BUFORD, GA. — R.N.C. Industries has signed a 192,780-square-foot industrial lease, located at Building I in Hamilton Mill Business Center at 2510 Mill Center Pkwy. in Buford. The lease brings Building I to full occupancy. R.N.C. will relocate to the property from its current 110,000-square-foot space in Lawrenceville, Ga. Trip Ackerman of Lee & Associate's Atlanta office represented the tenant in the lease transaction, and the landlord, Atlanta-based IDI, was self-represented by Lisa Ward.
LEBANON, TENN. — Nashville, Tenn.-based Vastland Realty Group has broken ground on the first two tenants at the 165-acre Cumberland Center, located on Interstate 40 at Highway 231 in Lebanon. The mixed-use development will contain 1 million square feet of retail space, 500,000 square feet of office space, and a 160,000-square-foot Community Events Center, as well as outparcels for hotels, restaurants and more. Construction has begun for Phase I, Section I, which has been approved for hotel, restaurant, office and retail elements, including a 6,500-square-foot Logan's Roadhouse and a 13,500-square-foot RCC Western Wear. The first tenants are slated to open in the fall of 2012.
PORT ORANGE, FLA. — A 10,885-square-foot CVS/pharmacy, located at 3771 Clyde Morris Blvd. in Port Orange, has been sold for $2.78 million. Leon Brockmeier of Marcus & Millichap's Tampa, Fla., office, along with Patrick O'Halloran of the firm's Atlanta office represented the seller, a Missouri-based private investor, in the transaction and procured the buyer, a New York-based limited liability company.
VIRGINIA BEACH, VA. — Brasco Bay Corp. has sold the 10,000-square-foot Monarch Plaza, an office property located at 3701 Pacific Ave. in Virginia Beach, to Hank Elling for $1.5 million. Ted Levin of Cushman & Wakefield/Thalhimer's Glen Allen, Va., office represented the seller in the transaction.
ORANGE PARK, FLA. — Charles Perry Partners, Inc.'s (CPPI) St. Augustine, Fla., office has completed a 13,168-square-foot expansion of the Orange Park Medical Center's Emergency Department, located at 2001 Kingsley Ave. in Orange Park. Also included in the construction was a new ambulance entrance with a 2,890-square-foot exterior canopy and a new heli-pad. The development is part of a $9 million construction management contract between CPPI and Hospital Corp. of America.Thomas, Miller & Partners designed the property. A second phase has started and is slated for completion by mid-2012.
WASHINGTON, D.C. — Wells Fargo & Co. has closed $41 million in financing for the 160-unit, Phase III of Mayfair Mansions III, an affordable housing community located at 3753 Jay St. NE in Washington, D.C. Wells Fargo provided the borrower, MM Property, with equity investments in Low-Income Housing Tax Credits, Federal Historic Tax Credits, two letters of credit for tax-exempt bonds, and a Freddie Mac Forward Commitment for the credit enhancement of long-term tax-exempt bonds and market bonds.
ALEXANDRIA, VA. — Washington Real Estate Investment Trust (WRIT) and Trammell Crow Co. have formed a joint venture to develop a $95 million, 270-unit high-rise apartment community, located at the intersection of First and Fayette Streets in Old Town Alexandria. Construction on the 15-story tower is expected to begin in the fourth quarter of 2012, with completion slated for the fourth quarter of 2014.
OLIVE BRANCH, MISS. — A 14,750-square-foot Walgreens, located at 7030 Hacks Cross Rd. in Olive Branch, has sold for $5.17 million. Walgreens is on a 25-year net lease. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a private individual in a 1031 exchange, in the transaction. The seller was a Tennessee-based private company.
SMYRNA, TENN. — Marcus & Millichap has arranged the $3.32 million sale of the 16,275-square-foot Shoppes at Movie Row, a strip center located at 900 Grammer Ln. in Smyrna. Joseph Massa of Marcus & Millichap's Nashville, Tenn., office represented the seller, McMinnville, Tenn.-based Investment Partners, in the transaction and procured the undisclosed buyer.
RICHMOND, VA. — A 9,100-square-foot Dollar General, located at 3301 Jefferson Davis Hwy. in Richmond, has been sold for $1.34 million. Andrew Fallon of Calkain Cos.' Bethesda, Md., office represented the seller, the developer, in the transaction. Vienna, Va.-based Long & Foster Commercial represented the buyer.
