WASHINGTON, D.C. — Washington, D.C.-based Urban Investment Partners (UIP) has purchased the 52-unit Meridian Hill, located at 2359-2401 Ontario Rd. in Washington, D.C., for $4.2 million. UIP will begin a $2.4 million renovation that will include upgrading, repairing and restoring common areas, as well as plumbing, heating, cooling and electrical systems. Ari Firoozabadi of Marcus & Millichap's Bethesda, Md., office represented Ontario Partners, the seller, in the transaction.
NASHVILLE, TENN. — Franklin, Tenn.-based Southern Land Co. has broken ground for Elliston 23, a $50 million, mixed-use development project located at 2300 Elliston Place in Nashville. The property will feature 331 multifamily units, a 15,000-square-foot retail and restaurant component, and will be built to LEED Silver certification standards. Completion is slated for fall 2012.
ATLANTA — North Point Hospitality Group has broken ground on a 226-unit, dual-branded Hilton Garden Inn and Homewood Suites by Hilton Hotel, located at the northeast corner of 10th and Williams streets. Amenities include a restaurant and lounge, outdoor pool and spa, a fitness center and valet parking. The hotel is expected to open in the first quarter of 2013.
TUCKER, NORCROSS, DUNWOODY AND CLARKSTON, GA. — Atlanta-based Cortland Partners, a multifamily real estate firm, has acquired five metro Atlanta apartment communities totaling more than 1,500 units for $37.5 million. Bethany Group, a national multifamily apartment owner, had owned the properties, which fell into receivership until acquired by Cortland Partners. The portfolio includes Somerset at the Crossing Apartments in Tucker, Steeple Chase Apartments and Sinclair Apartments in Norcross, LaCota Apartments in Dunwoody, and Alden Ridge Apartments in Clarkston.
GREENVILLE, S.C. — Confluence Watersports has signed a 292,000-square-foot lease at an industrial property, located at 575 Maudlin Rd. in Greenville. Grice Hunt and Ford Borders of Greenville-based NAI Earle Furman represented Weston, the landlord, in the lease transaction. The tenant was self-represented.
MIAMI — The 133-bed, 282,000-square-foot West Kendall Baptist Hospital, located at Kendall Drive and SW 157th Avenue in Miami, has achieved LEED Gold certification. MGE Architects was the lead architecture and design firm on the project, which cost $210 million. Green elements include open landscaped areas, water retention lakes for 100 percent irrigation, automatic building controls, low-flow plumbing fixtures, and energy efficient lighting and air conditioning systems.
ATLANTA — CB Richard Ellis has brokered the $81.65 million sale of the 531,287-square-foot Edgewood Retail District, located at the intersection of Moreland Avenue and Caroline Street in Atlanta, to North American Development Group. A separately-owned Target, Lowes Home Improvement, Kroger, Best Buy, Bed Bath & Beyond and Ross Dress for Less anchor the center, which is 99 percent leased. Casey Rosen of CBRE's Miami office and Chris Decoufle of the Atlanta office represented the seller, Greensboro, N.C.-based Bell Partners.
CHARLOTTE, N.C. — EastGroup Properties has purchased two industrial buildings in Charlotte for a total of $22.35 million. The 126,910-square-foot Lakeview Business Center, located off Harris Boulevard, was acquired for $7 million and the 300,000-square-foot Ridge Creek Business Park was purchased for $15.35 million. The properties are both fully leased. David Allen and Dunn Mileham of Trinity Partners' Charlotte office represented the undisclosed seller. The buyer was self-represented.
ALEXANDRIA, VA. — H&R Retail has arranged the sale of the 145,273-square-foot Alexandria Commons, located at 3117 Duke St. in Alexandria, from a local investor to American Realty Advisors. Giant and Staples anchor the center. The price was undisclosed. Michael Gorsage of H&R Retail's Washington, D.C., office represented both parties in the transaction.
ROCKVILLE, MD. — Foulger-Pratt Cos. has broken ground on the 190,907-square-foot Rockville Metro Plaza II, located adjacent to Rockville Metro Plaza I at 378 Maryland 355 in Rockville, for the new headquarters of Choice Hotels. Upon completion more than 400 employees will move to the property. The building will feature 13,670 square feet of first-floor retail space and will be built to LEED Platinum standards.