ALEXANDRIA, LA. — The 106-unit Econo Lodge Inn & Suites, located at 2716 N. MacArthur Dr. in Alexandria, has sold for an undisclosed price. Bryan Blanchard and Randy Lee of The Mumford Co.'s Dallas office represented the seller, Triad Hospitality, in the transaction. The buyer was Neptune Lodging Partners.
BIRMINGHAM, ALA. — Graham & Co. has negotiated the $2.45 million sale of a 45,000-square-foot industrial property, located at 350 Industrial Dr. in Birmingham. Ogden Deaton of Graham & Co.'s Birmingham office represented Prime Properties of Alabama, the buyer, in the transaction. SCP 350 Industrial LLC was the seller.
MAITLAND, FLA. — ActivEngage has signed a 30,000-square-foot lease at Maitland West II, located at 2701 Maitland Center Pkwy. in Maitland. Tiffany Zullo of Maitland-based Tower Realty Partners represented the landlord in the lease transaction. The tenant was self-represented.
TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.
OLIVE BRANCH, MISS. — Monmouth Real Estate Investment Corp. has acquired a 234,660-square-foot industrial building, located at 8644 Polk Ln. in Olive Branch, for $16.2 million. The property, which was a build-to-suit developed by IDI, has net-leased for 10 years to Anda Pharmaceuticals, a distribution division of Watson Pharmaceuticals.
NORCROSS, GA. — The 33,000-square-footo Northwoods Data Center, located at 2775 Northwoods Pkwy. in Norcross, has sold for $5.3 million. The property is fully leased through 2025 to a co-location tenant that operates in 10 separate markets and runs a total of 21 data centers. Kansas City, Mo.-based Carter Validus Mission Critical REIT was the buyer.
LEE BRANCH, ALA. — Birmingham, Ala.-based Church of the Highlands has purchased a 50,750-square-foot office building, located at 1701 Lee Branch Ln. in Lee Branch, from BBVA Compass for $4 million. The property was formerly the headquarters of AIG Baker Shopping Center Properties. Dan Lovell, Walter Brown and Sam Carroll of Graham & Co.'s Birmingham office represented the seller in the transaction.
MAPLE LAWN, MD. — A retail property located in Maple Lawn that is ground leased to McDonald's on a long-term, triple-net basis, has sold for $2 million. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
PLANTATION, FLA. — A joint venture between Stiles and Prudential Real Estate Investors has commenced construction on the 321-unit One Plantation, a luxury apartment community located at the intersection of University Drive and Interstate 595 in Plantation. The partnership obtained $40.6 million in construction financing from PNC Bank for the project, which Stiles Construction is building. Amenities will include a pool, spa, fire pit, fitness center and an entertainment area with game rooms, a movie theater and a lounge. Cohen Freedman Encinosa designed the complex. In addition, Stiles has plans to renovate its 65,000-square-foot University Shoppes, which is adjacent to One Plantation. Construction is slated to begin later this spring. Both projects are scheduled for completion in the third quarter of 2013.
TAMPA, FLA. — The Department of Veterans Affairs (VA) has selected Duke Realty to develop and serve as general contractor for a $30 million, 106,000-square-foot primary care clinic, located at Hidden River Corporate Park in Tampa. The two-story facility will offer primary care services, radiology, women's wellness and mental health services, as well as a pharmacy. Construction is slated to begin in August 2012, with completion expected in December 2013. The VA will rent the space from Duke Realty and will fully occupy the building by February 2014. Minneapolis-based HGA is the architect for the project.