RICHMOND, VA. — Shamin Hotels has purchased the 700 Building, an 18-story office building located at 700 E. Main St. in Richmond’s central business district, for $7 million. The 181,790-square-foot property was recently named to the National Historic Register Listing. Shamin Hotels is planning on converting the building into two Hilton-branded hotels — a Hampton Inn and Suites and a Homewood Suites. The new property will feature a new restaurant and will continue to house the U.S. Post Office. The seller was BH Rosenberg LLC. Mark Douglas of Cushman & Wakefield | Thalhimer handled the sale negotiations.
Southeast
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has acquired a freestanding retail property in Virginia Beach for $1.4 million. Wheeler purchased the 5,600-square-foot property from Fairfield Investors LLC. The retail property is fully leased to Starbucks Coffee and Verizon Wireless. Starbucks’ lease will expire in 2023 and Verizon’s lease will expire in 2022, both with three five-year options to renew. The property is located at the intersection of Providence and Kempsville roads.
CHARLESTON, S.C. — Regent Partners and Clement Crawford & Thornhill, along with their capital advisor Patterson Real Estate Advisory Group, have begun construction on Midtown Charleston, an $85 million mixed-used development on the Charleston peninsula. A Hyatt Place / Hyatt House hotel will anchor the development, which will feature 304 hotels rooms (191 Hyatt Place rooms and 113 Hyatt House rooms), a rooftop restaurant and event facility, a 398-space parking deck and approximately 37,000 square feet of office and retail space. Midtown Charleston is breaking ground in the Upper King district of Charleston along King Street between Woolfe and Spring streets. Bank of America is providing the construction financing. Upon completion in the spring of 2015, Midtown Charleston will represent the first major hotel built in the downtown Charleston market in more than 12 years, according to Patterson.
CHAPEL HILL, N.C. — Multi Housing Advisors (MHA) has arranged the $22.3 million sale of Foxcroft Apartments, a 248-unit apartment community located in Chapel Hill. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction. The buyer, an affiliate of Eller Capital Partners, purchased the apartment community, which is 95 percent occupied. The 40-year-old apartment community has only been sold one other time, according to MHA.
ALPHARETTA AND DULUTH, GA. — Meridian Capital Group LLC has arranged $19 million in acquisition financing for the purchase of Brookside Concourse in Alpharetta and Chattahoochee Corners in Duluth. Brookside Concourse spans four buildings totaling 153,500 square feet and is 70 percent leased. Chattahoochee Corners spans five buildings totaling 250,000 square feet and is 60 percent occupied. Michael Brown and Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through a balance sheet lender.
SUN CITY CENTER, FLA. — Marcus & Millichap has secured the sale of South Bay Medical Arts, a 32,123-square-foot, Class A medical office property located at 4051 Upper Creek Drive in Sun City Center. The office building sold for approximately $3.8 million. Moe Derbala of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, both local private investors.
CHATTANOOGA, TENN. — The Cooper Commercial Investment Group has arranged the $1.9 million sale of a 6,515-square-foot retail center located on Gunbarrel Road in Chattanooga. The center is anchored by FedEx Office and includes other tenants such as T-Mobile, Gigi’s Cupcakes and CPR Cell Phone Repair. Bob Havasi of Cooper Commercial represented the seller, a private investor based in Chattanooga, in the transaction. The buyer was a private investment group based in Chicago.
PIGEON FORGE, TENN. — Colliers International has arranged the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge. A private investor based in Tennessee purchased the property for approximately $5.2 million, or $13 per square foot. The shopping center, located at 2655 Teaster Lane, includes tenants such as Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Atlanta office, along with Tony Vaughn in the firm’s Nashville office, represented the seller, a subsidiary of Horsham, Pa.-based Capmark Financial Group, in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer.
RALEIGH, N.C. — Rockbridge Partners has acquired the Raleigh Marriott Crabtree Valley, a six-story, 375-room hotel located in Raleigh. The hotel is located directly across from Crabtree Valley Mall. Rockbridge is planning a $23 million renovation to the hotel, which will involve improvements to guestrooms and bathrooms, a new 10,000-square-foot ballroom, a new patio terrace and pool and reconfigurations to the existing lobby and restaurant. Concord Hospitality will manage the hotel.
JACKSONVILLE, FLA. — Franklin Street Real Estate Services has arranged the $1.1 million sale of Lem Turner Shopping Center, a Walmart- and The Home Depot-anchored shopping center located at 3200 Armsdale Road in northwest Jacksonville. Jonathan Graber, Rafeal Wright and Nicolas Prevolos of Franklin Real Estate Services represented the seller, a national investment firm based in the Midwest, in the transaction. The buyer, also a national investment firm based in the Midwest, plans to make capital improvements to the property, which is currently 50 percent leased.