TAMPA, FLA. — Atlanta-based InterContinental Hotels Group is nearly finished with its remodel of MHI Hospitality Corp.’s 222-unit Crowne Plaza Tampa Westshore, which should deliver early this month. The property is located at 5303 W. Kennedy Blvd. in Tampa. The hotel features a 24-hour business center, more than 9,000 square feet of meeting space, a pool and a restaurant.
ARLINGTON, VA. — Washington, D.C.-based Federal Capital Partners has acquired a $28 million senior secured mortgage loan on an Arlington residential project. A subsidiary of FCP Fund 1 purchased the loan. Federal Capital Partners will service the loan.
ESTERO, FLA. — Michigan-based Owen-Ames-Kimball has completed construction on a 9,388-square-foot office building for FineMark National Bank Trust at 10010 Coconut Rd. in Estero. The property, which was started in July 2008, features eight offices, five conference rooms and a two-story lobby. Dan McGahey, Ramon Acevedo, Ella Materska and Pat McGuire of Ft. Myers, Fla.-based Gora/McGahey Architects completed design services.
BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.
HOLLYWOOD, FLA. — A private investor from Miami Beach, Fla., has sold the 72-unit Washington Park Apartments to a Miami-based company for $4.27 million. The property is located at 6111 Washington St. in Hollywood. Elliot Shainberg of Marcus & Millichap’s Miami office represented the seller, and the firm’s Andrew Jordan and Paul Nudelman represented the buyer.
CHESAPEAKE, VA. — Carson, Calif.-based US Auto Parts Network has signed a 72,558-square-foot lease for space in the Indian River Distribution Center in Chesapeake. The property will serve as US’s East Coast distribution center. H. Ashton Williamson and R. Worth Remick of CB Richard Ellis’ Hampton Roads, Va., office and Peter Andrich of the company’s Newport Beach, Calif., office represented US.
RALEIGH, N.C. — Poway 1 has purchased a 10,200-square-foot office/flex building in Raleigh from an undisclosed seller for an undisclosed price. The property is located at 1648 N. Market Dr. Raleigh-based Drucker & Falk’s Branham Stovall, II, represented the buyer, and Raleigh-based Fountain & English’s Andy English represented the seller.
VIRGINIA BEACH, VA. — The local defense contractor Atlantic Diving Supply has acquired the 82,000-square-foot Lynnwood Plaza office building from an undisclosed seller for an undisclosed price. The 23-year-old property spans 4 acres of land at 621 Lynnhaven Parkway in Virginia Beach’s Oceana West Corporate Park and will serve as the company’s new corporate headquarters. ADS will initially utilize 40,000 square feet of the Class A space, leasing the rest. When the company expands, it will start to occupy more of the building. CB Richard Ellis brokered the transaction.
MIAMI — South Florida Federal Partners-Kendall has sold a 2.79-acre commercial development site to Extra Space Storage for $2.35 million. The land is located at the intersection of 147th Avenue and 118th Street, adjacent to the U.S. Citizenship and Immigration Services facility, in Miami. Future plans for the space have not been announced. Stephen and Eric Gaunt of CresaPartners represented the seller.