APG has a crowded field of dealmakers this month! Congratulations to David Divine, Philip Matthews, David Stroud, Daniel Walser and Rick Polley for a job well done.
7000 DESTINY DRIVE, RALEIGH NC
Sale of Religious Facility and Charter School
David Divine, SIOR and Director of Investment Sales and Philip Matthews, Vice President – Land Development Advisory represented the Seller, Focus Church, in the $7.94 million sale of the multi-building complex on Destiny Drive. The two primary structures are a 24,900 SF Worship Center, and 26,760 SF Life Center that houses the Doral Academy Charter School, serving grades K-8. This was a complex transaction that unfolded over the course of three years. Doral Academy executed the lease with the option to purchase the entire property – originally 60 acres. The seller ultimately subdivided the property to carve out an 11-acre tract fronting Tarheel Clubhouse Road where a new Focus Church will be constructed. The seller then transacted a sale/lease back of the remaining 49 acres, which allows the church to remain in the existing facility until the new facility is completed.
2007 Fulton Place, High Point, NC
Sale of Industrial Property
David Stroud, Vice President – Industrial Sales and Leasing represented the buyer in the purchase of the 80,667 SF Industrial Warehouse in High Point. The facility, situated on 4.73 acres, was built in 1972. The property is well-positioned, south of downtown High Point with easy access to the I85 corridor and I85 Business via So. Main Street. The buyer is New York-based Newtex Industries, Inc, a leading global manufacturer in high temperature fabrics for thermal management and fire protection. Newtex is expanding operations from New York. At the High Point location, they will be manufacturing materials to support a range of thermal insulation and fire protection applications in industrial sectors. The sale price was $3.9 million, or $40 per square foot. The seller, Decca Furniture, ran operations at the site since 2017.
100 Schmid Plaza Road, Anderson, SC
New Lease Deal – Industrial Property
Daniel Walser, CCIM, Vice President of Acquisitions and Rick Polley, CSM, RPA and President of Management Services provided landlord representation in the long-term lease of the entirety of the 117,000 SF Industrial facility on Schmid Plaza Road in Anderson, South Carolina. The tenant is Molnlycke Health Care, a leading medical solutions company headquartered in Sweden, with operations in 40 countries.
APG Capital acquired the property in 2020. The site consists of a 110,000 SF warehouse and roughly 6,000 SF of office space, built on 6 acres, with an additional 11.13 acres of excess land. Since the acquisition, APG has invested $500,000 in upgrades and improvements.