300-unit Bridgeview Village and the 75-unit Palace, both in Charleston.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $13.26 million sale of the 34,000-square-foot Emerson Medical Plaza Building 2, a medical office building located at 4549 Emerson St. in Jacksonville. The building is fully leased to Shands Jacksonville Medical Center, an affiliate of the University of Florida. John Smelter of Marcus & Millichap's San Diego office, along with Kirk Felici of the firm's Miami office, represented Emerson MOB II, the seller, in the transaction. Emerson MOB II is a partnership between ABR Chesapeake III, a value-added real estate investment fund sponsored by Baltimore-based Alex Brown Realty, and Health America Realty Group.
STARKVILLE, MISS. — St. Paul, Minn.-based AEI Capital Corp. has purchased the 19,000-square-foot Tractor Supply, located at 1301 Greta Ln. in Starkville, for $2.85 million. Tractor Supply Co. has a long-term lease for the single-tenant building. AEI was self-represented by Ian Harrison in the transaction.
SANFORD, FLA. — A 36,264-square-foot office building, located at 101 E. First St. in Sanford, has sold for $1.2 million. Robert Blackwell and Michael Heidrich, Sr., of Maitland, Fla.-based NAI Realvest represented Ft. Lauderdale, Fla.-based One Hundred One, the seller, in the transaction. Mayer Gross of ASD Realty represented Lilac Group-Sanford, the buyer.
HUNT VALLEY, MD. — Walker & Dunlop has secured $90 million in acquisition financing for the 766,256-square-foot Hunt Valley Towne Center, a shopping center located on York Road in Hunt Valley. Wegman's anchors the center, which includes Chipotle, Chico's, California Pizza Kitchen, Caribou Coffee and M&T Bank. Tyler Blue and Paul Wallace of Walker & Dunlop's Bethesda, Md., office arranged the 8-year, interest-only loan through American International Group.
PIKESVILLE, MD. — Meridian Capital Group has arranged a $7.65 million Fannie Mae conventional loan to refinance the 134-unit Marrion Square Apartments, located at 4619 Horizon Cir. in Pikesville. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 10-year loan with 9.5 years of yield maintenance and a 30-year amortization schedule through Beech Street Capital.
The Memphis metro is an interesting industrial market. Like many other markets, we’ve begun to see positive signs in the numbers. 2011 ended with positive absorption of more than 1.6 million square feet. Because nearly all of the space added in 2011 was build-to-suit, vacancy rates have begun to decline a bit. IDI has just announced plans to build two buildings totaling 1.1 million square feet in Olive Branch, Mississippi, which will be the first new speculative development since 2008. But it’s hard to look strictly at the numbers and really get a sense of our market. That’s because, when compared to behemoths like Chicago and Dallas, we are a relatively small industrial market, with approximately 210 million square feet, depending on how you count the space. This creates significant volatility in the numbers when a major lease is won or lost. So it is the fundamentals that paint a better and more realistic picture of the Memphis market. Though relatively small in size, we’re a giant in terms of the infrastructure that makes us attractive to major players. A few of the major leases during the last 12 months help illustrate that: Trane’s 626,00-square-foot lease, California-based online retailer Newegg …
MALVERN, PA. — Malvern-based Liberty Property Trust has sold a 49-property portfolio for $195 million. Included in the sale are single-story and mid-rise office buildings, as well as high-finish flex properties, in Wisconsin, Maryland, Virginia, North Carolina and New Jersey, totaling 2.5 million square feet. The properties are 83 percent leased.