KEY WEST, FLA. — LaSalle Hotel Properties has acquired the 260-room Southernmost Hotel Collection in Key West for $184.5 million. The acquisition includes the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House properties. LaSalle funded the transaction with borrowings from its senior unsecured credit facility. The hotel property is located on the southern end of Duval Street, which runs through Key West's Old Town, home to bars, restaurants, shops and historic sites. The hotel includes 3,128 square feet of meeting space and 2,488 square feet of outdoor space. About $13.8 million has been invested in the hotel's upkeep in the last three years. Highgate Hotels will operate the Southernmost Hotel Collection.
ORLANDO, FLA. — Stiles Realty, in partnership with Orlando-based Divaris Real Estate, has arranged the $8.6 million sale of Baldwin Park I and II, two Class A office buildings totaling 64,695 square feet in Orlando. The office properties are located at 4750 and 4776 New Broad St., three miles from downtown Orlando. Stiles and Divaris represented the seller in the transaction. Orlando-based MDS Baldwin Park LLC, a private investor, was the buyer.
SPARTANBURG, S.C. — Chambers Street Properties has acquired a 156,800-square-foot industrial property, located at 1200 Woods Chapel Road near Spartanburg. The property is located one mile from Interstate 85 and two miles from the Greenville-Spartanburg Airport. The project sits on a 32.5-acre parcel and is expandable to 273,000 square feet. With this purchase, Chambers Street now owns more than 2.1 million square feet of warehouse/distribution space in the Spartanburg area. Chambers Street purchased the property through its affiliate, RT Woods Chapel LLC. Virginia Wright of Atlanta-based Bull Realty represented the buyer in the transaction. Dick Merritt of Greenville, S.C.-based Merritt and Co. represented the seller, ACPS LLC. Lear Operations Corp, a supplier of plastic automotive components, occupies the plant.
HUNTSVILLE, ALA. — Sperry Van Ness | Avat Realty has arranged the $2.5 million sale of a 81,000-square-foot retail property in Huntsville. The retail center is located at 1001 N. Memorial Parkway and its tenant roster includes Books-A-Million and Toys “R” Us. Sperry Van Ness | Avat Realty represented the seller in the transaction.
WASHINGTON, D.C. — MAC Realty Advisors has arranged the sale of the Flats at Blagden Alley development sites in Washington, D.C., to a local developer. Flats at Blagden Alley will be a mid-rise, transit-oriented community located at 917 M St. and 1212 9th St., across the street from the Mount Vernon Square/Convention Center Metro Station. MAC Realty Advisors represented the seller, Self Help Ventures Fund, in the transaction. Bruce Levin, Andrew McAllister and Ben Lazarus of MCA led the marketing effort for the transaction.
ORLANDO, FLA. — Marcus & Millichap has brokered the $6.7 million sale of College Park, a 665-unit, 74,806-square-foot self storage facility in Orlando. Built in 2000, the property is located at 1420 N. Orange Blossom Trail. Michael Mele of Marcus & Millichap's Tampa office represented the local seller, a limited liability company, in the transaction. Mele also represented the New York-based buyer.
VIRGINIA BEACH AND RICHMOND, VA. — Morgan Property Group LLC (MPG) has acquired two sites in Virginia for the development of two new freestanding 7-Eleven stores. One site is located at the southwest corner of General Booth Boulevard and Dam Neck Road in Virginia Beach. The other is located at the southeast corner of West Broad Street and Pemberton Road in Richmond. Once the two stores are developed, MPG will have developed seven 7-Eleven properties in Virginia in the past two years. MPG purchased the Virginia Beach location through its affiliate SDC VII General Booth LLC for approximately $1.1 million. The new property will feature a 3,010-square-foot convenience store and four pumping stations. Construction is expected to start later this year and wrap up in the second quarter of 2014. MPG purchased the Richmond site through its affiliate SDC VI Broad LLC for a little more than $1 million. Construction is expected to start in October and wrap up in the first quarter of 2014. MPG purchased the sites from Doswell Ventures LLC in both transactions.
ROANOKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.4 million sale of Shops at Pheasant Ridge, a 13,740-square-foot retail center located at 4335 Pheasant Ridge Road in Roanoke. John Nielsen and Bob Copty of Cushman & Wakefield | Thalhimer represented the seller, Quatros Amigos Partnership, in the transaction. The buyer was Summers Properties LLC. Goodwill will lease a portion of the retail center.
WINSTON-SALEM, N.C. — Publix Super Markets Inc. has unveiled its plans to enter the Winston-Salem market with a 49,000-square-foot store located at 34 Miller St. The store will be the third Publix in Mecklenburg County. The new location, which is slated to open in 2015, will feature covered parking below the store. Publix has made known its plans to expand its footprint in North Carolina, with previous stores announced for Cornelius, Ballantyne, Asheville, Cary and two in the greater Charlotte area. Publix currently has 1,072 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
BIRMINGHAM, ALA. — Hendricks-Berkadia has arranged the $18.3 million sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham. The purchased involved the assumption of an existing Freddie Mac loan fixed at 6.1 percent with an approximate balance of $13 million. David Oakley of Hendricks-Berkadia's Alabama office represented both the seller, Alabama-based Madison at Shoal Run LLC, and the buyer, New York-based TEG Madison at Shoal Run LLC, in the transaction.