CAVE CITY, KY. — Supertel Hospitality has sold a 96-room Masters Inn to Fine Hospitality for an undisclosed amount. The two-story property is located on Interstate 65 in Cave City. Fine Hospitality plans on renovating the hotel and franchising it with Days Inn. Mumford Co.'s David Holcombe and Burton Brooks brokered the sale.
Southeast
PLANT CITY, FLA. — A special servicer has sold the 81-unit Caribbean Park Apartments to Caribbean Apartments LLC for an undisclosed amount. Located at 1601 E. Alabama St. in Plant City, the property was about to go into foreclosure and was traded by way of a short sale. John Burpee and T. Sean Lance of NAI Tampa Bay brokered the transaction.
MIAMI — Dencity Development has purchased a 19-unit apartment complex in Miami from a private party for an undisclosed amount. The property is located at 1100 SW 2nd Ave. in the city's Brickell area. John Crotty of Colliers International South Florida represented the seller in the transaction.
NASHVILLE, TENN. — Olympus Property has purchased the 452-unit Overlook apartment complex from DRA Advisors. The Nashville property was listed at $26.2 million and was sold below replacement cost. Sean Henry, Derrick Bloom and Vince Lefler of Apartment Realty Advisors represented the seller. ARA Finance provided funding for the sale.
BETHESDA, MD. — Bainbridge Cos. and Restis Group will break ground this fall on a 200-unit apartment complex in downtown Bethesda. National Real Estate Advisors will provide additional equity for the project. Initial occupancy is slated for fall 2012.
HOLLYWOOD AND DANIA BEACH, FLA. — Sperry Van Ness has brokered two industrial sales in Florida totaling $4.4 million. In the first sale, SVN's Les Byron represented Bayly in the sale of the Bayly Building to 4151 Property for $2.4 million. Located at 4151 N. 29th Ave. in Hollywood, the property spans 26,800 square feet. Beachfront Realty's Dee Price represented the buyer. Steve Davis of Sperry Van Ness represented Carib in its sale of the Tile International building to RDRW Properties for $2 million. Located at 101 SW 12th Ave. in Dania Beach, the property spans 30,000 square feet. Dan Smith of Smith Moses, Morris & Associates represented the buyer.
BRASELTON, GA. — TranSouth Logistics has leased 190,000 square feet of warehouse space from Atlanta Property Group in Braselton. The 455,000-square-foot property is located at 1001 Cherry Drive. Bill Buist and Price Weaver of Colliers International represented the landlord.
MIAMI — BlackRock Realty has leased 144,000 square feet to Econocaribe Consolidators in the Airport East Distribution Center in Miami. The warehouse is located at 7000 NW 32nd Ave. The 50-year-old Airport East Distribution Center spans 400,000 square feet. The tenant is relocating one of its freight-forwarding operations from another Miami address. Grubb & Ellis brokered the lease.
ARLINGTON, VA. — Insight Property Group has purchased a 48-unit apartment complex in Arlington from a private seller for $6.2 million. The property is located at 1200 Rolfe St. North. Mark Anstine and Dan Lockard of Fraser Forbes Real Estate Services represented the seller in the transaction.
CARY, N.C. — Arbor Commercial Funding has secured a $22 million loan for the 302-unit Brook Arbor Apartments in Cary. The Fannie Mae DUS loan carries a 10-year term and a 30-year amortization. The interest rate is 5.68 percent. Joseph Donovan of Arbor arranged the loan.