MAYODAN, N.C. — Firearms maker Sturm, Ruger & Co. has announced plans to build a new manufacturing facility in Mayodan, located approximately 50 miles north of the Triad area. Sturm, Ruger & Co. will finalize plans for the 220,000-square-foot facility in August. It currently operates manufacturing facilities in Newport, N.H., and Prescott, Ariz. The new plant represents the company’s first major expansion in more than 25 years.
WASHINGTON, D.C. — New York City-based Aria Development Group has completed a $10 million renovation of The Bond, an apartment building located at 1250 New Hampshire Ave. in the city’s West End neighborhood. Aria purchased the property in 2012 from the International Monetary Fund, which had been using it for corporate housing. Aria completed a gut renovation that provided brand new interiors for the building’s 83 units. Upgrades include European-style kitchens, three-inch natural white oak floors, Bosch washers and dryers, and all new systems including video intercoms and Nest programmable thermostats. The building’s front yard and courtyard were also landscaped. Aria will soon install a cast iron canopy on the building exterior. The Bond was developed by Aria in partnership with New York-based Manocherian Brothers. Monarc Construction was the general contractor, and Bonstra Haresign Architects designed the project.
JEKYLL ISLAND, GA. — The new Westin Hotel under development on the beachfront of Jekyll Island has received $25 million in construction financing. PNC Bank provided $10 million in conventional financing for the project. In addition, the U.S. Department of Agriculture provided $15 million in Rural Development loans for the project. The 200-room, convention-class hotel is slated to open in September 2014. Atlanta-based Davis, Pickren, Seydel and Sneed represented PNC Bank in the deal.
BLYTHEWOOD, S.C. — Colliers International has arranged the sale of the former Lamson & Sessions building located at 1091 Carolina Pines Drive in Blythewood. Vacant since 2011, the 350,000-square-foot building was purchased by Intertape Polymer Group, which plans to relocate and expand its Columbia operations into the Class A property. Chuck Salley and Dave Mathews of Colliers represented the seller, PCO Carolina Pines LP. The purchase price was not disclosed.
SARASOTA, FLA. — HREC Investment Advisors has completed the sale of the Holiday Inn Express & Suites located in Sarasota. The 101-room hotel is situated just off Interstate 75. HREC’s Scott Stephens, Monty Levy and Paul Sexton represented the seller, a joint venture between an affiliate of DeBartolo Development and Banyan Investment Group. The buyer’s name and the sale price were not released.
WILLIAMSBURG, VA. — Merrimac Associates has acquired a Williamsburg apartment community from Woodshire LLP for an undisclosed amount. Village of Woodshire Apartments is located at 150 Merrimac Trail. It comprises 252 one- through three-bedroom units on a heavily wooded site. Community amenities include a playground, a laundry facility, a swimming pool and a picnic area. Dan Johnson and Hank Hankins of CBRE|Hampton Roads partnered with Andrew Boyer and Jonathan Greenberg of CB Richard Ellis’ Washington, D.C. Multi-Housing Group to represent the seller.
ST. AUGUSTINE, FLA. — Marcus & Millichap has brokered the sale of a Walgreens in St. Augustine for $6 million. Located at 5445 State Road 16, the 14,820-square-foot property is situated across from a Flagler Hospital satellite campus and is shadow-anchored by a newly constructed Publix shopping center. Craig Lewis of Marcus & Millichap’s Jacksonville office represented the seller, a Jacksonville-based REIT. The buyer was an undisclosed party from San Francisco.
FRANKLIN, TENN. — Skanska USA has signed a contract to complete a $51 million expansion and renovation of Williamson Medical Center in Franklin. The project will include an approximately 33,000-square-foot expansion and approximately 10,500 square feet in renovations. It will commence in October and is scheduled for completion in November 2015.
MIAMI BEACH, FLA. — Marcus & Millichap has completed the sale of a Miami Beach retail property for approximately $12.3 million. The building is located at 1441 Washington Ave. and totals 18,750 square feet. Its primary tenants include American Apparel and nightclub Score, the latter of which recently signed a new 10-year lease. Drew Kristol and Kirk Olson of Marcus & Millchap’s Miami office represented the buyer, a New York-based private investment group, as well as the seller, a locally based owner/developer.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a total of $30.83 million in Fannie Mae DUS financing for the purchase of two Jacksonville multifamily communities. The first transaction was a $16 million, non-recourse loan secured by Timberwalk at Mandarin Apartments. The garden-style community contains 284 units and features a playground, a swimming pool, a spa, a dog park, a fitness center, a clubhouse, tennis courts and laundry facilities. The loan carries a 10-year term, a 30-year amortization schedule and 2 years of interest-only payments. The second transaction was a $14.83 million first mortgage secured by Chase Oaks Apartments. The garden-style community contains 240 units and features a clubhouse, two swimming pools, a sports court, a dog park, a fitness center, an internet café, a playground, a car care area, and laundry facilities. The loan carries a 12-year term, a 30-year amortization schedule and 3 years of interest-only payments. The borrower, which was the same in both deals, plans to complete exterior renovations to Chase Oaks Apartments. The properties will be managed by Merion Realty Management, a borrow-affiliated company. Taylor Williams of Grandbridge’s Jacksonville office originated and closed both loans.