Pfizer sold its flex building at the Imperial Center in Durham to Lightstone Group for $41.1 million. The property is at 1219 Shiloh Glenn Drive, between Research Triangle Park and the Raleigh-Durham International Airport. The Class B building is 82,054 square feet and sits on 15.69 acres. It is a cGMP building with multi-product production spaces, supporting workspaces, analytical labs and fully redundant building systems.

The Triad Business Journal reports in early 2023, Pfizer began looking to offload the Durham facility as part of a shift in the company’s research and development strategy. By the end of 2023, the company confirmed plans to shut down operations at the site and another facility in Morrisville, which Pfizer does not own. The closures were part of a companywide cost-cutting effort.

Cushman & Wakefield represented Pfizer in the recent sale.

The Lightstone Group owns 33 industrial and life sciences properties totaling 1 million square feet across 27 states.  

JW Mitchell sold an Atlanta-area warehouse and one from Memphis. CBRE facilitated the sale along with $69.9 million in acquisition financing for the two-building portfolio, which totals over 1.6 million square feet.

Frank Fallon led a CBRE team representing the seller, and Brian Linnihan headed a group that secured the loan from Wells Fargo on behalf of the buyer., 

The portfolio’s facilities include:

• A 613,440-square-foot cross-dock warehouse located in Braselton, Ga. The facility was built in 2016 and is 100% occupied by a large e-commerce provider.
• A 1,013,500-square-foot cross-dock warehouse in Memphis, TN, was built in 2021 and is 100% occupied by Medtronic, a global healthcare technology company.

The Atlanta warehouse is in the Northeast/I-85 industrial submarket, which, according to CBRE Research, saw 2.1 million square feet of net absorption in Q4.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation! 

PMT Partners sold York Ridge Shopping Center in the Steele Creek area of Charlotte for $16.9 million. Old York LLC was the buyer. The Charlotte Business Journal reports it last sold for $8.1 million in 2001.

The 11-acre property is at 11112 Tryon St. The 71,406-square-foot center was built in 1999 and was 100% occupied at the time of the sale. Crunch Fitness is the anchor tenant there, occupying 44,000 square feet. It is also home to Sabor Latin Street Grill, Jersey Mike’s, China Tea and the Cuban restaurant A Taste of Havana.

TSCG represented PMT Partners in the sale. Ascent Real Estate Partners represented Old York.

TSCG recorded over $2 billion in transactions in 2021. The firm exclusively represents over 480 retailers and restaurants. Ascent says it is a boutique commercial real estate firm specializing in retail, office and mixed-use properties in the Piedmont area of the Carolinas. 

Scannell Properties sold a 942,210-square-foot Savannah distribution center to Goldman Sachs Alternatives for $100.6 million. Rockingham Farms Building 9 is located at 125 Feldspar Drive.

The property, built in 2023, is fully leased to four tenants. It features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors, ample trailer and auto parking, cross-dock configuration and 7,500 square feet of office space.

The property sits within Rockingham Farms Logistics Park, a new 5.75 million-square-foot industrial park.

Britton Burdette, Matt Wirth, Dennis Mitchell, and Jim Freeman led a JLL Investment Sales and Advisory team.

“The Savannah industrial market continues to experience remarkable growth, driven by record cargo volumes at the Port, multimillion-dollar expansion projects in the area and extensive logistical connectivity,” Burdette said.

Franklin Street Properties Corp. REIT sold Pershing Park Plaza for $34 million, a loss of more than $11 million. In 2016, Franklin Street bought the 160,000-square-foot building for $45.5 million. 28th Street Ventures was the buyer. Will Yowell, Ryan Reethof, Jay O’Meara and Justin Parsonnet with CBRE’s Institutional Office Properties team in Atlanta represented the seller. The nine-story building at 1420 Peachtree Street is where Peachtree and West Peachtree streets meet.

Franklin Street announced the sale in its third-quarter earnings report, saying since December 2020 the company said it has sold select office properties to pay down debt. It allocated $27.4 million from the Pershing Park sale to repay debt.

In it’s quarterly report, Franklin’s George Carter said, “Our directly-owned real estate portfolio of 15 owned properties, totaling approximately 5.0 million square feet, was approximately 70.4% leased as of September 30, 2024, compared to approximately 74.0% leased as of December 31, 2023.”

