BATON ROUGE, LA. — Hotel Indigo has opened Hotel Indigo Baton Rouge Downtown Riverfront in Baton Rouge. Located at the corner of Convention and Lafayette streets, the 93-room hotel features King Bar & Bistro, executive suites, executive floors, a 24-hour business center, a boardroom, complimentary WiFi and high-speed Internet access in guestrooms. The hotel is owned by Project King LLC and managed by Baton Rouge-based Nu Vieux LLC in a license agreement with a company in the InterContinental Hotels Group.
Southeast
COLUMBIA, S.C., AND MOORESVILLE, N.C. — Peter Couchell of NAI Earle Furman has brokered two retail sales in South and North Carolina. In the first transaction, Couchell represented the undisclosed buyer in the $1.08 million acquisition of a 9,014-square-foot retail investment in Columbia. Additionally, Couchell represented a New York-based corporation in the acquisition of a 3,545-square-foot retail asset in Mooresville. The property, which is occupied by AT&T, sold for $1.98 million. The sellers in both transactions were not disclosed.
ORLANDO, FLA. —The Lightstone Group, along with Paragon Outlet Partners, has acquired Festival Bay Mall, which is located at 5250 International Dr. in Orlando. Situated on 139 acres, the 750,000-square-foot shopping center sold for $25 million. Lightstone plans to reposition the asset. The property is currently occupied by a variety of tenants, including Bass Pro Shops Outdoor World, Cinemark 20 Theatres, Ron Jon Surf Shop, Sheplers Western Wear and Vans Skatepark.
ASHLAND, VA. — Showcase Woodworking Ltd. has completed the disposition of a 115,000-square-foot office/warehouse facility in Ashland. Christen & Anne Nelson acquired the property, which is located at 100 Haley Road, for $2.2 million. Robert Porter Jr. and Kevin Cox of Porter Realty Co. represented the seller; Richard Porter, also of Porter Realty Co., represented the buyer in the transaction.
RURAL HALL, N.C. — Cole Real Estate Investments has acquired Hanesbrands Distribution Center in Rural Hall for an undisclosed price. The property was acquired along with the Medtronic Office Building in San Antonio, Texas, in separate transactions totaling $64.6 million. The 930,000-square-foot Hanesbrands building is leased to Hanesbrands under a 12-year, triple-net lease with a renewal option of an additional 10 years. Boyd Messmann provided in-house representation for Cole. Fran Donato of NAI Welsh represented the seller, Capital Solutions, in the transaction. John Johannson of NAI Welsh referred the transaction to Cole.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $1.47 million in first mortgage financing for Parkside Apartments I & II in Gainesville. The property offers 28 apartment units. Lamar Sarra of NorthMarq's Jacksonville, Fla., regional office secured the financing. The financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the loan through its seller-servicer relationship with Freddie Mac.
ORLANDO, FLA. — Emerson International has purchased a 7-acre land site at Central Florida Research Park in Orlando for the development of a Florida Technical College campus facility. Construction for the 40,000-square-foot headquarters is expected to begin in March, with completion slated for October. First Builders Inc. is serving as general contractor and Lincoln Property Co. is managing the construction project. The property was acquired from O53A LLC for an undisclosed price. Jeff McFadden of McFadden Realty Advisors represented the seller.
SUNRISE, FLA. — The Ft. Lauderdale, Fla., office of Grandbridge Real Estate Capital has originated and closed a $19.85 million first mortgage loan. The loan is secured by The Colonnade at Sawgrass, a 212-unit garden-style apartment community in Sunrise. Built in 1996, the community features a clubhouse, eight residential buildings with a mix of one-, two- and three-bedroom units, a business center, a fitness center, a swimming pool, a playground and tennis courts. BB&T Real Estate Funding provided the bridge debt. Lance Lehman of Grandbridge originated the transaction. Charlotte, N.C.-based Grandbridge is a subsidiary of BB&T.
WASHINGTON, D.C. — Internal Revenue Services (IRS) has signed a 10-year lease for 100,500 square feet of office space at 999 North Capitol in the Union Square complex. The IRS will be relocating from 1750 Pennsylvania Ave. and is expected to take occupancy January 2012. Jones Lang LaSalle represented the tenant; Akridge and Cushman & Wakefield represented the landlord, CIM Group, in the transaction. Terms of the lease were not released.
NAGS HEAD, N.C. — Todd Crouse of NorthMarq Capital's Raleigh, N.C., regional office has arranged $4.7 million in first mortgage financing for The Shoppes at 10.5 in Nags Head. The 48,718-square-foot, grocery-anchored retail center is located at 2515 S. Croatan Parkway. Major tenants include Food Lion and Monarch Bank. Financing was based on a 10-year terms with a 25-year amortization schedule. The loan funded by Genworth Financial.