DULUTH, GA. — RexxHall Realty has acquired a six-building, 250,000-square-foot office portfolio in Duluth, a suburb of Atlanta. The portfolio is located in the Chattahoochee Corners office park. This the first time since 1998 that a single entity has owned Chattahoochee Corners — RexxHall previously acquired 250,000 square feet of office space from The Alter Group at Chattahoochee Corners in August 2013. RexxHall plans to make capital improvements to the park, including a new full-service fitness center, improved running trails, food truck program and completion of its fiber optic network. Including this transaction, RexxHall owns approximately 700,000 square feet of office space in metro Atlanta. Tom Shafer of CBRE represented the undisclosed seller in the transaction. Bryan Heller, Heather Lamb and Peter McGuone of CBRE have been given the leasing assignment for the park. Alter Asset Management will handle property management services for the park.
Southeast
COLUMBIA, S.C. —Peachtree Hotel Group has acquired the Courtyard Marriott in downtown Columbia for an undisclosed price. The nine-story, 189-room hotel features 5,213 square feet of flexible meeting space, a full-size restaurant, bar, business center, high-speed internet, a gift shop, valet and a dry-cleaning service, as well as a free shuttle to the Columbia Metropolitan Airport. The property is slated to undergo a $3.5 million renovation, which will include the new Courtyard “Refreshing Business” lobby and a new bistro restaurant concept, as well as improvements to meeting spaces and guest rooms. Sam Winterbottom and Bhavesh Patel of Newmark Grubb Knight Frank Hotels, along with Marshall Kibler of Newmark Grubb Wilson Kibler, represented the seller, an affiliate of Fillmore Capital Partners LLC.
GREENSBORO, N.C. — Home2 Suites by Hilton has opened its 30th hotel nationwide: Home2 Suites by Hilton Greensboro Airport in Greensboro. The five-story, 95-suite hotel is located at 7801 National Service Road, which is minutes away from the Piedmont Triad International Airport. Triad Hotels LLC owns the hotel, which is the fourth Home2 Suites by Hilton hotel in North Carolina. The hotel features a combined fitness and laundry area called Spin2 Cycle, as well as an indoor chlorine pool and gas grills.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of Country Inn & Suites, an 83-room hotel located at 4415 Commons Drive E. in Destin. The hotel sold for approximately $4.7 million. Nearby attractions include the beach, several country clubs and Destin Commons, an upscale outdoor lifestyle center. David Greenberg and David Altman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Kansas, in the transaction. Greenberg and Altman also procured and represented the buyer, a private investor based in Alabama.
ACWORTH, GA. — Affiliates of Compass Self Storage, a member of Amsdell Cos., have acquired a self storage property located at 5488 Wade Green Road in Acworth, a northern suburb of Atlanta, for an undisclosed price. Compass Self Storage will operate the 42,000-square-foot facility, making it the fifth Compass facility in Georgia. This is Compass Self Storage’s 10th acquisition in the past 12 months.
MIAMI — The Melo Group has topped off a 32-story mixed-use tower located along the Miami River at 340 W. Flagler St. in downtown Miami. Known as Flagler on the River, the property will include 250 residential units, as well as office space and two street-level floors of retail and restaurant space facing the river. The tower is slated to open in June. Rental rates for the residential units start at $1,450 per month for a one-bedroom unit, $1,900 per month for a two-bedroom unit and $2,400 per month for a three-bedroom unit. The property will feature a pool deck, fitness center, garage parking and a social room for residents.
BETHESDA, MD. — Architecture firm Perkins + Will has completed design work on Phase II of the National Institute of Health’s (NIH) John Edward Porter Neuroscience Center in Bethesda. The 320,000-square-foot research center is made up of 10 different institutes, including the National Institute of Neurological Disorders and Stroke and the National Institute of Mental Health. The research center also includes an advanced MRI suite, the first of its kind in the world. Perkins + Will designed the property with sustainable features, such as geothermal wells, ground source heat pumps, chilled beams and LED lights. Phase I of the research center was completed in 2004.
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $18.2 million sale of Whispering Palms, a 315-unit apartment complex located at 4540 N.W. 36th St. in Lauderdale Lakes. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, an investor with headquarters in Miami and New York, as well as the buyer, a New York-based investor. The community, built in 1973, features a playground, pool, on-site laundry facilities and elevators. The asset was 96 percent occupied at the time of sale.
MIAMI — Southeast Financial Center, Florida’s tallest and largest office tower totaling more than 1.2 million square feet in Miami’s Central Business District, will undergo a nearly $8.2 million renovation plan. Since 2008, J.P. Morgan Asset Management – Global Real Assets has invested more than $20.5 million in capital improvements to the office tower. The renovation includes a $6.4 million elevator modernization project led by elevator provider Schindler. Other plans for the capital improvements include SemaConnect installing electric vehicle charging stations with payment options; construction of a conference and training center for tenants; a new roof; new common area signage; two pay-on-foot payment stations in the parking garage; and a tenant portal to streamline property management processes.
FREDERICKSBURG, VA. — NAI KLNB has brokered the $2.3 million sale of a 55,000-square-foot, single-story warehouse building at 4406 Overview Drive in Fredericksburg. The buyer, Tobacco Road 2012 LLC, purchased the property from Baltimore-based Northeast Foods, a bread manufacturer. The property features 16 loading docks with 28-foot clear ceiling heights and 10,000 square feet of freezer space. John Milligan and Andy Georgelakos of NAI KLNB represented the seller in the transaction. George Kolentsi of Gatehouse Realty represented the buyer.