Wendover apartments go back to bank in foreclosure

The Oaks at Wendover apartment complex on North Wendover Road has been foreclosed on for the second time this decade.

The complex is south of Monroe Road, near The Home Depot. The Oaks at Wendover sits on just over 14 acres, with its 21 two-story buildings comprising more than 220 apartment units.

Atlanta-based apartment developer Miles Properties bought the community in 2006 but recently defaulted on its $8.49 million loan with United Community Banks Inc., according to real estate filings. Blairsville, Ga.-based United Community initiated the foreclosure in late June, and the property was put up for sale late last month.

United Community was the highest bidder at $6.5 million and took ownership this month, according to property records.

Miles Properties Chief Executive Daniel Miles did not respond to a request for comment.

The majority of Miles Properties' apartment communities are in Georgia, according to the firm's Web site. In Charlotte, the company still owns the Hampton Commons complex off East W.T. Harris Boulevard.

The Oaks at Wendover also went through a foreclosure in 2003 after Alexandria, Va.-based EEA Realty defaulted. Fannie Mae ended up with the property and sold it a year later for $6 million to WF Properties, a company managed by Cary-based real estate developer Jack Carlisle. Carlisle kept the development for two years before selling it to Miles for $7.45 million.

Save-A-Lot to open on Freedom Discount grocer Save-A-Lot has signed a lease for a location in Shops at Freedom, a 180,000-square-foot retail center on Freedom Drive at Alleghany Street.

The company's lease is for 18,145 square feet in the single-story strip mall, which includes tenants such as Value Village and Citi-Trends.

St. Louis-based Save-A-Lot has 1,200 stores in 39 states, including Charlotte operations on Albemarle Road and The Plaza.

Shops at Freedom is now more than 85% leased. Josh Beaver of The Nichols Co. represented the landlord, Benbrooke Freedom Partners, an affiliate of New York-based real estate firm Benbrooke Realty Investment Co. Andy Misiaveg of The Shopping Center Group represented Save-A-Lot.

NEWS & NOTES Trinity Partners will open an office in the Triangle with a group of employees from GVA Advantis, which closed its Durham operation three weeks ago. Trinity plans to hire 14 of the firm's Triangle-area employees to join principals Scott Stankavage, David Adams and David Townsend at the new office. A location has not been chosen. The office will offer leasing, brokerage, property management and construction services.