OXFORD, ALA. — Landmark Commercial Real Estate Services has arranged the sale of the Lowe’s Home Improvement Warehouse located in Oxford for approximately. $11.2 million. The 135,197-square-foot property is situated at 1836 U.S. Highway 78 East. A non-traded REIT purchased it from a Toronto-based private investor. Daniel Kukes and Kevin Baker represented the buyer in the deal.
WINTER PARK, FLA. — Resource Real Estate has acquired a distressed apartment community in the Orlando suburb of Winter Park on behalf of its Resource Real Estate Opportunity REIT for $10.1 million. Nob Hill Apartments consists of 192 units within 10 buildings on 10 acres of land. Amenities include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts. Resource plans to complete a capital improvements project that will include individual unit and common area repairs and renovations as well as new exterior painting and landscaping. Resource acquired the property from a financial institution that had previously foreclosed on it.
MARYLAND — St. John Properties has unveiled plans to begin construction on 10 office, R&D/flex and retail projects at six Maryland business communities by mid-September. The projects total 250,000 square feet and will be built on speculative basis with no pre-leasing commitments. The projects include: two flex office buildings on Easter Court in Owings Mills; a 12,675-square-foot retail building and a 14,280-square-foot office building in nearby Reistertown Crossing in Reistertown; an 8,125-square-foot retail building at 4001 N. Point Blvd. in Dundalk; a 24,190-square-foot office building at Route 100 Technology Center and a 13,325-square-foot retail building at BWI Technology Park, both located near Baltimore-Washington International Airport; and three one- and two-story office buildings totaling 100,000 square feet located within Annapolis Commons. Earlier this year, St. John commenced construction on five office, flex and retail buildings in Maryland totaling more than 320,000 square feet.
ORLANDO — Marcus & Millichap has brokered the sale of a multifamily community and a hotel in Orlando for a combined $7.6 million. Universal Suites is located at 1200 Holden Ave. The apartment community includes a 140 one- and two-bedroom units. It sold for $4.3 million. Tranquility Inn is a 110-room extended-stay hotel located at 4855 S. Orange Blossom Trail. It traded for $3.3 million. Nicholas Meoli, Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the local seller. John Keeler of Marcus & Millichap’s Orlando office represented the Colorado-based buyer.
OCALA, FLA. — A joint venture between Dallas-based companies MGHerring Group and Tricom Real Estate Group has acquired Market Street at Heath Brook in Ocala, Fla. The outdoor, regional shopping center contains 685,000 square feet and is anchored by Dillard’s and Dick’s Sporting Goods. Tricom will oversee the asset management and leasing, and MGHerring Group will oversee the property management and development. The acquisition was one of the first transactions by the new joint venture, which was formed to acquire value-added regional malls and lifestyle centers throughout the United States. MGHerring and Tricom also purchased a 1 million-square-foot shopping center in Taunton, Mass., concurrent with this deal.
NASHVILLE, TENN. — Home2 Suites by Hilton has opened its newest hotel in Nashville. The five-story, 105-suite hotel is located at 832 Royal Parkway, one mile from Nashville International Airport. It features an indoor saltwater swimming pool, walking trails, a laundry and fitness area, and a convenience store. Pinnacle Nashville Airport GP owns the hotel, and Pinnacle Hospitality Partners manages it. The Home2 Suites by Hilton Nashville-Airport is the 19th U.S. location for the brand. Later this year, new Home2 Suites hotels will open in Querétaro, Mexico, and Edmonton, Canada. Future hotels are slated for the Houston, Atlanta, and Washington, D.C., markets.
MONTGOMERY, ALA. — Brown Realty Advisors has brokered the sale of a Montgomery multifamily community for $6.7 million. Hillwood Apartments is a Class B property constructed in 1982. It features 118 units that average 1,419 square feet each. Brown Realty completed the sale of the property in conjunction with Auction.com. Starwood Mortgage Capital provided acquisition financing on behalf of the undisclosed buyer, which plans to complete a $1 million capital improvements program for the property.
LOUISVILLE, KY. — A joint venture between Rosemont, Ill.-based First Hospitality Group and Louisville-based City Properties has announced plans to construct a new hotel in downtown Louisville. The new Hilton Garden Inn will be located in the Clay Commons District. It will feature 156 guestrooms over eight stories along with a rooftop bar and restaurant containing an open-air patio and meeting rooms. The hotel is scheduled to open in summer 2014.
COLUMBIA AND CHARLESTON, S.C. — Newmark Grubb Wilson Kibler (NGWK) has brokered the sale of two South Carolina office buildings leased to URS Corp. The first property totals 42,000 square feet and is located at 101 Research Drive in Columbia. The second property totals 16,000 square feet and is located at 4019 Salt Point Parkway in Charleston. NGWK’s Billy Way, Jeremy Wilson and H. Haskell Kibler represented the seller of both properties. Both parties’ names were undisclosed.
RICHMOND, VA. — Landmark Apartment Trust of America Inc. has acquired eight multifamily communities throughout the Southeast and Texas for a combined purchase price of approximately $169.3 million. Collectively, the properties contain 2,252 units and are 95 percent occupied. Five of the communities are located in Charlotte, Raleigh and Wake Forest, N.C. Two are located in Tampa and Jacksonville, Fla. The final property is located in Texas. The seller’s name was not released
