FARMERVILLE, LA. — Pilgrim’s Pride Corp. has agreed to sell its Farmerville chicken complex to Foster Farms for $80 million. The sale, which is expected to close in 30 days, is subject to a price adjustment for inventory and a $40 million contribution from the state of Louisiana. The property includes a processing facility, a cook plant and a protein-conversion plant. Sale of the complex was prompted by Pilgrim’s Pride Co.’s bankruptcy filing last December.
Southeast
HANOVER, MD. — White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide and Chesapeake, Va.-based LTD Management Co. have opened two new hotels on Teague Road in Hanover. The 142-room Aloft Arundel Mills, located at 7520 Teague Rd., includes wireless Internet and a 42-inch HDTV in each unit. Other amenities include a lobby bar, a fitness center, a pool and a 24-hour convenience store. Located at 7522 Teague Rd., each unit in the 147-room Element Arundel Mills features a full kitchen with energy-efficient appliances. A fitness center, a chlorine-free pool, a library and 500 square feet of meeting space is also housed in the hotel.
GAITHERSBURG, MD. — Broad Street Ventures has received a $7.8 million loan to fund its acquisition of a 50,000-square-foot office building from an undisclosed party. The Class A property is located on 4.9 acres of land at 950 Wind River Lane in Gaithersburg. The 5-year loan carries a 25-year amortization. Walker & Dunlop secured the loan. The borrower has also leased the entire building to Gaithersburg-based MedImmune for 10 years.
VIRGINIA BEACH, VA. — Capital Finance has purchased the 5,680-square-foot Lynnhaven Quarters retail complex from Lynnhaven Quarters LLC for $1.09 million. The property is located at 800 S. Lynnhaven Rd. in Virginia Beach. Natalie Hucke and Kevin O’Keefe of Thalhimer’s Virginia Beach office brokered the sale.
DORAVILLE, GA. — The Beltmann Group, a moving services company, has signed a lease renewal with American Realty Advisors for 96,160 square feet of industrial space. The property is located at 7030 Buford Highway in Doraville. With 1 year still left on its lease, the company decided to make a new commitment in order to take advantage of the current market. A tenant improvement allowance was included in the new deal. John Crawford and Ray Dankberg of Grubb & Ellis Co.’s Atlanta office brokered the deal.
LAKE MARY, FLA. — West Palm Beach, Fla.-based Mariner Asset Management Services will break ground on the 72,400-square-foot The Hills of Lake Mary Professional Centre, a LEED Platinum office campus, later this year. In addition to its green status, the property, which is located at 4903 CR 46A in Lake Mary, will be 100 percent carbon neutral. Green features include solar energy generation and storage, an energy efficient HVAC system and power usage monitoring. The architecture firm Gensler designed the property.
CHAPEL HILL, N.C. — Jeff Frankel of NorthMarq Capital’s Chicago office has secured a $13.1 million loan for the 240-unit The Pointe at Chapel Hill apartment complex. The property is located at 100 Saluda Court in Chapel Hill. AmeriSphere Multifamily Finance provided financing for the 5-year interest-only loan.
OCALA, FLA. — Ocala-based Edwards Construction Services will break ground during the first half of 2010 on a 30,000-square-foot sanctuary for College Road Baptist Church. Located at 5010 S.W. College Rd. in Ocala, the sanctuary will accommodate 650 worshippers. The property will feature offices, a choir practice suite, a bookstore and a coffee shop.
NORFOLK AND CHESAPEAKE, VA. — Bethesda, Md.-based First Potomac Realty Trust has secured three leases with two tenants totaling 97,400 square feet. Verizon Virginia has renewed leases at Norfolk Commerce Park II and Norfolk Business Center totaling 58,200 square feet. Norfolk Commerce Park II, located at 5301 Robin Hood Rd. in Norfolk, and Norfolk Business Center, located at 2551 Eltham Ave. in Norfolk, total 218,945 square feet. Corinthian Colleges has also renewed its 26,900-square-foot lease and leased an additional 12,300 square feet of space at Greenbrier Circle Corporate Center. Located at 1081 Sara Dr. in Chesapeake, the center encompasses 229,163 square feet in two buildings.
WASHINGTON, D.C. — The Seattle-based law firm Davis Wright Termaine has leased 49,814 square feet of office space in Washington. The property, located at 1919 Pennsylvania Ave., is owned by SITQ and Tishman Speyer. The firm will occupy the entire eighth floor and a portion of the seventh floor when it moves into the new space in July 2010. The firm is currently located in the building, but this new lease allows the company to consolidate and expand. Brokers from Woodmark, CB Richard Ellis and Century Pacific represented the tenant.