GAINESVILLE, VA. — Orlando, Fla.-based Liberty Lodging is putting the finishing touches on a 113-room Value Place in Gainesville and is targeting an early December opening for the hotel. The property is located 40 miles southwest of Washington, D.C., on John Marshall Highway. The extended-stay hotel includes a full kitchen and a work table in each unit.
VIRGINIA BEACH, VA. — The City of Virginia Beach Development Authority has purchased a 38,414-square-foot retail property, formerly a Circuit City store, from CC Virginia Beach for $5 million. The building sits on 3.17 acres in the Town Center of Virginia Beach mixed-use development. The development authority will eventually incorporate the property into its Central Business District master plan. Alexander Divaris, Jason Oliver and Gerald Divaris of Virginia Beach-based Divaris Real Estate represented the buyer.
WASHINGTON, D.C. — Marcus & Millichap represented a private party in its sale of the Axiom, a land parcel located at 1638 14th St. NW in Washington, to a local developer for $3.8 million. The Axiom will be the new site of a 30,000-square-foot mixed-use development comprised of 3,000 square feet of retail space and 32 apartment units. Marcus & Millichap’s Ari Firoozabadi and Ali Javad represented the seller. Hounshell Real Estate represented the buyer.
WASHINGTON, D.C. — The Federal Republic of Germany has leased 76,000 square feet of office space from AION Partners at 2300 M St. in Washington. The German embassy will occupy space, formerly occupied by the European Union, while its embassy building is being renovated. Bruce Pascal and Mark Klug of CB Richard Ellis represented the tenant in the multi-year lease. Cassidy & Pinkard’s Zeke Dodson, Kerri Mulligan Salih and Jonathan Wellborn represented the landlord. AION Partners has also leased space in the M Street building to HQ Global Workplaces, extending its 20,000-square-foot lease for an additional 5 years. The space is located on the entire eighth floor and part of the ninth floor of the building. CB Richard Ellis’ Brian Murphy and Seth Benhard represented the tenant.
BRANDYWINE, MD. — hhgregg has signed a 393,440-square-foot lease with Capital Development Co. for space in a former Circuit City distribution center. Located at 14301 Mattawoman Dr. in Brandywine, hhgregg will use the facility as a regional distribution hub. Michael Elardo and Brian Kruger of Preston Partners and Lawrence Shaw of Clarus Properties represented hhgregg. Cushman & Wakefield’s Ned Brady and Matthew Laraway represented the landlord. In September, hhgregg purchased two former Circuit City stores in Virginia.
BATON ROUGE, LA. — Interstate Hotels & Resorts has sold the Hilton Garden Inn Baton Rouge Airport to a fund managed by Fairwood Capital for $10.6 million. The property is located at 330 Harding Boulevard in Baton Rouge. Amenities include a fitness center, a business center and a pool. Interstate will use the sale as a way to pay down its senior credit facility, which matures in 2012.
TITUSVILLE, FLA. — An undisclosed bank has sold a Titusville Comfort Inn to a private party for $3 million. The 117-room property, which was built in 1974, is located at 3655 Cheney Highway. Jaimin Patel of Marcus & Millichap’s Tampa, Fla., office marketed the property for the seller.
NAPLES, FLA. — CB Richard Ellis has represented an undisclosed seller in the sale of 72 condominium units in The Reserve at Naples to a private buyer for $3.2 million. The 300-unit property, located near Pine Ridge Road and Interstate 75 in Naples, had 72 remaining unsold units from when the property was sold to a converter in 2005. Jonathan Richards and Ann Bailey of CB Richard Ellis’ office in Fort Myers, Fla., represented the seller.
WOODSTOCK, GA. — CH Realty IV/Woodstock, an affiliate of Dallas-based Crow Holdings, has borrowed a $27.37 million loan for the 498-unit Alta Woods Apartments in Woodstock. The complex, which is spread across 19 buildings, features two pools, a fitness center, a putting green and two tennis courts. Freddie Mac financed the 7-year loan. Michael Riccio and Christine Kubas of CB Richard Ellis’ office in Hartford, Conn., and Robert LaChapelle of the firm’s Atlanta office arranged the loan.
ORANGE BEACH, ALA. — Balmaquien Hospitality, an affiliate of Innisfree Development, has commenced development of a new $31 million beachfront hotel in Orange Beach. The new hotel, which will be branded a Hampton Inn & Suites, will rise nine stories and contain 160 rooms. Amenities will include an outdoor pool with a tiki bar and beach access as well as 5,000 square feet of meeting space. The hotel will be situated across from the Shoppes at Palm Pointe. Preliminary site work is under way, with vertical construction expected to start in December. Completion is slated for early 2011. Birmingham, Ala.-based Robins and Morton is serving as general contractor, and Behar & Peteranecz is providing architectural services.