GBT has spun off the 201-unit Parke West apartment tower for $72.5 million, nearly $350,000 a unit. Elmington Residential was the buyer.

GBT developed the 17-story tower near the intersection of Murphy Road and West End Avenue, which opened in 2022. The Nashville Business Journal reports that in 2019, the firm paid $7.175 million for the raw land, with a main address of 110 Murphy Ct. At the same time, GBT also paid $2.5 million for an adjacent retail building.

The tower offers studio, one-, and two-bedroom apartments.

In addition to the Parke West purchase, the local firms traded hands on another apartment building in Brentwood. Elmington paid $24 million for the newly opened Southcrest Reserve, which offers 108 units.

The Nashville office of Walker & Dunlop represented the seller in both transactions.

GBT is in the middle building its largest project so far, MidCity Nashville, a seven-tower mixed-use development on a former car lot.

Two portfolios totaling five properties and 1,234 units were sold by Harbor Group International for $159.7 million. Three of the apartment complexes were purchased by LRE Management LLC, while the other two were bought by Greybrook.

CBRE’s Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb, and Kurt McGarry represented the seller on both transactions. 

Geiger added, “Most everyone in the multi-housing industry has acknowledged that there will be a shortage of housing over the next five years – and certainly, the new owners of these five properties are going to experience great value appreciation.” 

The largest of the two transactions involved LRE Management buying three properties with 778 total units for $102.5 million. The portfolio includes Peachtree Landing in Fairburn (photo), Eastwood Village in Stockbridge, and Monterey Village in Jonesboro. The smaller transaction, executed by Greybrook, includes Meadow Springs and Meadow View, both in College Park. The two properties have 456 apartment units combined and were purchased for $57.2 million. 

Cornerstone Commercial Properties bought The Dilworth at 1315 East Blvd. from Abacus Capital for $10.5 million. Abacus sold it for $3.4 million more than what it paid in 2019. The 23,248-square-foot property was 100% leased at the time of the sale.

The Charlotte Business Observer reports Abacus invested resources to reposition the 21-year-old property, renovating it in 2020. The firm was able to renew, expand or replace eight of the property’s 10 tenants and saw a 25% growth in average base rents during its ownership period. Its current tenants include Novant Health, Konnichiwa, iDental, Shear Excellence, Genevieve Aesthetics and Sassy Nails.

CBRE’s Adam Russ, Erin Varol and Will Register represented Abacus Capital in the transaction. Cornerstone did not have brokerage representation.

CBRE has brokered the sale of Signal, a 285-unit mid-rise apartment complex in Hapeville, Georgia, approximately 8 miles south of Downtown Atlanta. 

Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb, and Kurt McGarry of CBRE Southeast Multifamily arranged the sale on behalf of Atlanta-based apartment developer South City Partners. Penler, also based in Atlanta, purchased the property in a joint venture with global investment firm Carlyle (NASDAQ: CG).

Located at 397 N. Central Ave. in Hapeville, Signal was delivered in 2023 and features a mix of one- and two-bedroom units. At an average size of 861 square feet, units include washers and dryers and personal balconies/patios. Community amenities include a multimedia club room, sky lounge, multiple outdoor grilling areas, a pizza oven, a fireside lounge, a complimentary resident coffee bar, a fitness center, a saltwater pool, a dog park, private garages, rental storage units, and more.

CRG along with partner Landmark Properties completed the sale of The Standard at Columbia, a new 17-story, 678-bed student housing tower at 1401 Assembly St. in Columbia, S.C. The buyer is CapitaLand, a Singapore-based investment firm.

The Standard at Columbia, which opened last summer, was 91.3% occupied for the 2023-24 academic year and is 98.1% pre-leased for the upcoming year. It is located on an urban-infill site in the Arsenal Hill neighborhood, near the University of South Carolina campus.

The Standard at Columbia features 678 beds across 247 fully furnished studio to five-bedroom units. A generous amenity package includes a resort-style rooftop pool with sun shelves, jumbotron, fire pit and outdoor grilling stations; complimentary tanning beds; fitness center; multi-sport simulator; academic lounge with private study rooms and computer lab; resident clubroom; bike storage; and garage parking with EV charging stations.

CRG parent company Clayco served as general contractor on the development, while Clayco subsidiary Lamar Johnson Collaborative was the architect.