JACKSONVILLE, FLA. — Parkway Properties Inc. has entered into a purchase and sale agreement to acquire an eight-property office portfolio totaling 1 million square feet in Jacksonville’s Deerwood submarket for $130 million. The properties were developed from 1996 to 2005 and are 93.7 percent occupied. Parkway also completed the previously announced purchase of Tower Place 200, a 260,000-square-foot office tower in Atlanta’s Buckhead submarket, for $56 million. The 13-story Class A Tower Place 200 was built in 1998 and is 82.9 percent occupied.
ATLANTA — Phillips Edison-ARC Shopping Center REIT Inc. has purchased six grocery-anchored shopping centers totaling 507,668 square feet in metro Atlanta for approximately $60.5 million. The retail portfolio includes five Kroger-anchored properties and one Publix-anchored property. The six properties are Butler Creek in Acworth, Ga.; Fairview Oaks in Ellenwood, Ga.; Grassland Crossing in Alpharetta, Ga.; Hamilton Ridge in Buford, Ga.; Mableton Crossing in Mableton, Ga.; and Shops at Westridge in McDonough, Ga. The REIT is co-sponsored by Phillips Edison & Co. and AR Capital LLC, a real estate investment program sponsor.
ORLANDO, FLA. — Summit Hotel Properties Inc. has acquired three hotels totaling 426 guestrooms from affiliates of Hyatt Hotels Corp. for $36.1 million. Two of the Hyatt hotels are located in Orlando with the other hotel in Illinois. Summit has entered into an agreement with Select Hotels Group LLC, an affiliate of Hyatt, to operate each hotel. The Orlando hotels include the 151-room Hyatt Place-Universal and the 149-room Hyatt Place-Convention Center.
HERNDON, VA. — Parmenter Realty Partners has acquired its first asset in the Washington, D.C., area with the purchase of 460 Herndon Parkway, a 205,074-square-foot office building in Herndon, for an undisclosed price. American Fund US Investments LP sold the property, which was 96 occupied at the time of the transaction. The office building was built in 1986 and is positioned in the heart of the Dulles corridor in the Washington, D.C., area. Andre Kinney of Real Estate Capital Partners and Eric Berkman, Steve Gichner and Andrew Asbill of Cushman & Wakefield’s Capital Markets Group represented the seller.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace Inc. has completed renovations on Victory Lane Chevrolet at 3980 Fowler St. in Fort Myers. The renovations consisted of a new exterior facade and interior renovations to the new car showroom, used car building, new service drive entrance and office, lounge and administrative offices. All renovations are in compliance with General Motors Chevrolet Dealership Re-Image Program. Ted Gadoury of J.L. Wallace served as project manager. Titsch & Associates Architects served as the project architect.
OAK PARK, ILL. — Interfaith Housing Development has selected McShane Construction Co. to build Grove Apartments, a 51-unit supportive living development at 442 S. Grove Ave. in Oak Park. McShane will transform the former two-story Comcast office building into a four-story facility, which will include 5,233 square feet of retail on the ground floor. The project is slated for completion this fall. Weese Langley Weese is providing architectural services.
CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.
BOSTON — Loews Hotels & Resorts has agreed to buy the 225-room Back Bay Hotel in Boston from The Doyle Collection. The financial terms were not disclosed. The hotel, located at the corner of Bekeley and Stuart streets, was built in the 1920s as the Boston Police Department Headquarters, and occupied as such until the late 1990s. The property was redeveloped in 2004. The hotel includes meeting and event space and two dining options, Cuffs, an Irish Bar, and the Stanhope Grille. The deal is expected to close next month.
NEW YORK CITY — New York City's Human Resources Administration (HRA) has signed a 20-year lease for 200,000 square feet at The BankNote Building in the Hunts Point section of the Bronx. HRA will occupy three floors of the 400,000-square-foot property, once the location of American Bank Note Co. printing presses that printed currency, postage stamps, war bonds and stock certificates for nearly 76 years. The building owner, Taconic Investment Partners, secured a $17.9 million tenant improvement loan for the HRA build-out, which was provided by Lance Capital LLC.
BETHLEHEM, PA. — Team Capital Bank has acquired Penn Corporate Center, a 74,000-square-foot office building at 3001 Emerick Blvd. in Bethlehem for $11.2 million. Team Capital is a fast-growing state member bank (also known as a de novo bank) that provides traditional retail and commercial banking products, mortgage banking and commercial lending. John Crampsie of NAI Summit represented the seller, GSE Realty East, in the transaction.