WINSTON-SALEM, N.C. — Inland Private Capital Corp. has sold BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, for approximately $25 million. Inland facilitated the sale of the property on behalf of one of its 1031 investment programs through a subsidiary, which serves as Inland’s asset manager.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.
LAFAYETTE, LA. — CBL & Associates Properties Inc. and Stirling Properties have formed a joint venture to develop Ambassador Town Center in Lafayette. The 58-acre site at Caffery Parkway and Kaliste Saloom Road will house the 425,000-square-foot shopping center. The property’s tenant roster will include Costco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. Construction is set to begin this month and the property is slated to open in March 2016. Ambassador Town Center is expected to create 2,200 construction jobs and 1,000 permanent jobs.
CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.
NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.
RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.
MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.
TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Westshore 500, a Class A, 129,728-square-foot office building in Tampa. The asset is located at 500 N. Westshore Blvd. in Tampa’s Westshore submarket. Fairlead Commercial acquired the asset along with equity partner Bridge Investment Group Partners, managers of the ROC Funds, for an undisclosed price. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE’s capital markets group represented the seller in the transaction. Fairlead has selected Claire Calzon and Joanne LeBlanc of Colliers International to lease Westshore 500.
MEMPHIS, TENN. — Target has leased 900,000 square feet of industrial space at 5461 Davidson Road in Memphis, a distribution center that features 30-foot clear heights. The retail giant will invest $50 million to reposition the property as a regional online fulfillment center. Patrick Walton and Kemp Conrad of Cushman & Wakefield-Commercial Advisors LLC represented the property’s owner, an asset management and investment firm, in the lease transaction. Patrick Burke of CBRE represented Target. The property, which is slated to be operational by mid-2015, is expected to generate more than 400 jobs. Target by Innotrac, a third-party logistics firm, will manage the facility.
MIAMI BEACH, FLA. — Nakash Holdings, an investment firm controlled by founders of jean designer Jordache Enterprises, has purchased The Setai Hotel in Miami Beach’s South Beach neighborhood for an undisclosed price. Nakash Holdings will own and operate 130 guest rooms in the historic Art Deco building, as well as units in the tower portion of the hotel. The hotel’s amenity package includes three infinity pools, four food and beverage outlets, an upscale spa and fitness center and more than 45,000 square feet of indoor and outdoor function space. The hotel’s Art Deco portion was built in the 1930s, and in 2004 Jean Michel Gathy and Jaya Ibrahim developed the hotel’s tower portion. The Art Deco building was redesigned in 2004 as well.