HARRISONBURG, EMPORIA AND SOUTH HILL, VA. — American Hotel Income Properties REIT LP, a Toronto-based hospitality REIT, has acquired a portfolio of four hotels in Virginia for $37.1 million. The REIT plans to invest about $6 million in capital improvements for the hotels, including furniture upgrades, fixture replacements and equipment improvements. The hotels total 403 rooms and are located in Harrisonburg, Emporia and South Hill. The properties include Hampton Inn University and Hampton Inn South in Harrisonburg, Hampton Inn in Emporia and Fairfield Inn & Suites in South Hill. The average daily rate (ADR) for the hotels in 2013 was $92.21 and the revenue per available room (RevPAR) was $67.86.
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SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has closed $35.5 million in financing for its 242,000-square-foot office building in Silver Spring. The office building is located at 8757 Georgia Ave. Walker & Dunlop arranged the loan on behalf of Washington Property Co. Tenants at the office building include Social & Scientific Systems Inc., Corinthian Colleges and Synergy Enterprises.
GAINESVILLE, VA. — The Peterson Cos., a commercial real estate developer, plans to open a new 29,000-square-foot Stein Mart store at Virginia Gateway, a 1.3 million-square-foot shopping center in Gainesville. The store is slated to open in October and will be Stein Mart’s third store in the Washington, D.C., area. Following Stein Mart’s lease and the opening of the 300,000-square-foot Promenade at Virginia Gateway lifestyle center in April, the total Virginia Gateway project is 98 percent leased.
ATLANTA — Choate Construction Co. has completed the $24.6 million, 11-floor renovation of office space at Phipps Tower in Atlanta. Choate completed the 275,000-square-foot project for Carter’s Inc., a children’s clothing retailer. The renovation includes a library/coffee bar on all 11 floors, glass wall systems, wood walls and ceilings, high-end lighting, more than 100,000 square feet of wood flooring and two grand staircases. Phipps Tower is located at 3438 Peachtree Road and is LEED certified but is still seeking LEED Gold certification.
PLAINFIELD, IND. — Chambers Street Properties has acquired a single-tenant warehouse/distribution property in metro Indianapolis for $30.2 million. Built in 2013, the 622,440-square-foot property features 32-foot clear ceiling heights and 60 truck doors with knockout panels for future expansion. The building is fully leased on a long-term, triple-net basis to a nationwide manufacturer of pet products. The acquisition also includes an adjacent land parcel suitable for 227,000 square feet of expansion. The property is located at 445 Airtech Parkway in Plainfield.
CINCINNATI — Marcus & Millichap has arranged the $14.3 million sale of a 138,445-square-foot Lowe’s Home Improvement store ground lease in Cincinnati. The sale price equates to $103 per square foot. Craig Fuller, senior associate, and Scott Wiles, vice president of investments in Marcus & Millichap’s Cleveland office and Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a New York-based investment fund. Fuller, Wiles and Patton also represented the buyer, a national real estate investment trust. The home improvement store is located at 5385 Ridge Ave. and has 8.5 years remaining on the ground lease.
BANNOCKBURN, ILL. — Heinen’s Fine Foods has leased 61,965 square feet at Bannockburn Green in suburban Chicago, making it the new grocery anchor in the shopping center. Bannockburn Green is a 151,206-square-foot community center serving Deerfield, Lake Forest, Highland Park, Lincolnshire and Bannockburn. Other retail tenants at the property include Walgreens, Erehwon Mountain Outfitters, Sleepy’s, Panera Bread and GNC. The property is located at 2501 Waukegan Road in Bannockburn. Joe Parrott, a senior vice president at CBRE, assisted in the leasing transaction. Heinen's Fine Foods is a Cleveland, Ohio-based, family-owned grocery store established in 1929. Bannockburn will be its 20th store and its third store in Illinois.
NORTHBROOK, ILL. — The Davis Cos. (TDC) has restabilized its second suburban office property in the Chicago-area market. Working with NAI Hiffman, TDC has invested more than $2 million in capital improvements to renovate and upgrade Edens Corporate Center since acquiring it in 2012. The makeover of common areas and amenities has repositioned the two-building property to reach 90 percent occupancy. During the last three months, NAI Hiffman’s leasing team completed seven leases at Edens Corporate Center, totaling nearly 36,000 square feet of office space. Edens Corporate Center, located at 630-650 Dundee Road in Northbrook, features twin, four-story buildings totaling 188,000 square feet.
ANN ARBOR, MICH. — G2 consulting Group, a Michigan-based firm specializing in geotechnical, environmental and construction engineering services, has opened a new office in Ann Arbor to service clients in the city, as well as Washtenaw County and the surrounding area. Twelve-year G2 veteran Jason Stoops, who completed both his undergraduate civil and environmental engineering degree, as well as his masters in geotechnical engineering at the University of Michigan, will manage the new office. The office will include four full-time engineers and a senior field technician and is located in the Eisenhower Commerce Center at 1595 Eisenhower Place. An open house is planned for late in the first quarter.
HOBOKEN, N.J. — NorthMarq Capital has arranged $17 million in refinancing for Church Square South, two affordable-housing properties totaling 81 units in Hoboken. Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey office arranged the 12-year loan, which includes a 30-year amortization schedule, through a local bank.