CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
ATLANTA — A joint venture between Clarion Partners and Seefried Industrial Properties is developing a 285,600-square-foot distribution facility at SouthPark Distribution Center near Hartsfield-Jackson International Airport in Atlanta. The property is being constructed for Pittsburgh-based PPG Industries, a global supplier of paints, coatings, optical products, chemicals, glass and fiberglass. PPG Architectural Finishes Inc., a subsidiary of PPG Industries, will be the tenant and will use the facility as its Southeastern distribution center. The industrial project will be completed in December. Trevor Ragsdale, Paul Roeser and Alan Clayton of Jones Lang LaSalle represented PPG Industries. “As the existing Class A space is leased, coupled with limited new development, companies like PPG who desire to increase their operating efficiencies by leasing a facility with modern building specifications need to enter into build-to-suit transactions like this one,” says Tom Flanigan, senior vice president of Clarion Partners.
WINTER PARK, FLA. — CNL Construction Real Estate has begun construction on an 85,000-square-foot Class A office building in Winter Park. The office building, called Heritage Park, will be home to Brasfield & Gorrie’s regional headquarters in Florida. CNL Bank will also be a tenant. Heritage Park will be completed in late 2013.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
MINNEAPOLIS — Hyatt Hotels Corp. has acquired a select-service hotel in downtown Minneapolis and will rebrand the property as Hyatt Place Minneapolis Downtown following a $20 million renovation. The rebranding is scheduled for the summer of 2013. After upgrades to the hotel are complete, Summit Hotel Properties plans to purchase the hotel and enter a management agreement with a Hyatt affiliate. The hotel offers easy access to the city's professional sports stadiums.
ADDISON, ILL. — Marcus & Millichap has arranged the $20.5 million sale of 350 Rohlwing Road, a 453,361-square-foot industrial building in Addison. The building is fully leased to Domtar Corp., a paper producer, which uses the facility as its Chicago metropolitan area distribution center. Marty Cohan of Marcus & Millichap represented the buyer, 350 WPI Rohlwing LLC, in the transaction.
MARION, ILL. — Dalfen America Corp. has selected Colliers International to market a 1 million-square-foot distribution facility, known as Interstate 57 Distribution Center, in Marion. IDI built the facility in 2000 to serve Circuit City Stores, and the center was later purchased by Dalfen once vacated. Charles Canale, Steven Kohn and Dave Gannon of Colliers International will market the property.
SHAWNEE, KAN. — QT226 LLC has secured a $1.6 million loan for the acquisition of a newly constructed QuikTrip store in the western Kanas City suburb of Shawnee. Caffrey & Co. arranged the 15-year loan through an undisclosed insurance company. The loan carries a 4.3 percent fixed rate for the life of the loan.
QUINCY, MASS. — Beal/Street-Works has unveiled construction plans for the first phase of Quincy's historic $1.6 billion Quincy Center, which is scheduled to break ground in 2013. The $120 million first phase includes a 15-story luxury apartment building and five-story residential building featuring loft-style units. The design also includes a new pedestrian-friendly promenade behind the existing Granite Trust building. In total, the plan includes about 30,000 square feet of retail space. The first stage of construction is slated for completion in late 2013. The city's planning board will review the construction drawings to ensure the plans meet the downtown guidelines and hold a public hearing. No date has been set.
BOSTON — Trinity Stuart LLC, a local development partnership, has announced plans for the redevelopment of the existing Boston Common Hotel and Conference Center. The project includes replacing the existing structure with a 33-story, mixed-use building. The new property will be comprised of a 220-room hotel and 142 apartment units that will range in size from compact studios to three-bedroom units. Plans for the lower level call for two restaurants and 100 parking spaces. Suffolk Construction is the construction manager for the project and The Architectural Team and Stonehill & Taylor Architects are designing the building. Construction is expected to begin in the fall of 2013.