RUSSELLVILLE, ALA. —Russellville Hospitality’s 60-room Russellville Hotel and Suites has joined the Best Western family, becoming Best Western Russellville Hotel and Suites. The property is located at 13770 Highway 43 in Russellville. Amenities include an outdoor swimming pool, a fitness center and a banquet and conference space.
ABINGDON, MD. — Ward Properties has broken ground on the 700,000-square-foot Boulevard at Box Hill mixed-use development. Located at the intersection of Woodsdale Road and Box Hill Center Corporate Drive in Abingdon, the 40-acre project will be built in multiple phases. When complete, the development will house more than 450,000 square feet of retail space, 50,000 square feet of restaurant space and 88,000 square feet of office space. Tenants will include Wegmans, national department stores and a 2,500-seat cinema.
CHATTANOOGA, TENN. — In November, Atlanta-based Jamestown will launch the newly redeveloped Warehouse Row, a mixed-use development featuring office suites, lofts and 330,000 square feet of retail and dining space. The property, which started life in 1904 as a series of warehouses, is located on Market Street in Chattanooga. After Jamestown purchased the development in 2006, Hefferlin + Kronenberg Architects helped the firm undertake an exterior and interior renovation of the space. The design studio Revival, Amanda Pinson Jewelry and The Cosmetic Market are among a handful of tenants that recently moved into the property.
GERMANTOWN, MD. — First Potomac Realty Trust has purchased the 173,655-square-foot Cloverleaf Center in Germantown from Kennedy Capital for $25.5 million. The Class A office building houses government contractors and technology companies in four one- and two-story buildings. The property is 97 percent leased. First Potomac purchased the property with a $17.5 million mortgage and cash on hand.
FORT MYERS, FLA. — A partnership among Behringer Harvard Opportunity REIT II, DeBartolo Development and Christian Tyler Properties has acquired the senior mortgage debt associated with the 408-unit Palms of Monterrey multifamily complex from the property’s previous owner. The complex was built in 2001 and is located at 15250 Sonoma Dr. in Fort Myers. Apartment amenities include a clubhouse with a business center, two heated pools, a lighted tennis court and a racquetball facility. The Palms of Monterrey, which started life as a collection of condominium units, will be repositioned as apartments.
BELLE VERNON, VA. — TSC/Belle Vernon has sold a 19,104-square-foot retail building in Belle Vernon to Columbia Properties Belle Vernon for $3.12 million. The property spans 3.7 acres and is leased to Tractor Supply Co. Mac McCall of Marcus & Millichap’s Atlanta office represented the seller in the transaction. Leonard Mazzone represented the buyer.
While the recession has impacted NOIs in the Washington area, the local apartment market has weathered the economic downturn better than in most metros. The 60 basis point year-to-date rise in vacancy to 6 percent is the most glaring effect of the recession. Although rents remain resilient, asking rents inched up 0.4 percent in the most recent 3-month period, while effective rents declined for only the second quarter since 2004. Job losses have weighed the most on Class A asking rents, particularly in areas where rent gains were sizable recently, such as Pentagon City/Crystal City, the Connecticut Avenue Corridor and Rockville. The district’s Dupont Circle, Logan Circle and Columbia Heights neighborhoods, however, are notable exceptions to this trend, as these areas remain desirable to renters. Lower-tier asking rents have managed to push higher in many locations, although softer rents and vacancy rents have been recorded in the Anacostia/Northeast D.C. and Stafford County submarkets. Development completions are accelerating this year, and the construction pipeline is expected to remain relatively full through 2010, posing a further threat of concession increases. A metro-leading 9,000 units are under consideration in Virginia, while there are 6,600 units planned in the district and 3,900 units proposed …
WHITE HOUSE, TENN. — OBG Distribution Co. has purchased a 270,589-square-foot distribution facility from an undisclosed seller for an undisclosed price. The property spans 30 acres at 605 Highway 76 in White House. Philadelphia-based Hart Co. and NAI Nashville joined together to represent the seller.
MARIETTA, GA. — Centro Properties Group has sold the 130,013-square-foot Merchant’s Exchange shopping center to Columbia Properties for $17 million. The property was completed in 1986 and renovated in 1997 and spans 11.2 acres at 4400 Roswell Rd. in Marietta. Tenants in the center, which is 98.9 percent leased, include LA Fitness, The Picture Show Movie Theatre and Hancock Fabrics. Whitney Knoll and Richard Reid of Holliday Fenoglio Fowler represented the seller.
OCALA, FLA. — MEC Holdings has purchased a 495-acre industrial land parcel from Ocala 489 for $8.1 million. The unimproved land is located at the interchange of Interstate 75 and U.S. Highway 27 in Ocala. David Murphy and Kevin Hoover of CB Richard Ellis’ Orlando, Fla., office represented the seller.
