KEY WEST, FLA. — Hersha Hospitality Trust has purchased Parrot Key Resort, a 148-room resort in Key West, for $100 million. The resort features a restaurant and tiki bar, four private swimming pools, a fitness center and waterfront sun-bathing terraces, as well as water sport rentals such as kayaks, paddle boards and jet skis. Gregory Rumpel and Carolina Lacerda led the JLL team in representing the seller, Northwood Investors LLC.
Southeast
ATHENS, GA. — Juneau Construction Co. has commenced construction on a seven-story, 375,000-square-foot mixed-use project in downtown Athens, blocks from the University of Georgia. The $35.5 million Broad Street project will feature 252 residential units, retail space and a parking structure. The residential portion will feature one-, two-, three- and four-bedroom apartments, as well as a rooftop terrace, patio and pool. The project team includes developers GEM Realty Capital and Education Realty Trust, as well architect BKV Group. The Broad Street project will open in August 2015.
METAIRIE, LA. — KeyBank Real Estate Capital secured a $25 million loan for Westgate Plaza, a 207,866-square-foot shopping center in Metairie, about seven miles west of New Orleans. Academy Sports + Outdoors anchors the center, and HH Gregg and Michaels are the center’s junior anchors. Randy Martin of KeyBank originated the loan.
WINSTON-SALEM, N.C. — Chambers Street Properties has signed a five-year, 316,000-square-foot lease with a new, unnamed tenant at its Union Cross Building II in Winston-Salem. The property is located on U.S. Highway 311, in close proximity to I-40, I-85, I-77 and I-81. Chambers Street, an industrial and office REIT, purchased Union Cross Building II in 2007.
DRUID HILLS, GA. — Cousins Properties and Gables Residential have signed Earth Fare, an organic and natural foods grocer, to a 24,782-square-foot lease in Druid Hills, a suburb of Atlanta. The grocer will be part of the tenant mix of Phase II of Emory Point, a luxury mixed-use development near The Centers for Disease Control and Prevention, Emory University and Emory Healthcare. Phase I of Emory Point opened in 2012 and includes 80,000 square feet of retail space and 443 apartment units. Earth Fare’s lease will bring Phase II’s retail portion to 64.6 percent pre-leased. Phase II, which is slated to open in early 2015, features 43,000 square feet of retail space and 307 apartments.
LITTLE ROCK, ARK. — Inland Real Estate Income Trust Inc. has acquired the 126,288-square-foot MidTowne Shopping Center in Little Rock. The property, located at the corner of University Avenue and Markham Street, is located across the street from Park Avenue Shopping Center, which Inland purchased in February. MidTowne is 95.6 percent leased to 22 tenants, including The Container Store, Pottery Barn, Ulta Beauty and Williams-Sonoma. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Inland in the transaction.
WHITSETT, N.C. — Charlotte-based Beacon Partners has purchased a 520,000-square-foot, fully leased distribution center in Whitsett, about seven miles from Greensboro. The property is located at 6550 Judge Adams Road, within Rock Creek Center. The distribution center sits on a 30-acre parcel located less than one mile from I-85 and with immediate proximity to the I-40 and I-85 interchange. The property features 28-foot clear heights, a truck court with dock-high and drive-in loading and a ESFR sprinkler system. Beacon Partners’ industrial portfolio in the Carolinas spans 5.5 million square feet. Gregg Copps and Lawrence Shaw of Colliers International represented Beacon Partners in the transaction. Dodson Schenck and Greg Wilson of CBRE represented the seller.
JACKSONVILLE, FLA. — Avesta Communities has acquired Woods of Mandarin, a 401-unit apartment community located in Jacksonville’s Mandarin submarket. As part of the transaction, the property has been renamed Avesta Mandarin. Built in 1974, the community offers amenities such as two swimming pools, lighted tennis courts, a playground and a picnic area.
CAIRO, GA. — Franklin Street Real Estate Services has arranged the $2.8 million sale of Cairo Corners, a grocery-anchored shopping center in Cairo, a town in southwest Georgia along the Florida border. Built in 2008, the property is located at 1000 First Ave. N.E. Harveys Supermarket anchors the shopping center and has 13 years remaining on its lease through its parent company BI-LO LLC. An unnamed company based in Delaware purchased the shopping center from Cairo Sun Properties Ltd. LLP, a Boca Raton, Fla.-based limited liability company. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller in the transaction.
CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has arranged the $2.5 million sale of a 24,000-square-foot office building located at 1200 Charleston Regional Parkway in Charleston. Jessen Lane LLC purchased the former NanoScreen Building from Wells Fargo Bank. Mankiewicz LLC, a manufacturer of coating systems for the aviation and automotive industries, will lease space at the property. Mark Erickson of Cushman & Wakefield | Thalhimer represented Wells Fargo in the transaction.