ST. PETERSBURG, FLA. — The 22-room Grayl's Hotel, located in downtown St. Petersburg, has been sold for $1.85 million. Birchwood Inn LLC purchased the hotel from Cornerstone Community Bank, who recently acquired the property in an online foreclosure. Birchwood Inn LLC plans to renovate the hotel and rename it Birchwood Inn. The Arcus Group will be the architect on the project and Southwind Hospitality will provide hotel and restaurant management. Michael Heretick of St. Petersburg-based Vector Realty represented the buyer in the transaction.
ASHEVILLE, N.C. — A local investment group has purchased the 57,000-square-foot Biltmore School Building, located on Hendersonville Road in Asheville, to restore the structure and create professional office space. Rick Grant of Asheville-based Beverly-Grant is leading the development team and Alan McGuinn of CJMW Architecture's Asheville office will oversee the project, which will include restoring the facade with original design elements and upgrading major systems including plumbing, electrical and high-efficiency HVAC. The total expected cost is $12 million.
FORT LAUDERDALE, FLA. — Good Roads has purchased the 70,000-square-foot industrial building, located at 5360 NW 35th Ave. in Fort Lauderdale, for $4.5 million. The building is located in the Fort Lauderdale Commerce Center. Two tenants occupy 20,000 square feet in the building and Good Roads will move into the remaining 50,000 square feet. Chris Metzger and Rick Etner of Cushman & Wakefield's Fort Lauderdale office, and Sky Groden, Christopher Thomson and Justin Cope of the Palm Beach Gardens office, represented the seller, Nat and Sam Butters.
CHARLOTTE, N.C., AND GREENWOOD, S.C. — Berkeley Capital Advisors has brokered two neighborhood shopping center sales. The first property is Independence Square, a 139,361-square-foot neighborhood center located in Charlotte. Major tenants include Super Global Mart, Rugged Warehouse, Harbor Freight Tools, Dollar General, Dots, Bank of America and Ruby Tuesday. Occupancy was 95 percent at the time of closing. The second property was Food Lion Plaza, a 48,466-square-foot neighborhood center located in Greenwood. Anchored by Food Lion, the property was 85 percent occupied at closing. The Berkeley team of Rob Carter, David Webb and Alex Quarrier arranged both deals.
ALPHARETTA, GA. — Addison Place, a 44,293-square-foot retail center, has sold for $2.6 million. Located on Jones Bridge Road in John's Creek, the shopping center is positioned adjacent to a CVS/pharmacy and its lead tenant is Bonefish Grille. Craig Taylor of CB Richard Ellis' private client group represented the seller, P.I. Holdings, Inc., a division of BBVA Compass Bank. The buyer was Addison Place Ventures LLC.
GULF SHORES, ALA. — The 90-room Courtyard by Marriott in Gulf Shores has been sold to an affiliate of Peachtree Hotel Group. Scott Stephens of HREC Investment Advisors' Tampa office and Monty Levy of the Atlanta office represented the seller in the transaction.
PLANTATION, FLA. — CB Richard Ellis Capital Markets arranged the sale of the 135,819-square-foot office building Southpointe I, located at 7850 SW 6th Ct. in Plantation, to Government Properties Income Trust for $40.75 million. Christian Lee, Charles Foschini and Christopher Apone of CBRE's Miami office marketed the property on behalf of the seller, Federal Partners.
PALM HARBOR, FLA. — Chicago-based Wateron Residential has purchased 509 of the 774 units of Lansbrook Village, located in Palm Harbor. The 75-buildling property has amenities such as three pools, tennis courts, volleyball courts, interactive fountains, family playgrounds and an enclosed dog park.Wateron Residential partnered with Stratus Development and KMG Partners to purchase the units from ST Residential and was represented by Boca Raton, Fla.-based Apartment Realty Advisors.The units were acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
SAVANNAH, GA. — Wal-Mart has renewed its 800,000-square-foot lease at 150 Portside Ct. in Savannah. Wal-Mart has occupied the building in Crossroads Business Center since 2001. Brian Sutton of Indianapolis-based Duke Realty and Jeff Jepson of Savannah-based North Point Industrial Realty represented Duke Realty, the landlord, in the transaction.
MOUNT PLEASANT, S.C. —CNL Macquarie Global Growth Trust and Woodfield Investors have entered into a joint venture to build a 258-unit, Class A multifamily residential development on 32 acres in Mount Pleasant. The partnership purchased the raw land for $3.4 million. Woodfield will manage the construction and development, while CNL Macquarie Global Growth Trust will provide capital, strategic guidance and oversight. Construction will begin in the third quarter this year.