ATLANTA — Atlanta Property Group has purchased an 80,249-square-foot office building, located at 1190 W. Druid Hills Drive in Atlanta, from Duke Realty. The property is 78 percent leased. The buyer will invest $125,000 to renovate the building's common areas and attract new tenants.
Southeast
ATLANTA — PCCP has provided a $30 million senior loan to refinance a 272,650-square-foot office building, located at 5660 New Northside in Atlanta. The borrower was an equity consortium led by Banyan Street Capital.
MIAMI — The 302,825-square-foot Aventura Industrial Center, located at 555 NE 185th St. and 320 NE 187th St. in Miami, has sold for $18.7 million. The two-building property is fully leased. Christian Lee, Charles Foschini, José Antonio Lobón, David Albert, Devin White, Chris Riley and Brian Budnick of CBRE Group represented Principal Real Estate Investors, the seller, in the transaction.
TAMPA, FLA. — Interstate Hotels & Resorts and Waramaug Hospitality have completed a $9 million renovation of the 265-room Sheraton Tampa East Hotel, located at 10221 Princess Palm Ave. in Tampa. The renovation included upgrades to all guest rooms, the hotel's 30,000 square feet of meeting space and all public areas, including adapting the hotel's reception area to Sheraton's signature lobby, the Link@Sheraton experience. Additional amenities include Panfilio's Bar and Grille, a fully renovated, full-service restaurant, as well as the Sheraton Club Lounge, an outdoor heated pool, tennis courts and an upgraded fitness facility.
ROSWELL, GA. — The 127,342-square-foot Roswell Summit, an office building located at 1080 Holcomb Bridge Road in Roswell, has sold for $4.85 million. The property is 50 percent leased. The buyer plans to invest in interior and exterior upgrades. Sean Williams of Bull Realty represented Emcade Acquisitions, the buyer, in the transaction. Kevin Markwordt of Transwestern represented the seller, CSMC 2006-C5 Holcomb Office LP.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $3 million sale of the 16,721-square-foot Blackstone Building, an office and retail building located at 100 S. Dixie Highway in West Palm Beach. The property includes 5,791 square feet of retail space and 10,930 square feet of office space. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a West Palm Beach-based owner and developer, in the transaction.
CHARLESTON, S.C. — USBank has sold 36 unoccupied condominiums in The Arboretum, located at 2244 Ashley Crossing Drive in Charleston, to a New York investment firm for $2.9 million. Scott Rogers of Colliers International represented the seller in the transaction.
NEW ORLEANS — The Howard Hughes Corporation plans to invest $70 million for the redevelopment of the 200,000-square-foot Riverwalk Marketplace, a shopping center located in New Orleans. The project will convert the property into The Outlet Collection at Riverwalk and will add nearly 50,000 square feet of established outlet stores, local retail, dining and entertainment options. Construction is scheduled to begin by year's end, with the property expected to reopen in late 2013.
HOOVER, ALA. — The 320-unit Cedarbrook Apartments, located at 3627 Cedarbrook Drive in Hoover, has sold for $16.75 million. The complex was renovated in 2010 and 2011. David Oakley of Hendricks & Partners represented the seller, Birmingham, Ala.-based Cedarbrook Apartments LLC, in the transaction. Tom Hinton of Hinton Properties represented the buyer, Landmark at Deerfield Glen.
WASHINGTON, D.C. — Germany-based Deka Immobilien has sold the 270,158-square-foot The Westory, a Class A office building located at 607 14th St. NW in Washington, D.C. The 12-story building is LEED Gold certified. Savills represented the seller in the transaction. The buyer was a joint venture between a local operator and an insurance company.