WASHINGTON, D.C. — Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million. Located in the Kalorama and Dupont neighborhoods, the acquisition brings Modus' portfolio to 13 hotels, with seven in the metro D.C. area. The hotel recently underwent a $6 million renovation.
FORT LAUDERDALE, FLA. — Waypoint Residential has acquired Cypress Club at Woodmont, located on University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is 95 percent occupied. Cypress Club is located about six miles west of I-95.
ARLINGTON, VA. — A partnership between Silverwood Cos. and Freedom Development has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington. The buyers plan to shift the property to condominium ownership. Sales at The Avery will open in May and the first residents are expected to move in this summer. Insight Property Group developed the building, located at 1200 N. Rolfe St. Amenities include a lobby and front desk, fitness center, garage parking and bike storage. Units range from 750 square feet to 1,750 square feet.
RALEIGH, N.C. — Business law firm Wyrick Robbins Yates & Ponton LP has renewed and expanded its lease to 57,027 square feet at The Summit, located at 4101 Lake Boone Trail in Raleigh. The firm focuses on mergers and acquisitions, venture capital, financing and business litigation. Heath Chapman and Don Shupe of CBRE represented the tenant in the transaction.
NORTH MYRTLE BEACH, S.C. — Burroughs & Chapin Co. Inc. has purchased the Barefoot Landing entertainment complex, which features more than 100 specialty stores and restaurants surrounding a 27-acre lake along Highway 17 in North Myrtle Beach. The purchase price was $43 million, according to The Post and Courier. The property opened in 1988 and was one of the first outdoor festival shopping concepts along the Grand Strand, a stretch of beaches extending 60 miles along the East Coast. Barefoot Landing attracts nearly 7 million visitors annually. The acquisition includes all of the buildings and land within the main complex. The three outparcels will remain independently owned, yet the entire property will continue to be marketed as one entertainment destination.
WASHINGTON, D.C. — Camden South Capitol, a 276-unit apartment community, has opened at 1345 S. Capitol St. in Washington, D.C. The property is a short walk from the Navy Yard Metro Station and is across from Nationals Park. Rents range from $1,288 per month for the smallest studio floorplan to $3,225 per month for the largest two-bedroom, two-bath residence. Amenities include a rooftop pool lounge with views of the Capitol and 24-hour concierge service. Camden Property Trust owns the property.
DURHAM, N.C. — Medline Industries Inc. has expanded its lease to a total of 324,536 square feet, and is now occupying the entire CenterPoint I building at 1805 T.W. Alexander Drive in Durham. Centerpoint I is located within the Research Triangle Region, near the Durham Freeway/I-40 interchange. Medline is a privately held manufacturer and distributor of healthcare supplies. Hooker Manning of Duke Realty and Jackson Rives of Cushman & Wakefield | Thalhimer represented the landlord, Duke Realty, in the transaction.
BRADENTON, FLA. — Berkeley Point Capital has arranged a $10.9 million loan for the acquisition of Braden Lakes Apartments, a 264-unit, garden-style apartment community in Bradenton. Prior to the financing, the property was bank-owned for several years. The property is 97 percent occupied. Brian Kochan led the Berkeley Point team in arranging the seven-year Freddie Mac loan, which includes a 30-year amortization schedule.
NEWPORT NEWS, VA. — L&L Real Property LLC has acquired 505 Edwards Court in Newport News. The 6,900-square-foot office and warehouse will be used as a machinery shop. Robert Duckett of Mid-Atlantic Commercial represented the seller in the transaction.
FLORENCE, KY. — Air cargo carrier company Southern Air opened its new headquarters in Florence near the Cincinnati/Northern Kentucky International Airport, which is expected to create up to 150 jobs. The company carries freight for international freight giant DHL in the project. The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2.7 million through the Kentucky Business Investment program.