Property Type

DONOHOE BREAKS GROUND ON $36M MARRIOTT HOTEL

by admin October 20, 2011

ARLINGTON, VA. — The Donohoe Co. has broken ground on the 183-room Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Arlington. Additionally, the company closed on a $36 million construction loan through Capital One Bank. The hotel is part of the more than 1 million-square-foot Founders Square, a mixed-use, five-building complex adjacent to the Ballston Metro. Donohoe Construction Co. is the general contractor for the project and Donohoe Hospitality Services will manage the hotel. Completion is slated for the second quarter of 2013.

October 20, 2011

COLE ACQUIRES WINCHESTER STATION FOR $26.8M

by admin October 20, 2011

WINCHESTER, VA. — Cole Real Estate Investments has purchased the 167,000-square-foot Winchester Station, located at 2540 S. Pleasant Valley Rd. in Winchester, for $26.8 million. The shopping center is currently 97.5 percent leased to tenants including hhgregg, Ross Dress for Less, Bed Bath & Beyond, Michaels, Old Navy, Olive Garden and Red Lobster. William Kent and Gary Lawrence of CBRE's Washington, D.C., office represented Trout, Segall & Doyle Winchester Properties, the seller, in the transaction. The buyer was self-represented by Thomas Faltatko.

October 20, 2011

Multifamily Southeast

PHILLIPS SELECTS MCSHANE FOR MULTIFAMILY PROJECT

by admin October 20, 2011

CHARLOTTE, N.C. — Phillips Development & Realty has selected McShane Construction Co. to build the 300-unit Phillips Mallard Creek, located at 655 W. Mallard Creek Church Rd. in Charlotte. Amenities will include a swimming pool, sport court, clubhouse, walking and biking trails, pet exercise area and a carwash. The first units and clubhouse are slated for completion in the summer of 2012 with full completion anticipated in May 2013.

October 20, 2011

Office Southeast

DEEP RUN 3 OFFICE BUILDING SELLS FOR $12.4M

by admin October 20, 2011

RICHMOND, VA. — The 382,570-square-foot Deep Run 3, located at 9954 Mayland Dr. in Richmond, has been sold for $12.4 million. Mark Douglas of Cushman & Wakefield — Thalhimer's Richmond office represented the buyer, DR III, a joint venture between DRV and Markel-Eagle Partners, in the transaction.

October 20, 2011

Office Southeast

$11M INNOVATION HUB COMPLETE AT UF

by admin October 20, 2011

GAINESVILLE, FLA. — The $11 million, 46,000-square-foot Florida Innovation Hub, located at the University of Florida in Gainesville, has been completed. The “business incubator” houses the UF Office of Technology Licensing, UF Tech Connect and more than 30 startup technology companies. Ponikvar & Associates designed the building to achieve LEED Gold certification, and Charles Perry Partners completed construction on the project.

October 20, 2011

Midwest Seniors Housing

MARCUS AND MILLICHAP BROKERS $52M SENIOR HOUSING PORTFOLIO

by admin October 20, 2011

INDIANAPOLIS —Marcus & Millichap Real Estate Investment Services has closed the sale of a three-property senior housing portfolio for $52 million. The properties include the 122-unit Forest Creek Commons in Indianapolis, the 114-unit North Woods Commons in Kokomo, Ind. and the 154-unit Covington Commons in Fort Wayne, Ind. Mark Myers of Marcus & Millichap's Chicago office and Chris Hyldahl of the firm's Los Angeles office represented the seller, BAI of Indiana. They also represented the buyer, Newton, Mass.-based Five Star Quality Inc.

October 20, 2011

Healthcare Midwest

MOMENTUM PROPERTIES ACQUIRES PENT INC. BUILDING

by admin October 20, 2011

ROME CITY, IND. — Fort Wayne, Ind.-based Momentum Properties LLC has acquired a 32,000 square foot Pent. Inc. building, located at 103 Warrener Dr. in Rome City, Ind. for an undisclosed amount. Alex Genova of CBRE represented the seller, Garrett-Ind.-based Group Dekko, Inc. Genova also represented the buyer. Future use of the building will be for a new medical manufacturer.

October 20, 2011

Midwest Office

PHILLIPS ELECTRONICS SIGNS LONG-TERM LEASE RENEWAL

by admin October 20, 2011

CHICAGO — Phillips Electronics, a health and well-being company, has signed a long-term lease renewal for 73,753-square-feet in O'Hare International Center I, a Class A office complex, located at 10275 W. Higgins Rd. in Chicago, Ill. Greg Raus, Molly Carroll, Jen Wrinkle and Rick Fahey of Chicago, Ill.-based Jones Lang LaSalle represented Philips Electronics in the transaction. Josh Robbins represented the building manager, Indianapolis-based Duke Realty.

October 20, 2011

Industrial Northeast

MICHAEL BAXTER ARRANGES LEASE OF 51,000-SQUARE-FOOT WAREHOUSE/DISTRIBUTION

by admin October 20, 2011

PEN ARGYL, PENN. — Michael Baxter & Associates Commercial Real Estate & Property Management has arranged the lease of 51,660 square feet of warehouse and distribution space, located at 636 Pen Argyl Ave. in Pen Argyl, Penn. Dan Perich of Michael Baxter represented the tenant, Pen Argyl-based Forza Boxing LLC, a martial arts equipment company. Joseph Baxter and Michael Baxter represented the landlord, Pen Argyl-based Scotty's Fashion Cutting Inc.

October 20, 2011

Mixed-Use Northeast

NAI HUNNEMAN BROKERS $7.4M SALE OF OLDE ANDOVER VILLAGE

by admin October 20, 2011

ANDOVER, MASS. — Boson-based NAI Hunneman has brokered the sale of Olde Andover Village, a 55,000-square-foot apartment, retail and office building in downtown Andover, Mass. for $7.4 million. David Ross and Robert Tito along with Gina Barroso represented the seller, OVA Realty Trust. They also procured the buyer, Rockland, Mass.-based Lincoln Essex Capital LLC. The property is located near Phillips Andover Academy.

October 20, 2011

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