TYSONS CORNER, VA. — Hyatt Regency, an affiliate of Hyatt Hotels Corp., will manage a 17-floor, 300-room hotel within Tysons Corner Center, a mixed-use development in Tysons Corner. The Hyatt Regency at Tysons Corner Center will open in 2014. It will include an executive conference center, a restaurant, a bar and lounge, a pool, a fitness center, and 15,500 square feet of meeting and event space. The hotel is part of a redevelopment of Tysons Corner Center that will include a 22-story Tysons Tower office building and a 28-story apartment building. Macerich, a real estate investment trust, has owned Tysons Corner Center since 2005.
Southeast
VERO BEACH, FLA. — A 15,525-square-foot Walgreens has sold in Vero Beach. Vincent Knipp and Chance Hales of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, a California-based individual trust. Knipp and Hales also procured the buyer, a New York-based partnership. Kirk Felici of Marcus & Millichap assisted in the closing and was the firm’s Florida broker of record.
NEW ORLEANS AND NASHVILLE, TENN. — Irving, Texas-based FelCor Lodging Trust Inc., a publicly traded real estate investment trust, has sold the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport for an aggregate price of $70 million to an unlisted buyer. FelCor is using the net proceeds to pay the remaining $37.7 million of accrued preferred dividends and to repay debt. The company is selling 39 non-strategic hotels as part of its long-term portfolio repositioning strategy. With the sale of these two Embassy Suites, FelCor has sold 18 of the 25 hotels it has brought to market since December 2010.
MIAMI — Parkview Gardens, a new 60-unit affordable housing complex, has opened at 1437 N.W. 61st St. in Miami’s Liberty City neighborhood. Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, teamed with Tacolcy Economic Development Corp. and the Florida Housing Finance Corp. to develop the multifamily property. The $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI) with six units set aside for those earning at or below 33 percent of the AMI. Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a playground, an exercise room, a computer lab, a library and a picnic area. Crossroads Management Inc., a property management subsidiary of Carrfour Supportive Housing, manages Parkview Gardens. First Housing and JP Morgan Chase Bank served as funding partners, and RBC Capital Markets served as equity provider for the project.
MIAMI BEACH, FLA. — The Levi’s Building South Beach, a 10,549-square-foot retail property including a 3,300-square-foot, three-bedroom luxury loft on Miami Beach’s South Beach has sold for $8.5 million. The building is located at 826 Collins Ave. in South Beach’s fashion district that includes flagship stores for Guess, Victoria’s Secret, Aldo, Barney’s Co-Op, Diesel, Tommy Hilfiger and Puma. The Levi’s Building South Beach was constructed in the 1930s and restored in the 2000s. It is currently leased to Levi Strauss & Co. with two retail showroom spaces on the second floor. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, a New York-based private investor.
ATLANTA — Capital Advisors has arranged $2.15 million in refinancing for a 21,326-square-foot retail and office space at 3717-3721 Roswell Rd. in Atlanta’s Buckhead submarket. The property includes The Ivy Restaurant, several small office tenants and a single-story car wash. Kelly Martone of Capital Advisors’ Atlanta office arranged the 20-year loan with a 25-year amortization schedule on behalf of Habif Properties. It was arranged through Capital Advisors’ correspondent lender, StanCorp Mortgage Investors LLC.
DAYTONA BEACH, FLA. — The 157-room Days Inn Speedway Hotel, located at the Interstate 4 and International Speedway Boulevard intersection in Daytona Beach, has traded. Jeffrey Kolessar of GF Management, in his capacity as receiver for the ownership entity as appointed by the Circuit Court of Volusia County, sold the hospitality property to Executive Eagles Investment Group LLC. Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller<
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA) has brokered the sale of the 416-unit Flagler Pointe Apartments, located near Interstate 275 in St. Petersburg, for $23.2 million. The property was built in 1974 but underwent a complete renovation in 2002. The community includes 256 one-bedroom, 128 two-bedroom and 32 three-bedroom units with an average floor plan of 784 square feet. Flagler Pointe Apartments is 91 percent occupied. Amenities include four resort-style pools and two community clubhouses, along with tennis and volleyball courts. Jamie May of IPA represented the seller, PRG Real Estate Management. The buyer was Merion Realty Partners.
LAWRENCEVILLE, GA. — NorthMarq has secured $5.2 million in acquisition financing for the Philip Professional Center, a 32,120-square-foot medical office building. The property is located at 455 Philip Blvd. in Lawrenceville, Ga., approximately 30 miles northeast of Atlanta. Major tenants at the building include Kaiser Permanente and the VA. The 7-year loan is amortized over 30 years. MIke Doll of NorthMarq's Atlanta regional office arranged the financing on behalf of the borrower, ICM Realty Group LLC, through its relationship with a life company lender.
LAWRENCEVILLE, GA. — Fusion Creative has acquired a 63,651-square-foot, bank-owned industrial property, located at 645 Creekside Industrial Court in Lawrenceville. The building is situated on approximately 9.3 acres in the Gwinnett Progress Center Business Park. The industrial property was built in 2007 and features 42,840 square feet of column free space. Patrick Laughlin of Bullock Mannelly Partners represented the seller in the transaction. Ray Dankberg of Jones Lang LaSalle represented the buyer.