OCEAN CITY, MD. — Washington, Del.-based Applied Bank has provided a $21 million construction and permanent loan for a new Hyatt Place Hotel located at 16th Street and Boardwalk in Ocean City. The new 105-room, seven-story hotel will replace the existing Seascape Motel, which opened in the 1950s. The property will feature a restaurant, bar, outdoor veranda, meeting rooms, room service, indoor and outdoor swimming pools and a fitness center, as well as six shops fronting Boardwalk. The owner, PRBR Hospitality LLC, has owned the site since 1978.
RESTON, VA. — Rubenstein Partners LP has purchased a 180,000-square-foot office building located at 11493 Sunset Hills Road in Reston, about 20 miles west of Washington, D.C., in northern Virginia. Rubenstein plans to reposition and re-tenant the building and has selected Andy Klaff and Steve Hoffeditz of Newmark Grubb Knight Frank to lease the property. The renovations, which are set to wrap up by the end of 2017, will include fashioning higher ceilings within the floor plates, overhauling the HVAC and building management systems, renovating the lobby and restrooms, upgrading the aesthetic to a more “industrial-loft” design and enhancing the amenity package, including a new fitness center, conference center, food service and an outdoor deck. Built in 1988, the five-story building is the former home of Unisys Corp. and is situated within walking distance to the new Wiehle-Reston East Station on the Metrorail’s Silver Line, as well as a Whole Foods Market, Reston Station and Reston Town Center.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
SPARTANBURG, S.C. — NAI Earle Furman has brokered the $8.8 million sale of two apartment communities totaling 166 units in Spartanburg. The assets include the 74-unit Georgetown Village located at 1421 John B White Sr. Blvd. and the 92-unit Timberlane Apartments located at 106 Kensington Drive. Cedar Grove SC LLC purchased both assets from Georgetown Holdings LLC. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Both Georgetown Village and Timberlane Apartments were fully occupied at the time of sale.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Realty Co. will develop the project on a 250-acre industrial site west of the city’s downtown. The facility will be the largest in the UPS global network and will process 100,000 packages per hour. Development costs will total $400 million. The site’s location near Fulton County Airport-Brown Field, otherwise known as Charlie Brown Airport, offers easy access from I-285, I-20 and Fulton Industrial Boulevard. Majestic Realty will also provide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million operations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majestic Realty, InvestAtlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the public/private partnership. Majestic Realty recently completed a five-year entitlement process for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned business parks in the United States. — Kristin Hiller
CHARLOTTE, N.C. — Boston-based AEW Capital Management has purchased Carnegie VII and Carnegie Ten, two office buildings located at 5955 and 5605 Carnegie Blvd. in Charlotte’s Southpark office submarket, for $40.2 million. Patrick Gildea, Will Yowell and Jay O’Meara of CBRE represented the sellers, Carnegie Ten LLC, owned by Community Investments Foundation, a supporting organization of Foundation For The Carolinas; and Carnegie VII LLC, in the transaction. The sellers are subsidiaries of Bissell Cos., which developed and managed Carnegie VII and Carnegie Ten. The office properties’ anchor tenants include Citizens Bank, Enpro Industries and Humana Insurance.
LAWRENCEVILLE, GA. — Emma Capital Investments Inc. has purchased 3400 Club Apartments, a 300-unit, garden-style apartment community located at 3400 Club Lake Parkway in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Emma Capital acquired the asset for $25.7 million. Built in 1984, 3400 Club features six different floor plans averaging 1,140 square feet. Community amenities include a swimming pool and tennis court. Emma Capital plans to renovate the interiors of a majority of the units, as well as expand tenant amenities with features such as outdoor fitness equipment and enhancements to the clubhouse. This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to more than $300 million and over 4,500 apartment units.
DURHAM, N.C. — Gemini Rosemont LLC, a Santa Fe, N.M.-based office real estate investment firm, has purchased SouthCourt, a six-story office building in Durham. The sales price was undisclosed, but the Triangle Business Journal reports that Gemini Rosemont acquired the 131,976-square-foot building for $17.5 million. Torchlight Investors sold the property, which is anchored by Blue Cross Blue Shield of North Carolina’s headquarters. SouthCourt features ground-floor retail space, a fitness center and a salon, and the property is within walking distance of The Fresh Market, Starbucks Coffee, Super Target and Mi Peru. Scot Humphrey and Ryan Clutter of HFF brokered the transaction. Trinity Partners, under the direction of Gemini Rosemont’s Tine Renee McCall, will handle leasing responsibilities and property management services at SouthCourt.
ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.