LINTHICUM HEIGHTS, MD. — RockBridge, an integrated hotel investment firm, has closed an $8.6 million first mortgage investment to finance the acquisition of the 137-room Comfort Suites Hotel at Baltimore-Washington International (BWI) Airport in Linthicum Heights. The hospitality property will undergo a $3.4 million renovation and be reintroduced as a Holiday Inn in mid-2013. Renovations will include a reconfigured lobby, refreshed exterior and upgraded guest rooms. The hotel is located two miles from BWI Airport with access to I-195 and Route 295.
Southeast
DURHAM, N.C. — The Flintkote Corp. has acquired a new McDonald’s ground lease at South Roxboro Street and Martin Luther King Boulevard in Durham for $1.3 million. The 1.69-acre site is subject to a new 20-year lease to McDonald’s USA LLC. A group of private investors sold the site to The Flintkote Corp. Steve Horvath and Jay Levell of Berkeley Capital Advisors represented the seller, and Joe Graham of CBRE/Raleigh represented the buyer.
LEXINGTON AND LOUISVILLE, KY. — NAI Isaac Commercial Properties has been appointed the receiver for the 350,000-square-foot Turfland Mall in Lexington and the 30,000-square-foot Shops at Bashford in Louisville. NAI Isaac will provide management services and stabilize the properties’ operations. The brokerage firm has been a court-appointed receiver on various troubled projects involving assets with a total loan value more than $100 million.
TAMPA, FLA. — Indianapolis-based Duke Realty will break ground this week on a 106,000-square-foot Primary Care Annex at 13515 Lake Terrace Lane in Tampa to house primary care services for the Department of Veterans Affairs. These services are currently provided by the nearby James A. Haley Veterans’ Hospital. The Primary Care Annex’s construction is expected to be completed in February 2014. The Department of Veterans Affairs will lease the space from Duke Realty. Minneapolis-based HGA is the project architect.
SUNRISE, FLA. — West Palm Beach, Fla.-based Kennedy Contractors Inc. has completed an $8 million, 160,000-square-foot renovation and expansion of Sawgrass Mills Mall in Sunrise. The Mills Co., an affiliate of Simon Property Group, owns the retail property. The renovation included demolition of Wannado City, a children’s educational and play facility, and construction of a new mall entrance as well as expansion of the mall’s primary promenade. Two dozen new tenants were added including Columbia Sportswear and Calvin Klein, and the existing Forever 21 was expanded by 30,000 square feet. The new wing is part of Sawgrass Mills’ ongoing expansion, which includes a 35,000-square-foot addition to The Colonnades, which is the mall’s outdoor lifestyle center.
ATLANTA — A joint venture between Admiral Capital Real Estate Fund and Wood Partners has acquired 209 apartment units within The Brookhaven, a Class A 17-story building located at 3833 Peachtree Road in Atlanta's Buckhead submarket. The property was built in 1985. Interior renovations, including hardwood floors, new cabinetry and enclosed sunrooms, were completed in 2008. Wood Partners plans to further renovate The Brookhaven with a new fitness center, outdoor bar and bocce ball court, as well as expanded parking. Amenities already featured at the property include a heated pool, saunas and a lighted tennis court. Admiral Capital Real Estate Fund, based in San Antonio, Texas, is a joint venture between USAA Real Estate Co. and Admiral Capital Corp. David Gutting and Derrick Bloom of Jones Lang LaSalle's Capital Markets represented the joint venture in the transaction.
ATLANTA — A joint venture between Los Angeles-based Carlaris Capital, an affiliate of Charles Dunn Co., and Beverly Hills, Calif.-based ARKA Properties Group has acquired a multi-tenant industrial property at 4099 Old Dixie Hwy. in Atlanta near Hartsfield-Jackson International Airport for $8 million. Jack Haden and Brad Pope of NAI Brannen Goddard represented the joint venture as well as the seller, I&G Henry Ford LLC/Jones Lang LaSalle. The industrial property includes two buildings known as 4100 Henry Ford II, Buildings 1 and 2. It is 46 percent occupied and new ownership plans to invest approximately $750,000 in marketing and capital improvements including the build-out of speculative office spaces.
ORLANDO, FLA. — A Dollar General store at 3081 Curry Ford Rd. in Orlando has traded for $1.6 million. The Gainesville, Fla.-based developer sold it to an Apollo Beach, Fla.-based investment company. Bryan Belk of Franklin Street represented the seller in an all-cash transaction. The store is a new construction Dollar General with a 15-year triple net lease.
JACKSON, MISS. — The first Whole Foods Market in Mississippi has broken ground at Highland Village shopping center in Jackson. The 31,000-square-foot grocery store featuring natural and organic products will open in 2013. Chesnut Hill, Mass.-based WS Development is the project’s new joint venture partner. The development firm acquired a controlling interest in the 220,000-square-foot Highland Village last month.
WASHINGTON, D.C. — Federal Capital Partners (FCP) and Self Storage Zone have formed a joint venture to acquire a property at 645 Taylor St. in Washington, D.C.’s Brookland submarket from Capital Area Food Bank. The joint venture will redevelop the property into a three-story, 78,600-square-foot self-storage facility, which is planned for completion in spring 2014. It marks the first self-storage investment for FCP.