DAYTONA BEACH, FLA. — Stephan Taylor of Hunter Realty has represented the owner in the sale of two hotels to a private party for an undisclosed price. The properties, Palm Plaza Oceanfront Resort and Beachside Inn Daytona Beachshores, are adjoining properties that span 130 rooms. The hotels are located in Daytona Beach. The buyer will convert the Palm Plaza to a Holiday Inn Express.
Southeast
BOCA RATON, FLA. — DB Five Grill has sold a 7,683-square-foot Romano's Macaroni Grill restaurant to Cocozella for $3.39 million. The property is located at 2004 Executive Center Circle in Boca Raton. CB Richard Ellis' Dave Donnellan, Bill Strauss and Todd Weintraub brokered the sale.
MOUNTAIN BROOK, ALA. — Bayer Properties has sold the 115,282-square-foot Cahaba Village shopping center to ING Clarion Partners for an undisclosed amount. Located at 2800-3100 Cahaba Village Plaza in Mountain Brook, the property houses Charles Schwab, LensCrafters and Mountain High Outfitters, among others. Cahaba Village is 98 percent leased. Barry Brown, Ryan Shore and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in the transaction. Bayer Properties will stay on as Cahaba's property manager and leasing agency.
FALLS CHURCH, VA. — Regency Centers has completed work on a 55,000-square-foot Safeway grocery store at the Willston Centre II shopping center in Falls Church. The original 42,491-square-foot store was demolished early this year. Regency Centers has also completed a renovation of the entire property. The 127,449-square-foot center, which was built in 1986, is located at 6118 Arlington Road.
LAFAYETTE, LA. — A Utah-based financial institution has sold a former Quality Inn to an undisclosed party for $1.54 million. The 105-room property, which was built in 1993, is located at 2216 NE Evangeline Thruway in Lafayette. Marcus & Millichap's Jaimin Patel and Jonathan Ruprai represented the seller in the transaction. The firm's William Hoffpauir also assisted in closing the deal.
GREENBELT, MD. — An affiliate of Harbor Group International has purchased Hanover Apartments from Federal Capital Partners and Angelo, Gordon & Co. for $39.5 million. The 320-unit property is located near the intersection of Capital Beltway and Interstate 95 in Greenbelt. The seller purchased Hanover in 2006 and has invested more than $9 million in upgrades to the property. Ideal Realty Group's Allen Manesh and Dean Sigmon brokered the sale.
CHESAPEAKE, VA. — First Potomac Realty Trust has leased 141,500 square feet of industrial space to Total Transportation Services in the 712,894-square-foot Diamond Hill Distribution Center. The property is located on Diamond Hill Road in Chesapeake. Total transportation is relocating from a 44,900-square-foot space.
MANDEVILLE, LA. — Prudential Commercial Mortgage has funded a $20.3 million permanent loan for the 295,000-square-foot Premier Centre shopping center. The grocery-anchored property is located near U.S. Highway 190 and North Causeway Boulevard in Mandeville. Jeff Marshall of Stirling Properties closed the loan.
RICHMOND, VA. — AmCap Richmond has borrowed a $20.5 million acquisition loan for the 85,720-square-foot Short Pump Station shopping center. Aviva Investors funded the 10-year loan. Kevin Phelan and Jeffrey Black of Colliers Meredith & Grew arranged the financing.
BALTIMORE COUNTY, MD. — Grand Lodge of Maryland Independent Order of Oddfellows has purchased a 25,500-square-foot retail building from St. John Properties for $1 million. The property, which is located in the 160,000-square-foot North Point shopping center in Baltimore County, has formerly housed a roller rink, a bingo hall and a flea market. The tenant will occupy the building during the first quarter of next year after a renovation.