BRADENTON, FLA. — Calkain Cos. has brokered the $1.4 million sale of a single-tenant, 4,186-square-foot Wells Fargo Bank branch in Bradenton, roughly 45 miles south of Tampa. Built more than 35 years ago, the bank is located at 6285 14th St. W. Wells Fargo extended its lease this past April by five years. Stephen Counts and David Sobelman of Calkain Cos. represented the seller, Bersam Development, in the transaction. The property sold for a record low cap rate for a Wells Fargo branch with less than five years remaining on its lease term, according to Calkain Cos.
DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.
JACKSON, TENN. AND HUNTSVILLE, ALA. — RCG Ventures Fund III has purchased West Towne Commons, a 168,210-square-foot shopping center in Jackson, and Madison Plaza, a 99,108-square-foot center in Huntstville, for an undisclosed price. Located at the intersection of Highway 45 and Oil Well Road, the West Towne Commons’ tenant roster includes T.J. Maxx, Stein Mart, OfficeMax and Petco. Target is also a tenant but was not involved in the transaction. RCG Ventures was represented internally by Jeff Miller, and Johnny Lamberson and Terry Radford of CBRE represented the seller. Located across from Madison Square Mall at Old Monrovia Road and University Drive, Madison Plaza is anchored by Haverty’s and Mission Thrift Store. RCG Ventures was represented internally by Scott Tarbet in the transaction, and Margaret Caldwell of JLL represented the seller.
RICHMOND, VA. — Hunter Hotel Advisors has brokered the $11 million sale of Homewood Suites Richmond West End, a 123-room hotel in Richmond. A global private equity firm sold the four-story hotel to a Virginia-based hotel company. Teague Hunter and Trey Scott of Hunter Hotel Advisors brokered the transaction.
SHREVEPORT, LA. — Lexington, Ky.-based BC Wood Properties has acquired North Market Place, an 88,205-square-foot shopping center located in Shreveport, for $7 million. Brookshire’s Grocery anchors the center. The grocer operates more than 150 stores in Arkansas, Louisiana and Texas. North Market Place is the first Louisiana shopping center in BC Wood’s portfolio, which includes 36 shopping centers comprising more than 5 million square feet.
BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the $3.3 million sale of North Cliff Valley Apartments, a townhome apartment community located at 1350 N. Cliff Valley Way N.E. in Brookhaven, an affluent suburb of Atlanta. The apartment complex is located within close proximity to Cross Keys High School and I-85. Jake Reid and Ricky Jones of Franklin Street represented the seller in in the transaction. The apartments were the second property in a two-property sale, which included the previous sale of Lenox Townhomes.
KENNESAW, GA. — Liberty Property Trust has inked a 62,319-square-foot lease with Reliable Heating & Air at 1305 Chastain Road in Kennesaw, a northern suburb of Atlanta. The HVAC company’s lease brings the 116,500-square-foot industrial facility to full occupancy. The Kennesaw location will serve as Reliable’s headquarters. Reliable employs more than 320 professionals, manages a fleet of more than 175 trucks and operates a satellite location in Fayetteville, Ga. Kevin Mitchell of Benchmark Commercial represented Reliable in the lease transaction. Trey Barry and Mark Hawks of CBRE represented Liberty.
FORT LAUDERDALE, FLA. — Berkadia has arranged a $50 million loan for Coral Ridge Mall, a 500,000-square-foot retail center located at 3200 N. Federal Highway in Fort Lauderdale. The mall’s tenant roster includes AMC Dine-In Theatres, Target, Ross Dress for Less, Game Stop, T.J. Maxx, HomeGoods, Foot Locker, Jamba Juice, Old Navy and Publix. Joseph Schrage of Berkadia’s Miami office arranged the 10-year loan through J.P. Morgan on behalf of the borrower, property manager Gumberg Asset Management. The loan was structured with a fixed interest rate and a 30-year amortization schedule.
GAITHERSBURG, MD. — HFF has arranged the $29.4 million sale of three office buildings located at 25, 35 and 45 W. Watkins Mill Road in Gaithersburg, a Maryland suburb of Washington, D.C. The three office/lab buildings span 139,938 square feet and were cumulatively 95 percent leased at the time of sale to tenants such as MedImmune and Amplimmune, which are both wholly owned subsidiaries of AstraZeneca. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matthew Nicholson of HFF represented the seller, an affiliate of Equus Capital Partners Ltd., in the transaction. In addition, HFF arranged $19.2 million in acquisition financing on behalf of the buyer, Tritower Financial Group. Cary Abod led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through an unnamed life insurance company.
TYSONS CORNER, VA. — A joint venture between Rubenstein Partners LP and Griffith Properties has purchased The Rappahannock Building, a six-story, Class A office building located at 1550 Westbranch Drive in Tysons Corner. The joint venture purchased the 152,000-square-foot office building from Corporate Office Properties Trust for $27.8 million. Built in 2001, the property has been fully leased to The MITRE Corp. since it was built, but the company plans to move to another office campus in Tysons Corner in 2016. Once vacated, Rubenstein and Griffith plan to renovate the office building to attract new tenants. Malcolm Schweiker of CBRE represented the joint venture in the transaction. Schweiker will also handle leasing the office building.