ROCKY MOUNT, VA. — Trinity Packaging Corp. has purchased an industrial property in Rocky Mount. Located at 160 Industrial Dr., the 177,190-square-foot facility sold for $1.6 million. Richard Wellford of Poe & Cronk Real Estate Group represented the undisclosed seller in the transaction.
NEWPORT NEWS, VA. — Vienna, Va.-based Sage Real Estate Partners has partnered with Keane Enterprises to acquire an office building in Newport News. Located at 2600 Washington Ave., the 141,000-square-foot property was purchased for approximately $2.25 million or $16 per square foot. The property is currently leased a variety of tenants, including Bank of America, the City of Newport News and the Commonwealth of Virginia General Services Administration.
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired a Class A apartment community located in Ashburn. The 464-unit property will now be known as Westwind Farms. Built in 2006, the property is currently 96 percent occupied. The seller and acquisition price were not disclosed.
TALLAHASSEE, FLA. — Agree Realty Corp. has purchased a retail property, which is ground leased to Kohl's Department Stores, in Tallahassee. Located at the intersection of Apalachee Parkway and Blair Stone Road, the property sold for approximately $2.2 million. Kohl's has approximately 17 years remaining on the base term of the lease. The seller was not released.
AVE MARIE, FLA. — Fort Myers, Fla.-based J.L. Wallace, serving as general contractor, has completed the construction of the Tom Golisano Field House on the campus of Ave Marie University in Ave Marie. The 38,107-square-foot project include a NCAA-regulation basketball court, a training room, a weight room, men's and women's locker rooms, referee dressing rooms, a ticket office, concession area, administrative offices and a conference room. Jason P. Tramonte Architect Inc. provided design services, Wilson Miller Inc. served as civil engineer, Liebl & Barrow served as structural engineer, Kevatron Engineering served as mechanical engineer and Jewitt Engineering served as electrical engineer for the project.
CHATTANOOGA, TENN. — Trade Street Capital has purchased Lakeshore on The Hill Apartments in Chattanooga. The 123-unit property offers a clubhouse with a fitness center and a resort-style swimming pool. The acquisition was funded by a Trade Street Capital fund, with financing arranged by CW Capital. The acquisition price was not released.
COLUMBIA, S.C. — North Carolina-based Suite Development has acquired InnPlace Suites in Columbia for an undisclosed price. The two-story, 128-room hotel offers wireless high-speed Internet access, microwaves, refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor pool and a fitness center. The buyer plans to renovate the property and reposition the hotel with Affordable Suites of America. Hodges Ward Elliott's Select Service Division represented the seller, ING Clarion Partners, in the all-cash transaction.
JACKSONVILLE, FLA. — Louisville, Colo.-based Condo Capital Solutions has purchased Old San Jose on the River, a residential riverfront community near Jacksonville's historic San Marco district. The property currently has three completed buildings, including a five-story, 18-unit condominium building on the St. Johns River, a four-unit condominium residence and three townhome residences. Condo Capital has retained Jacksonville-based McGarvey Residential Communities, the property's original developer, to serve as the development manager for the community. The acquisition price was not disclosed.
FAIRFAX, VA. — NorthMarq Capital has arranged $25 million in first mortgage financing for an unsubordinated ground lease located at 8301 Anderson Dr. in Fairfax. The 34.63-acre site is occupied by the 752-unit Amberleigh Apartments. Financing was based on a 25-year term with a 5-year interest-only amortization, then based on a 30-year amortization schedule. Jeffrey Robertson of NorthMarq's Miami office arranged the financing for the borrower through NorthMarq's relationship with New York Life Insurance Co.
WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II (KBS REIT II) has acquired Emerald View at Vista Center in West Palm Beach. The 139,471-square-foot, two-building office complex sold for $36 million. The property is situated on 9.8 acres at 2054 and 2056 Vista Parkway. An affiliate of Boca Raton, Fla.-based Procaccio Development Corp. sold the property.