non-advertiser
The company plans a ground up development of a multitenant industrial facility measuring approximately 200,000 and is beginning preconstruction leasing efforts for delivery in late 2022.
Scott Ramey, Patrick Dufour and Brad Downing of Newmark represented the seller, a joint partnership between Picerne Real Estate Group and Equity Resources LLC, in the transaction.
He is an industry veteran with over 37 years of experience in commercial real estate.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, ESO Equity Group, in the transaction.
Banyan Street Capital, a Miami-based private equity firm focused on acquiring and operating office properties, purchased the property in a joint venture with a fund managed by DRA Advisors.
The two side-by-side brick and stucco multi-tenant buildings total 13,690 square feet.
One outparcel includes a 5,530-square-foot AT&T store, located at 4006 Conroy Road. The second outparcel includes a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack, located at 4060 Conroy Road.
The Magic will initially take over a full floor at the CNL Center II, with the option to expand into a total of 36,727 square feet of office space on two floors within the building.
The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet.
Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, Lighthouse Group, in the transaction.
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