MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Brightleaf, a 194-unit apartment complex located on West Main Street in downtown Durham. The property sits next to Brightleaf Square, a mixed-use community, and is less than two miles from Duke University. Solis Brightleaf will offer studio, one-, two- and three-bedroom floor plans and feature an outdoor beer garden, clubroom with a veranda, fitness center, yoga studio and a heated pool. Pittsburgh-based First National Bank is providing construction financing for the project, and Clancy & Theys Construction Co. is the general contractor. The design team includes Cline Design Associates and engineering and landscape architecture firm Stewart.
MAITLAND, FLA. — Cambridge Landmark has purchased the Sheraton Orlando North Hotel, a 389-room hotel located at 600 N. Lake Destiny Road in Maitland, roughly eight miles north of Orlando. Michael Weinberg and Preston Reid of HFF brokered the $31.2 million transaction on behalf of the seller, a partnership between Värde Partners, Interstate Hotels Corp. and Waramaug Hospitality Asset Management. The hotel features approximately 15,000 square feet of meeting space, an outdoor pool with a hot tub, fitness center, business center, on-site rental care services, lounge and a café.
AIKEN, S.C. — Monmouth Real Estate Investment Corp. has purchased a 315,560-square-foot industrial building located at 1103 Powderhouse Road in Aiken for $21.9 million. The Class A facility is situated on approximately 24 acres and is net-leased for 15 years to Autoneum North America Inc., a supplier of acoustic and thermal parts for the automotive industry.
TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the parking deck and landscaping enhancements. The company is also planning additional amenities, including a dog day care and food and beverage options. The complex is 83 percent occupied and home to tenants such as J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct. A subsidiary of Osprey S.A. Ltd. was the seller.
LAKEVILLE, MINN. — Launch Properties has broken ground on Launch Park Lakeville I, a 286,000-square-foot warehouse in Lakeville, a suburb of Minneapolis. The building is 53 percent pre-leased to an undisclosed tenant, while 136,000 square feet remains available for lease. Construction is slated for completion in November. Launch Park Lakeville I will feature 32-foot clear heights, 50-foot interior bays, 60-foot dock bays, 23 dock doors and two drive-in doors. This is the first building in the master-planned park located at County Road 70 and Cedar Avenue, which can support up to 1.5 million square feet of new development. Jack Matasosky of Lakeville-based APPRO Development is providing design-build services for the project. Doug Fulton and Patrick McCaffrey of Avison Young represented the tenant in the lease transaction. Brian Van Hoof and Jeff Przytarski of CBRE represented Launch Properties.
INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.
BRIGHTON, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Detroit Brighton located about 45 miles northwest of Detroit. The sales price was not disclosed. The 90-room hotel, located at 7799 Conference Center Drive, was recently renovated. Nate Sahn and Drew Noecker of CBRE represented the undisclosed seller in the transaction. Bright Lodge Inc. purchased the hotel.
KANSAS CITY, MO. — Integrated Facility Services (IFS) has installed a $3.2 million plumbing system for the 51st and Oak mixed-use development in Kansas City. The eight-story, 325,000-square-foot complex includes 170 luxury apartments, a clubhouse and fitness center, student health center, Whole Foods grocery store and parking garage on a nearly three-acre site. IFS participated early in the design process, which featured virtual design and construction planning and building information modeling technology. Van Trust Real Estate is the developer, HOK is the architect and The Weitz Co. is the general contractor for the $40 million project, which is slated for completion in December.
BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …
