CONCORD, N.C.— Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The sales price was not disclosed. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita, a retail development located at Derita Road and Carolina Lily Lane. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Biscuitville Fresh Southern recently opened a restaurant on an outparcel that Thompson Thrift sold last year. Thompson Thrift expects the two remaining lots to be sold during the third quarter. The firm also owns Christenbury Corners, a 130,000-square-foot, Kohl’s-anchored shopping center that is adjacent to Shops on Derita. David Hoppe of Atlantic Capital Partners represented Thompson Thrift on the sale of the building. Thompson Thrift is a real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest.
GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.
GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.
KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.
DUNCAN, S.C. — McCraney Property Co. has sold 85 Logistics Park, a 201,600-square-foot, speculative industrial building located on 18.6 acres at 816 Berry Shoals Road in Duncan. This property is the first location in South Carolina for the new owner and buyer, Pall Corp., a global manufacturer of high-tech filtration, separation and purification products servicing the advanced manufacturing, food and life sciences industries. The sales price was not disclosed. The addition of Pall Corp. to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs, according to Joseph Curley of McCraney. Trey Pennington and Jeff Benedict of CBRE represented McCraney in the transaction. Frank Larsen of CBRE represented the buyer.
LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.
NEW ALBANY, OHIO — Alterra Real Estate Advisors has sold an 83,000-square-foot office building in New Albany to OhioHealth for $9.7 million. The property is located at 5150 E. Dublin Granville Road within suburban Columbus. The building was constructed in 1999 and renovated in 2007. OhioHealth, central Ohio’s largest hospital system, plans to redevelop the building into its New Albany Medical Campus at a project cost of roughly $36 million. The campus will enable the health system to expand its services and offer urgent care, primary care, various specialties, lab and imaging and an onsite retail pharmacy.
NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.
MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
HOUSTON — Chicago-based Brennan Investment Group has acquired a portfolio of seven industrial buildings in Houston totaling 123,800 square feet in Houston. The properties are located in the city’s Northwest, Southeast and North industrial submarkets. The tenant roster has a weighted average lease team of 4.68 years and includes users in the industrial equipment, industrial services, consumer goods, energy and construction industries. The seller and sales price were not disclosed.