ARLINGTON, VA. — Vornado Realty Trust has completed a $7 million renovation at the 343-room Crystal City Marriott, located at 1999 Jefferson Davis Highway in Arlington. The project included the addition of the Bell20 restaurant, 10,000 square feet of meeting and event space, a 1,400-square-foot fitness center and a 1,200-square-foot concierge lounge. Marriott International manages the hotel.
Southeast
MEMPHIS, TENN. — Marcus & Millichap has arranged the $4.5 million sale of two self-storage properties, located at 7384 Raleigh LaGrange Road in the Memphis MSA. Combined, the properties total 198,910 square feet. Michael Mele and Anne Williams of Marcus & Millichap represented the seller, Tellus Self Storage, in the transaction.
ATLANTA — NorthMarq Capital has arranged $32.8 million in first mortgage refinancing for the 353-unit 2924 Clairmont Apartments, a market-rate multifamily property located in Atlanta. Gardiner Champlin, Marty Meagher, Erick Flyckt and Paul Fearey of NorthMarq secured the five-year loan with one year of interest only payments followed by a 30-year amortization schedule through a life insurance company on behalf of Fairfield Clairmont I, the borrower.
WEST PALM BEACH, FLA. — Mayan Capital has sold the 276-unit Palo Verde Apartments, located at 6164 Forest Hill Blvd. in West Palm Beach, for $14.75 million. Amenities include a swimming pool, laundry facilities, tennis courts, playground and fitness center. The property is 95 percent leased. Jason Shapiro of Aztec Group and Peter Mekras of Continental Real Estate Cos. represented the seller in the transaction. The buyer was a private investor.
MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of a five-property, 2,671-unit self-storage portfolio, located in the greater Memphis area. Two of the properties are located in Memphis, two are in Olive Branch, Miss., and one is in Hernando, Miss. Charles LeClaire and Anne Williams of Marcus & Millichap represented the seller, Memphis Storage LLC, in the transaction. The buyer was Amsdell Storage Ventures VII.
OCALA, FLA. — Franklin Street has arranged the $2.4 million sale of a 4,000-square-foot AT&T retail store, located in Ocala. Franklin Street represented the seller, an Atlanta-based development company, in the transaction. The buyer was a private investor in a 1031 exchange.
SPANISH FORT, ALA. — Grandbridge Real Estate Capital has arranged a $24 million, first mortgage loan for the 300-unit The Arlington at Eastern Shore Apartments, a luxury multifamily property located in Spanish Fort. Amenities include a clubhouse with Wi-Fi, an exercise facility, coffee bar, swimming pool with a large sun deck, care care center and an indoor basketball court. Steve Clikas of Grandbridge's Birmingham, Ala., office secured the 10-year loan with a 30-year amortization schedule through Fannie Mae.
SMYRNA, TENN. — Walker & Dunlop has secured $5.6 million in Fannie Mae financing for the 128-unit Ashley Grove Apartments, a garden-style apartment complex located in Smyrna. Amenities include a tennis court, swimming pool, basketball court and on-site laundry facilities. The property is 96 percent leased. Carl Bedwell and Chris Howe of Real Estate Capital Advisors originated the loan. Keith Melton and David Strange led the Walker & Dunlop team. The 10-year, refinance loan has a 30-year amortization schedule.
CORNELIUS, N.C. — Two medical office buildings totaling 44,893 square feet, located at 19475 and 19485 Old Jetton Road in Cornelius, have sold for $10.75 million. Novant Medical Group anchors the properties. Mark Newell of Merrifield Patrick Vermillion represented Jetton Medical, the seller, in the transaction.
WILLIAMSBURG, VA. — A joint venture between Interstate Hotels & Resorts, Waramaug Hospitality and a private investment group has acquired the 295-room Williamsburg Hotel & Conference Center, located at 50 Kingsmill Road in Williamsburg. The hotel will undergo a $7.5 million comprehensive renovation and conversion to the DoubleTree by Hilton brand. The property includes 45,000 square feet of meeting space for up to 1,600 people and an auditorium with the capacity for more than 700 people. Additionally, the hotel features three dining options, an indoor/outdoor swimming pool, tennis courts, a fitness center and business center.