BALTIMORE, MD. — Laurus Corp. has completed its acquisition of the Baltimore Hunt Valley Inn, located at 245 Shawan Road in Baltimore. After a $9.5 million renovation, the hotel will become part of the Wyndham Grand Collection and feature 393 guestrooms, 33,000 square feet of meeting space, a fitness center, indoor/outdoor pool, business center and gift shop. The property is surrounded by Class A office parks and several national corporations including BD Diagnostic Systems, Bank of America and PHH Corp.
WASHINGTON, D.C. — Winn Development has completed its historic renovation of the Samuel Kelsey Apartments, a 125,000-square-foot property at 3322 14th St. N.W. in Washington, D.C. The property, built circa 1920, features 24,000 square feet of retail space and 150 units of affordable housing for elderly or disabled tenants. Some of the renovations included replacement of the kitchens, bathrooms, elevators, as well as new landscaping.
OCALA, FLA. — Marcus & Millichap has arranged the $1.3 million sale of Magnolia Trace Apartments, a 48-unit property at 2952 N.E. 14th St. in Ocala. Built in 1972, Magnolia Trace consists of 48 units within three buildings and one office building. Joe LaFleur and Nathan Pealer of Marcus & Millichap represented the seller, a financial institution, in the transaction.
RESTON, VA. — CBRE Capital Markets has arranged $98.2 million in debt financing for Reston Executive Center, three Class A office buildings totaling 494,264 square feet in Reston. Joe Donato and Matthew Williams of CBRE worked on behalf of an entity controlled by The JBG Cos. to arrange the five-year bridge loan through Wells Fargo Bank. The property is located at 12100, 12110 and 12120 Sunset Hills Road. The owner purchased the property in late 2012, when it was 77.5 percent leased. The owner plans to upgrade the property and begin an aggressive leasing plan to increase occupancy in the next 12 to 18 months.
IRMO, S.C. — Phillips Edison — ARC Shopping Center REIT has acquired a portfolio of three grocery-anchored shopping centers in Florida, South Carolina and Texas. The company acquired the 64,359-square-foot Murray Landing shopping center in Irmo, S.C., approximately 12 miles northeast of Columbia, S.C. The fully occupied center is anchored by a Publix grocery store, which is leasing the property through 2023. Phillips Edison also purchased the 62,821-square-foot Vineyard Center in Tallahassee. The center is also anchored by Publix, which is leasing the property through 2022. The final property is the 148,963-square-foot Kleinwood Center in Spring, Texas, which is anchored by an H-E-B grocery store.
ATLANTA — The 312-room Atlanta Marriott Downtown hotel will be rebranded to the DoubleTree by Hilton brand April 1. The opening of the DoubleTree by Hilton Atlanta Downtown marks the brand's first hotel in downtown Atlanta. Following the conversion, the hotel will begin a property-wide renovation, which is slated for completion later this year. Interstate Hotels & Resorts will continue to operate the property. Originally opened in 1962, the hotel is known for being the first racially integrated hotel in downtown Atlanta. Prominent guests have included the late Elvis Presley, Richard Nixon and Pearl Bailey. The hotel is located at 160 Spring St. N.W.
CHARLOTTE, N.C. — Trinity Capital Advisors has acquired an additional building in Shopton Ridge Industrial Park in Charlotte. The firm now owns three buildings in the eight-building park. Located at 4015 Shopton Road, the 108,800-square-foot Class A office and industrial building is fully occupied by Rent-A-Center and The Maintenance Team. Trinity purchased the property through a joint venture with Pacific Coast Capital Partners. Bill Wood handles the leasing at Trinity Capital's Shopton Ridge portfolio and Janice Crum serves as property manager.
FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.
RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.
DOUGLASVILLE, GA. — ETPC Co. has acquired 865 acres in Douglasville, approximately 15 miles from the Hartsfield-Jackson Atlanta International Airport, for $5.4 million. The property was previously slated to be the site of the Villages of Riverview master-planned community by developer Brooks Land Inc. The site is currently entitled for 1,095 single-family homes, 325 townhomes and 14 acres of commercial space. John DeYonker and Rob Whitmire of Bull Realty represented the seller, DBSI Villages at Riverview LLC, in the transaction. The seller is a related entity to DBSI Inc., which filed for bankruptcy. Josh Reeves of Sotheby's Atlanta Fine Homes represented the buyer.