MARTINSVILLE, VA. — Innkeeper of Martinsville has sold a 70-room Holiday Inn Express to Philadelphia-based Martinsville Hospitality for an undisclosed price. The 33,000-square-foot property is located near the Martinsville International Raceway in Martinsville. The hotel features an outdoor pool and a sundeck. The buyer plans to reposition the hotel as a Comfort Inn and renovate the property. Anthony A. Falor of Atlanta-based Hodges Ward Elliott represented the seller in the transaction, and Martinsville Hospitality was represented internally.
WASHINGTON, D.C. — Bob Donhauser, Bill Asbill and Cary Abod of Holliday Fenoglio Fowler’s Washington office have secured $100.5 million in financing for a 310,825-square-foot office building. The property, located at 1101 K St. N.W. in Washington, is owned by a joint venture between Chevy Chase, Md.-based The JBG Cos. and Rockwood Capital. Building tenants include FTI Consulting, Brunswick Capital, District of Columbia Bar Association and Brasserie Back. Helaba provided funding for the 3-year, adjustable-rate loan, which replaced a Bank of America construction loan.
FORT LAUDERDALE, FLA. — As part of a restructuring plan, Fort Lauderdale-based Muvico Theaters has sold four theaters to Plano, Texas-based Cinemark USA for an undisclosed amount. The cinemas include Muvico Palace 20 in Boca Raton, Fla.; Muvico Boynton 14 in Boynton Beach, Fla.; Muvico Paradise 24 in Davie, Fla.; and Muvico Egyptian in Hanover, Md. Cinemark will rebrand the properties. The restructuring also includes owner Jospeh Amaturo’s decision to increase his investment in the company by an undisclosed amount. Using the capital from the sale and Amaturo’s investment, Muvico will upgrade its existing 10 facilities, adding amenities like interactive gaming and dining options. The company will also soon start constructing new properties in Fredericksburg, Va., and Coconut Grove, Fla.
MEMPHIS, TENN. — Northwest and Southern Self Storage Partnership has purchased a two-property self storage portfolio totaling 101,650 square feet from an undisclosed seller for $2.44 million. Northwest Self Storage and Southern Self Storage are located in Memphis. Michael Mele of Marcus & Millichap’s Tampa, Fla., office and Anne Williams of the firm’s Memphis office brokered the sale.
MACON, GA. — John W. Rooker & Associates and the Macon-Bibb County Industrial Authority have completed a 100,000-square-foot warehouse in Macon. The multi-tenant property is located in the Ocmulgee Industrial Park at 538 Joe Tamplin Industrial Blvd. The development is the first in a planned multi-phase partnership between John W. Rooker & Associates and Macon-Bibb County. Bilijack R. Bell of Atlanta-based Wilson, Hull & Neal represented John W. Rooker in the transaction.
FIRM COMPLETES 45,000-SQUARE-FOOT MEDICAL OFFICE BUILDING ORLANDO, FLA. — A 45,000-square-foot medical office building, designed by Orlando-based HuntonBrady Architects, has delivered in the Avalon Park area of Orlando. Tenants include Florida Hospital Group and private physicians. The Mentor Group also houses its Center for Comprehensive Services, a treatment center for brain and spinal cord injuries, in the building. The property is located on Avalon Park West Boulevard.
Howard Bissell of The Bissell Cos. sums his take on the Charlotte office market by echoing a concern voiced by developers all across the country. In nearly every major market and in a vast array of property types, developers are hurting because of rampant economic uncertainty. Tenants and investors simply don’t know what’s next, so they aren’t making any moves. “There’s a lot of concern over the unknown,” Bissell says. “Depending on where you are in the Charlotte market, you can point to slow downs in the velocity of leasing. What we started seeing last year has just accelerated into 2009.” For developers like Bissell, the main concern in Charlotte isn’t that the office market has slowed, but that it’s taken a rapid course downward, a quick pace that nobody quite anticipated. Tenants are on the sidelines looking in. Bissell has had to put two of his developments on hold due to the recession. “We’re out there trying to capture every deal that we can, so long as it makes sense,” he says, noting that he foresees pursuing deals more aggressively in the next year. At the Charlotte Chamber of Commerce, Jeff Edge takes a brighter point of view toward …
MARYLAND AND VIRGINIA — John M. R. Reed of Capmark Finance’s Richmond, Va., office secured $175 million in supplemental financing for a 67-property multifamily portfolio owned by Southern Management Corp. The apartment complexes are located in Maryland and northern Virginia. The loan will be used to update amenities in the complexes and improve the energy efficiency of the buildings. Capmark Bank provided financing for the loan through its Freddie Mac program.
WINDER AND LOGANVILLE, GA. — Charlotte, N.C.-based Faison Enterprises has opened the 550,000-square-foot first phase of the Barrow Crossing shopping center in Winder and the 350,000-square-foot North Logan Commons in Loganville. Barrow Crossing, which is spread across 60 acres on Highway 316, is 86 percent leased. Tenants in the power center include Target, Belk, Publix, PetSmart, Staples, McDonald’s, Great Clips, Lee Nails and Stevi B’s Pizza. Located on U.S. Highway 78, North Logan Commons is anchored by Lowe’s Home Improvement Warehouse. Additional tenants in the 37-acre development include Best Buy, Dick’s Clothing and Sporting Goods, OfficeMax, PetSmart, Dollar Tree and Five Guys Burgers and Fries. The center is 87 percent occupied.
COCONUT CREEK, FLA. — Orlando, Fla.-based Keene Construction Co. has completed the 99,208-square-foot Caligo Crossing shopping center for the developer Regency Centers. The property, which is located on State Road 7 in Coconut Creek, is anchored by an 88,408-square-foot Kohl’s. Additional tenants include a 4,200-square-foot Mattress Firm, a 2,362-square-foot Tijuana Flats Burrito and a 1,400-square-foot Stormann’s Coffee. Tulsa, Okla.-based Scott & Goble Architects designed the Kohl’s, and Clearwater, Fla.-based Fisher & Associates designed the additional retail space.