POOLER, GA. — GBT Realty Corp. has closed on its purchase of 20 acres along Pooler Parkway for the development of Village on Pooler Parkway. The retail development will consist of more than 143,000 square feet when completed in the first quarter of 2014. T.J. Maxx, Ross Dress for Less, Michael's and PetSmart, which have all executed leases for the center, will anchor the property. Additional retailers will include Rack Room Shoes, Moe's Southwest, Jersey Mikes and Palm Beach Tan. The development also has building pads for freestanding buildings and outparcels. Panera Bread has a lease to locate in a freestanding building with a drive-thru. The project team will include general contractor Stewart Perry, MJM Architects and Wolverton & Associates, which will provide engineering services.
Southeast
MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.
FLORENCE, ALA. — National Net Lease Realty has arranged the $2.3 million sale of a 10,125-square-foot CVS/pharmacy property, located at 1501 Florence Blvd. in Florence. The net-leased property was built in 2000 and CVS has seven years remaining on its lease. Terry Marks of National Net Lease Realty represented the seller, a Southern California-based limited liability company. Marks also represented the seller, a national REIT.
WILLIAMSBURG, VA. — Polyzos Family Investments has purchased Palace Place, a retail strip center located at 113 Palace Lane in Williamsburg, for $610,000. C-111 Asset Management was the seller. Drew Haynie of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
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.