ATLANTA — Crestline Hotels & Resorts Inc. has completed a $1.5 million renovation and upgrade to the Georgia Tech Hotel & Conference Center in Midtown Atlanta. The hotel and IACC Conference Center are located on the Georgia Institute of Technology campus, and both are managed by Crestline. All 252 guestrooms have been renewed with new wall coverings, carpeting, draperies, new lighting, new desk chairs, new lounge chairs and luggage benches. All of the hotel’s suites were also renovated.
Southeast
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.
FORT MYERS, FLA. — A 71,229-square-foot self storage facility has traded in Fort Myers for an undisclosed price. Charles LeClaire and Michael Mele of Marcus & Millichap represented the seller, a limited liability company based in California, and the Florida-based buyer. The self storage facility includes 537 units and was built in 2007. Amenities include climate-controlled units, drive-up units, roll-up doors, security cameras and a gated entrance.
CLARKSBURG, W. VA. — Highland-Clarksburg Hospital has secured a $34.8 million construction loan for necessary renovation costs on the hospital in Clarksburg. The newly formed Highland-Clarksburg Hospital Inc. was approved to operate a 150-bed behavioral health facility in the former United Hospital Center. Once fully operational, Highland plans to employ 294 staff members. Highland-Clarksburg Hospital secured the loan through Huntington Bank and USDA Rural Development, which is providing the hospital with a $21 million loan through its Community Facilities Program in addition to $13.8 million in permanent financing provided by Huntington. Associated Architects is designing the renovation and RC General Contractors is serving as the construction manager.
MIAMI — SL Capital has provided financing for the acquisition of a four-property, Class A student housing portfolio in Kentucky, Louisiana, South Carolina and Missouri. Campus Evolutions purchased the portfolio for $46.5 million. A $33.5 million CMBS loan for the properties was arranged. Miami-based SL Capital is an exclusive affiliate of Cantor Fitzgerald Commercial Real Estate and makes nonrecourse loans up to $200 million.
MIAMI AND TAMPA, FLA. — HFF has hired Marty Busekrus as a director in its Miami office and Zach Nolan as a real estate analyst in its Tampa office. Busekrus will focus on industrial investment sales throughout the Southeast. He joins HFF from CBRE where he was a senior sales associate in its private capital group. Busekrus received his bachelor’s degree from Southern Illinois University and his master’s degree from Webster University. Additionally, Nolan joins HFF as a real estate analyst. He previously worked at RJS Realty Group, Pollock Financial Group and Bank of America Merrill Lynch. He holds his bachelor’s and master’s degrees from Stanford University. Other recent additions to HFF’s Florida team include Alexandria Lalos, Jose Carranza and Whitaker Leonhardt.
ATLANTA — Host Hotels & Resorts LP has sold the 1,663-room Atlanta Marriott Marquis, located at 265 Peachtree Center Ave. in Atlanta, for $293 million. The buyer was undisclosed. The property includes 160,000 square feet of contiguous meeting space, 84 meeting rooms, 1,569 guest rooms and 94 suites. The hotel is subject to a long-term management agreement with Marriott International Inc. The proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.
BRANDON, FLA. — Plantation Key and Providence Park, two multifamily communities totaling 982 units located directly across the street from each other in Brandon, have traded for $57 million. Jeffrey Meyer and Michael Donaldson of Marcus & Millichap’s Tampa, Fla., office represented the sellers, two private partnerships, and the buyer, a private real estate investment group based in Tampa. The two Brandon properties are located at 1918 Plantation Key Cir. and 401 Providence Rd.
ORLANDO, FLA. — Carlton Arms South apartments has traded for $15.3 million at 4444 S. Rio Grande Ave. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the unlisted seller. The Orlando multifamily complex features two pools, a clubhouse and fitness center. It was 90 percent occupied at the time of the transaction.
GARNER, N.C. — First American Exchange Co. has sold a 180,000-square-foot distribution center at 1001 Pergo Pkwy. in Garner to Exeter Property Group. The industrial property was built in 2002 and is 100 percent leased to Pergo, laminate flooring manufacturer. Butch Miller and Ann-Stewart Patterson of CBRE/Raleigh represented the seller. Pergo renewed its 180,000-square-foot lease in May 2012.