J.B. Hunt Transport bought 34 acres at 8329 OId Dowd Road, near the Charlotte airport, from Strategic Real Estate Partners for $10.75 million.

The Charlotte Business Journal reports that Strategic may be planning to develop a 260,000-square-foot industrial building at the site. The land was still undeveloped at the time of the sale.

The site sits directly west of Charlotte Douglas International Airport near Interstate 485. It neighbors SunPoint CLT, a 373,950-square-foot industrial building recently delivered by SunCap Property Group.

JB Hunt Transport was founded in 1961. It is a Fortune 300 company with nearly 38,000 employees. Its companywide revenue last year was over $12.8 billion.

The airport is in the midst of a massive overhaul. Destination CLT, as the $3.5 billion capital investment project is called, will have an impact on everything from the lobby and the terminal to the runway.

Elmwood Development has completed its assemblage of Downtown Raleigh lots, and now it can get moving on a 12-story building.

The Triad Business Journal reports Elmwood recently acquired three lots in the Warehouse District near the Fairweather Condos for $6.48 million. The lots total a little over half an acre. Elmwood already owned two of the lots it needed for its plans to build a retail and residential building with a parking deck.

Site plans filed with the city show the project will have 298 residential units, 8,000 square feet of ground-floor retail and 289 parking spaces in a parking deck. There will be 222 one-bedroom units, 64 two-bedroom units and 12 three-bedroom units.

The residential lobby, a fitness center and retail space would front Cabarrus Street with the remaining retail along South West Street. The site is across from Kane Realty’s West End development and has two buildings on-site. Those buildings will be demolished to make way for the new development.

Marcus & Millichap finalized the sale of a 0.16-acre parcel of land located in San Diego. The asset sold for $1,600,000. 

Aaron Bove, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of the seller, 3971 Georgia Avenue San Diego LLC. The buyer, RD Dev Properties LLC, was procured by Bove and Jared Wallach, investment specialists in the firm’s San Diego Del Mar office. 

The property is a 6,998-square-foot lot with an existing duplex located at 3971 Georgia St. in San Diego. This prime Hillcrest site was zoned RM-3-7 and included a Complete Community Tier 3 overlay and was in a Qualified Opportunity Zone .  

“We are very excited to watch the transformation of the site into quality housing for the neighborhood,” said Bove. “The 45-day escrow shows the resiliency of San Diego development.”