RICHMOND, VA. — Lingerfelt CommonWealth Partners has acquired Richmond Marriott West, a 242-room hotel located in Richmond’s affluent Glen Allen suburb. The hotel is part of Innsbrook Corporate Center, a mixed-use park with more than 8 million square feet of office space, stores, restaurants and multifamily housing. Lingerfelt’s affiliate, CommonWealth Lodging, will manage the hotel and oversee its multi-million renovation, which will wrap up by summer 2015. The hotel will remain open during the planned renovations. Lingerfelt, which is headquartered in the Innsbrook Corporate Center, owns roughly 1 million square feet of office space in close proximity to the hotel.
Southeast
CANTON, GA. — NorthMarq Capital has arranged a $24.2 million loan for the Lodge at Bridgemill, a 150-unit seniors independent living community in Canton, a northern suburb of Atlanta. Melissa Marcolini Quinn of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender for an undisclosed borrower.
COVINGTON, GA. — Dougherty Mortgage LLC has originated a $13.2 million HUD 223(f) loan to refinance Wellington Ridge, a 220-unit apartment community in Covington. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule on behalf of the borrower, Lochridge Newton LP.
MIAMI BEACH, FLA. — KBS Realty Advisors has signed 18,396 square feet in new leases at its 555 Washington building in Miami Beach. The leases bring the Class A, 64,617-square-foot office and retail property to 96.5 percent occupancy. CVS/pharmacy has signed an 11,569-square-foot lease, and Bok’s Restaurant Group has signed a 6,827-square-foot lease for a Soo Woo Japanese & Korean Steakhouse. CVS/pharmacy is expected to open its store in August. Aaron Butler of Avenue Real Estate Partners represented KBS in both lease transactions.
ATLANTA — Bull Realty has completed the second expansion in less than two years of its office space at 50 Glenlake Parkway in Atlanta’s Central Perimeter submarket. Bull Realty now occupies 15,075 square feet, increasing its footprint by roughly 3,000 square feet. The office features a large open coffee shop area looking in on the company’s Studio One, a radio/video studio where the nationally syndicated “Commercial Real Estate Show” is produced. The space now has a new game room with a pool table, ping pong, dartboard, Bluetooth sound system and flat screen TVs. The space also includes a new high-tech meeting room, a lounge with a large video screen and an executive boardroom. Facilitec designed the space and consulted on the office’s furniture. Bull Realty’s cubicles were also replaced with modern pods. Bull Realty's current specialties include office, retail, industrial, multifamily, healthcare, land, seniosr housing, student housing, automotive properties, self storage, daycare and single-tenant net lease properties.
DAYTONA BEACH, FLA. — Landmark Apartment Trust, a publicly registered multifamily real estate investment trust, has purchased Andros Isles, a 360-unit, newly constructed apartment community at 100 Acklins Circle in Daytona Beach. The property was 95 percent occupied at the time of the sale. Delivered in August 2012, the gated community is comprised of one-, two- and three-bedroom apartments. The island-inspired property features private patios and balconies, gourmet kitchens, walk-in closets, in-home washers and dryers and iPod docking stations with surround sound. The community’s amenity package includes a resort-style swimming pool with a patio bar, poolside grills and a clubhouse with a fitness center, business center and game room.
GERMANTOWN, TENN. — Trademark Property Co. has begun the overhaul and expansion of Saddle Creek, its lifestyle center located in the affluent Memphis suburb of Germantown. General contractor Linkous has begun the demolition of 20,000 square feet of space on the southwest side of Poplar Avenue and West Street. Construction will begin soon on 40,000 square feet of new retail space. The expansion, expected to deliver in spring 2015, will bring Saddle Creek to a total of 168,000 square feet. Trademark will also upgrade Saddle Creek’s lighting, signage, plazas and landscaping. Saddle Creek’s tenant roster includes Anthropologie, Apple, Banana Republic, Brooks Brothers, Chico’s, Coach, Free People, J. Crew, kate spade new york and Madewell. Trademark has managed and leased the property since 2011.
HERNDON, VA. — Rappaport has closed on a $65 million first mortgage loan to refinance Worldgate Centre, its 230,000-square-foot retail center located at the intersection of Dulles Toll Road and Elden Street in Herndon. Rappaport purchased the asset in 2000. Worldgate Sport & Health anchors the property, and other tenants include a nine-screen AMC Theatre, Starbucks Coffee, TGI Friday’s, Subway, Qdoba Mexican Grill, Cold Stone Creamery and FedEx Kinko’s. The Ackman-Ziff Real Estate Group arranged the 10-year non-recourse loan through a CMBS lender on behalf of Rappaport.
MIAMI — Cohen Financial has secured a $38.2 million bridge loan for the acquisition of land and pre-development of River Landing, a mixed-use development in Miami. Upon completion, River Landing will feature 428,542 square feet of retail space and 508 multifamily units. Kevin O’Grady, Daniel Sheehan, Gregory Newman and Eric McGlynn of Cohen Financial secured the loan with North Star Realty Finance Corp. on behalf of the borrower, River Landing Development LLC.
RALEIGH, N.C. — HFF has secured a $16.6 million construction loan for the development of Aloft Raleigh, a 135-room hotel at 2100 Hillsborough St. near North Carolina State University in Raleigh. Upon completion in fall 2015, the hotel will feature a fitness center, swimming pool, outdoor deck and WXYZ Bar, in addition to the brand’s Re:Mix lounge, Re:Fuel dining area and In-Touch business center. Mark Remington of HFF arranged the five-year construction loan through First Tennessee Bank on behalf of the borrower, a partnership between The Bernstein Cos., TME Investments and Michael Sandman.