NORCROSS, ATLANTA AND MARIETTA, GA. — Merric Millwork and Seating has completed millwork renovations to the common areas of three Courtyard by Marriott hotels in Georgia. The work for each project was done simultaneously. The hotels include the Courtyard by Marriott Peachtree Corners in Norcross, Courtyard by Marriott Windy Hill in Atlanta and Courtyard by Marriott Marietta in Marietta. The millwork renovations included work on the focal wall, quick print station, library, business center and other common area features. The design team includes general contractor Artistic General Contracting and developer Sage Hospitality.
Southeast
MOBILE, ALA. — Marcus & Millichap has arranged the $18.4 million sale of a 200,084-square-foot Walmart Supercenter, located at 685 Schillinger Road S. in Mobile. The store was constructed in 1997 on a 6.7-acre parcel. Walmart recently extended its lease at the property through July 2028. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented both the seller, H&R Mobile LLC, and the buyer, Wells Ventures LLC. Eddie Greenhalgh of Marcus & Millichap’s Birmingham, Ala., office served as the Alabama broker of record in the transaction.
CHAMBLEE, GA. — Construction is underway for a new four-story, 124-room Value Place hotel in Chamblee, about 14 miles north of downtown Atlanta. The hotel will be located at 2877 Dresden Drive, near the intersection of I-85 and Chamblee Tucker Road. EMJ Hospitality will manage the hotel upon completion, which is slated for February 2015.
CHARLOTTE, N.C. — Banner Essex Strategic Apartment Fund II has purchased the 274-unit Ansley Falls Apartments, an apartment property built in 2010 in Charlotte’s Pineville submarket. The investment fund purchased the Class A asset in a joint venture with an affiliate of The Hartford. The seller was an affiliate of Sherman Residential. Dean Smith and John Heimburger of ARA brokered the transaction.
CHARLOTTE, N.C. — Morgan Property Group LLC (MPG) has acquired two sites in Charlotte for the development of new freestanding 7-Eleven stores. One site is located at the northwest corner of North Tryon Street and West Craighead Road and the other is located at the northwest corner of Freedom Drive and Thrift Road. MPG purchased the first site through its affiliate SDC X Tryon LLC from Dream Properties Co. 7-Eleven Inc. signed a 2,490-square-foot lease at the site for a 15-year term. MPG purchased the second site through SDC IX Freedom LLC from E.C. Griffith Co. 7-Eleven will occupy a 2,630-square-foot store upon completion. Construction for both stores is expected to begin in the second quarter and wrap up in the fourth quarter of this year.
HAMPTON, VA. — A10 Capital has provided a $5.2 million acquisition loan for a Class B suburban office building in Hampton, located in the Virginia Beach-Norfolk metro area. Chuck Taylor of A10 Capital structured and closed the loan on behalf of the borrower, which will use the loan to both acquire the property and fund future capital expenditures and tenant improvement costs. The office building was 35.5 percent leased at the time of closing. Vincent Hughes of iCap Realty Advisors/Q10 arranged the loan.
SANTA ROSA BEACH, FLA. AND PEACHTREE CITY, GA. — Dominion Partners has recently broken ground on two seniors housing communities in Santa Rosa Beach and Peachtree City totaling $38.8 million. The projects include the construction of the new $13.8 million Somerby at Santa Rosa Beach in the Florida Panhandle and the $25 million expansion of Somerby of Peachtree City. The Santa Rosa Beach community will feature 52 assisted living units and 24 memory care units. The expansion of the Peachtree City facility include the addition of 12 new villas and 100 independent living apartments in a four-story building. Rule Joy Trammell + Rubio is the architect for both projects. Maxus Construction is the general contractor for the Florida facility. Hoar Program Management is the project manager, DPR Hardin is the general contractor and Eberly & Associates is the landscape architect. In addition to the new construction, Birmingham, Ala.-based Dominion Partners is planning to bring two new facilities to Nashville, Tenn. and Sandy Springs, Ga.
WASHINGTON, D.C. — HFF has arranged the sale and acquisition financing for a 31,340-square-foot office building located at 450 H St. N.W. in Washington, D.C. The office building is fully leased to the District of Columbia’s Department of Youth Rehabilitation Services for the next 11 years. Dek Potts, Andrew Weir, Jim Meisel, Steve Conley, Matt Nicholson and Dave Baker of HFF represented the seller, Brookfield Real Estate Opportunity Fund, an affiliate of Brookfield Asset Management. Dan McIntyre of HFF arranged the 10-year acquisition loan through a CMBS lender on behalf of the buyer, an affiliate of Harbor Group International. The buyer plans to remodel the property in the second quarter in hopes to achieve LEED certification.
TAMPA, FLA. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged a $16.1 million loan for Independence Realty’s flex portfolio in Tampa. The three facilities include the 95,761-square-foot, three-building Corporex Plaza; the 75,378-square-foot, two-building Brandywine Business Center; and the 42,655-square-foot, two-building President’s Plaza. CMC arranged the 10-year, non-recourse loan with a fixed interest rate and a 30-year amortization schedule.
LAKE MARY, FLA. — Chris and Dana Mahnken of Lake Mary plan to develop a 32,000-square-foot office and retail building at East Crystal Lake Avenue in Lake Mary. The mixed-use property will be adjacent to the planned Lake Mary SunRail Station platform and across from a new 200-unit luxury apartment project. SunRail is a planned $1.2 billion commuter rail line in Central Florida. The property, known as Station Pointe at Lake Mary, will feature a coffee shop, sandwich shop, drug store, dry cleaner and beauty salon, along with office space. Construction is slated to begin in 2015. Realtor Rick Bavec has begun pre-leasing the development on behalf of the development team.