BLUFFTON, S.C. — Hargray Communications has completed a sale/leaseback to Kiawah General Store LLC for a 17,000-square-foot call center building. The property is located at 5 Buck Island Rd. in Bluffton. Michael Carmody of Charleston, S.C.-based CB Richard Ellis Carmody brokered the transaction.
Southeast
FORT LAUDERDALE, FLA. — Marcus & Millichap Real Estate Investment Services has brokered a Coral Gables, Fla.-based company’s sale of Victory Shopping Center to a Davie, Fla.-based investor for $1.27 million. Located at 3901 S.W. 16th St. in Fort Lauderdale, the 11,350-square-foot center is 100 percent leased. Tenants include Revelation Baptist Church, Smiley Wash Laundry and A Plus Linen Service. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented both parties in the transaction.
ALABAMA AND FLORIDA — Developer Triple JM has partnered with Southern California-based RedBrick Pizza Worldwide to develop 31 RedBrick Cafes in Northwest Florida and Southern Alabama. Franchises are planned in Destin, Ft. Walton Beach, Pensacola and Tallahassee, Fla., as well as Montgomery and Mobile, Ala. The developments are still in the planning stages.
TOWSON, MD. — General Growth Properties has taken over the management, leasing and marketing of Towson Commons, a 320,000-square-foot mixed-use property. Located at the intersection of York Road and Pennsylvania Avenue in Towson, the center is made up of 100,000 square feet of retail and 220,000 square feet of office space. The owner, Western Development Corp., will soon undertake a multi-million dollar renovation of the center.
NEW ORLEANS — FedEx Freight has purchased two parcels of land totaling 20 acres in James Business Park from Sealy FRLA Land and JII LLC for an undisclosed amount. The land, located on Airline Highway in New Orleans, will be the future site of a cross-dock facility, housing regional operations for FedEx Freight. Dallas-based McMahon Development Group will break ground on the project immediately. JII has also sold 3.48 acres in the park to Inspectorate America Corp. The company is set to break ground on a new laboratory next year. James Business Park, which is owned by both Sealy and JII, spans 200 acres and is home to more than 100 companies.
RALEIGH, N.C. — CB Richard Ellis Capital Markets has secured a $11.55 million loan for a Delaware Statutory Trust to finance the acquisition of Midtown Crossing. The 228-unit Raleigh apartment complex encompasses 11 buildings, a swimming pool, a picnic area and a children’s play area on 23 acres. The borrower’s plans for the property include unit upgrades and $200,000 in exterior renovations. Freddie Mac financed the 7-year loan, which comes with an interest-only rate of 3.63 percent and a 30-year amortization. Keith Braddish, Jason Gaccione, Robert LaChapelle, Richard Jordan, Matt Forgione and Steve Heffner of CB Richard Ellis Capital Markets arranged the loan.
POMPANO BEACH, FLA. — Pompano Beach-based Structural Group has purchased 30,317 square feet of industrial space from a Boca Raton, Fla.-based private investor for $3 million. The warehouse, which is located at 2001 Blount Rd. in Pompano Beach, will serve as Structural Group’s new base of operations. The property features 22-foot ceiling height, impact windows and a new roof. Harry Tangalakis and Tom O’Loughlin of CB Richard Ellis’ Fort Lauderdale, Fla., office represented the sellers, and Sperry Van Ness’ Keith Kidwell brokered the transaction on behalf of the buyer.
LENOIR CITY, TENN. — Mimms Enterprises has completed development of the 57,000-square-foot first phase of Market at Town Creek, located at 300 Market Dr. in Lenoir City. The shopping center is anchored by a 44,000-square-foot Food City, and leases have been signed with AT&T, Bojangles’, Sports Clips, Regions Bank and TVA Credit Union. The property is currently 90 percent occupied. The second phase of Market at Town Creek, which will encompass 150,000 square feet of retail space, is still in the planning stages.
DUNCAN, S.C. — Gas Turbine Efficiency Inc. has signed a 49,225-square-foot lease with landlord Hagen Real Estate for space at the Gateway Business Center. The property is located at 240 Parkway East in Greer. Kevin Bentley of Greenville, S.C.-based Bentley Commercial/CORFAC International represented the tenant. Greenville-based Coldwell Banker Commercial Caine’s John Powell represented the owner.
TAMPA, FLA. — Stinger Systems has signed a lease for 14,793 square feet with CLW Industrial Group for space at the 30,000-square-foot Thompson Center II. The warehouse, located at 5505 Johns Rd. in Tampa, is fully leased. The property, which was constructed by Thompson Kirk Properties, will serve as Stinger’s headquarters.