CLARKSVILLE, TENN. — Clarksville Volunteer Health Inc. has completed the disposition of the former community hospital site, which is located at the intersection of Madison Street and Memorial Drive in Clarksville. Brentwood, Tenn.-based PGM Properties purchased the 15-acre land parcel for $2.25 million. PGM Properties plans to demolish the former hospital and develop Madison Street Commons, a 54,000-square-foot retail center, on the property. The center will be anchored by Publix and offer 18,600 square feet of retail and out-parcel space. Richard Swift of NAI Clarksville represented the seller in the transaction.
FORT ROYAL, VA. — Jericho, N.Y.-based Navika Capital Group has purchased Holiday Inn & Suites in Front Royal. Located at 111 Holiday Drive, the 2-year-old property features 124 rooms, an indoor pool, 5,000 square feet of meeting space and a Houlihan's Resaurant + Bar. Kyle Stevenson of Hunter Realty brokered the transaction. The seller and acquisition price were not disclosed.
HICKORY, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, had funded a $1.99 million loan for Hickory Square Apartments in Hickory. The property offers 108 apartment units. Ronen Abergel of Arbor's New York office originated the 10-year loan, which carries a 30-year amortization schedule. The loan was funded under the Fannie Mae DUS Small Loan product line.
DORAL, FLA. — Amadeus, a technology provider to the travel industry, has leased approximately 105,000 square feet at One Park Square, which is located in Miami-Date's Airport West market in Doral. The 11-story, Class A 281,623-square-foot office building features ground-floor retail space, 24-hour security, on-site management, a fitness center, a conference facility and an integrated covered parking garage. Bruce Schuman and Tom Capocefalo of Studley represented the tenant; Tere Blanca and Danet Linares of Blanca Commercial Real Estate, along with Darryl Robinson of Oak Hill Advisors, represented the landlord, New Boston Fund, in the transaction. Terms of the transaction were not released.
MARIETTA, GA. — A private New York-based investor has acquired a fee-simple Rite Aid building in Marietta for $3.1 or $218.27 per square foot. Located at 1900 Sandy Plains Road, the property is situated at a signaled intersection across from a Publix-anchored shopping center. The property is secured by a 20-year NNN lease with 15 years remaining. Tim Giambrone of Marcus & Millichap's Atlanta office represented the buyer. The seller was not disclosed.
FRANKLIN, TENN. — MedSolutions has renewed and expanded its lease for 96,000 square feet of office space at Cool Springs II in Franklin. Owned by Highwoods Properties, the property is located at 730 Cool Springs Blvd. Whit McCrary and Rob Lowe of Cassidy Turley represented MedSolutions; Jimmy Miller represented Highwoods Properties in the transaction. Terms of the lease were not disclosed.
KINSTON, N.C. — Darland Construction Co. has partnered with Omaha, Neb.-based Woodmen of the World to plan and construct a $7.6 million multi-use community center in Kinston. The facility will offer recreation, fitness and meeting space. The 57,000-square-foot facility will be comprised of three components: a 10,000-square-foot office building, a gymnasium with an elevated track, and a third facility to house the locker rooms, pool support and a social hall with a catering kitchen. Additionally, the center will have an outdoor pool. Construction is currently underway with completion scheduled for summer 2011. Avant Architects is providing architectural services for the project.
BRANDON, FLA. — The Asbury Group has purchased the former Brandon Buick Dealership, which is located at 9205 E. Adamo Dr. in Brandon, for $2.8 million. Situated on 4.34 acres, the property consists of a 27,647-square-foot grouping of buildings. Anthony Mazzucca of Sperry Van Ness-Blackpoint Realty brokered the transaction. The seller was not disclosed.
BECKLEY, W.V. — Affiliates of H&W Hotels have completed the disposition of a Fairfield Inn hotel in Beckley. Greatway Hospitality acquired the property for an undisclosed price. The buyer plans to renovate the hotel and convert the property to the Fairfield Inn & Suites brand. David Mumford and Steve Kirby of The Mumford Company represented the seller in the transaction.
MIAMI — Stiles is developing Publix at 18Biscayne, a Publix-anchored retail shopping center in downtown Miami. Situated on Biscayne Boulevard, the three-story 57,200-square-foot project will include a 49,200-square-foot Publix and 8,000 square feet of retail space. Stiles is providing architectural services for the project through its Architectural Group. Additionally, Stiles Development is overseeing the project, which is being constructed by Stiles Construction. Completion is scheduled for 2012.