ATLANTA — Noble Investment Group has purchased the 160-room Residence Inn Midtown Atlanta, located on Peachtree Road in Atlanta, in an off-market transaction. The buyer will complete renovations of public areas and guest rooms.
FORT LAUDERDALE, FLA. — Grandbridge Real Estate Capital has secured $31.7 million in refinancing on behalf of Genesis Capital Partners XI for the 391,473-square-foot 110 Tower in Fort Lauderdale. The loan, which maintains less than a 50 percent loan-to-value ratio, was provided by Galveston, Texas-based American National Insurance Co. Tip Strickland and John Fenoglio of Grandbridge's Houston office and Al Rex of the firm's Fort Lauderdale office arranged the financing.
ATLANTA — The NorSouth Cos. has broken ground on the 121-unit Hearthside Brookleigh, a $15.7 million senior housing community in Atlanta. The facility is considered Phase III of the six-phase, mixed-use development Brookleigh, located near the intersection of Ashford Dunwoody and Johnson Ferry roads in Atlanta. Upon completion, the development will feature Hearthside Brookleigh, a retail village, luxury mid-rise apartments, single-family homes and condominiums. Completion for Phase III is slated for early 2012.
MEMPHIS, TENN. — Dallas-based Mayfield Properties has purchased the 4.2 million-square-foot The Memphis Depot Business Park in Memphis from the City of Memphis and Shelby County. The industrial park is currently 86 percent leased to 24 tenants including Cargill Cotton, Louis Dreyfus Corp. and UPS. Colliers International's Memphis office has been selected to lease and manage the property. Joel Fulmer of Boyle Investment Co.'s Memphis office and John Robinson of CB Richard Ellis' Austin, Texas, office represented the seller in the transaction.
BLUFFTON, S.C. — Colliers International has negotiated the sale of 51 condo units in the 118-unit BridgePoint condominium community located in Bluffton. Seth Clark of the firm's Charleston, S.C., office represented the undisclosed seller. The buyer was Atlanta-based Equity Resource Partners.
DUNWOODY, GA. — Coro Realty Advisors has refinanced the 132,681-square-foot Georgetown Shopping Center, located at 4478 Chamblee Dunwoody Rd. in Dunwoody. The $11 million loan will be used to refinance the existing indebtedness on the property and to fund various physical improvements, which will consist of expanding the center to 144,360 square feet, relocating several tenants and improving the parking lot aesthetics. Tenants of the shopping center include Kroger, Tuesday Morning and Workout Anytime.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $1.9 million sale of a 63,729-square-foot warehouse and office property, located at 1601 Roseneath Rd. in Richmond. The property is currently 100 percent occupied by six tenants. Eric B. Robison and R. Scott Douglas of the firm's Richmond office represented the seller in the transaction.
BIRMINGHAM, ALA. — AREA Property Partners has negotiated the $68.5 million sale of the 514,893-square-foot Wells Fargo Tower in Birmingham. The firm's Value Enhancement Fund V sold the Class A property to an affiliate of Commonwealth REIT. Adam Spies, Michael McDonald and Kennedy Hicks of Eastdil Secured represented the buyer. The seller was self-represented by AREA.
MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.
HAVRE DE GRACE, MD. — Cassidy Turley has arranged the sale of a 613,000-square-foot industrial property, located at 1900 Clark Rd. in Havre De Grace, from a joint venture between MCB Real Estate and The Hampshire Cos. to Bentall Kennedy. The building is fully leased to The Sun Products Corp. Jonathan Carpenter, Jay Wellschlager and Philip Iglehart of the firm's Baltimore office represented both parties in the transaction.