Locally-based Nicole Crafts, the parent company of A.C. Moore, announced that it was exiting its retail operations and has hired the retail and real estate divisions of Gordon Brothers to close the A.C. Moore stores located from Maine to Florida.

The transaction was executed at an approximate 7.86% initial capitalization rate with rents of $34.2 million and a weighted average remaining lease term of 8.7 years.

The office tower will be fully leased by global pharmaceutical and healthcare products distribution firm AmerisourceBergen. The office complex will serve as the global headquarters for the company.

The renovated and expanded building will feature floor plates of 15,295 rentable square feet and will total 93,535 rentable square feet in total when completed.

Upon their acquisition of the Ballantine Industrial Center, Turnbridge and their investment partners immediately began a capital improvement program of more than $10 million aimed at creating a modern and flexible industrial property.

The firm, which offers cutting-edge workout bikes for indoor cycling as well as other fitness related instruments, has taken occupancy of the space and is utilizing its new facility as a warehouse/distribution and fulfillment center.

The properties were sold by Angelo Gordon of New York City and Commercial Florida Realty Partners.

Traff served as VP at Madison Marquette for the past eight years where she focused on the retail leasing of mixed-use lifestyle centers, grocery-anchored shopping centers and ground-up development.