Southeast

RENOVATIONS UNDERWAY FOR SUSTAINABLE HOLIDAY INN

by admin June 13, 2008

GAITHERSBURG, MD. — Construction is underway on the $9 million renovation of the Holiday Inn Gaithersburg, which is located at 2 Montgomery Ave. The exterior renovation, which includes a complete upgrade of the façade, is 50 percent complete. Interior renovations include high-tech amenities in each of the 300 guestrooms, a revitalization of the main ballroom and an expanded business center. Environmentally sound improvements at the facility include low-flow toilets and showerheads, recycling containers in every guestroom, and environmentally friendly paint. During construction, the hotel will remain open for business.

June 13, 2008

KEYBANK ARRANGES $43.5 MILLION LOAN

by admin June 13, 2008

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $43.5 million Freddie Mac loan for 3001 Park Center Apartments in the Washington, D.C., suburb of Alexandria. The 16-story high-rise community, which was 90 percent occupied at the time of funding, houses 326 units on 5 acres. Financing was provided by Park Center Associates for a 15-year term with a 30-year amortization. Prior to Freddie Mac funding, KeyBank had provided a $7 million bridge loan to fund the property’s rehabilitation.

June 13, 2008

Industrial Southeast

GOLDEN STATE FOODS ACQUIRES 130,000-SQUARE-FOOT FACILITY

by admin June 13, 2008

GARNER, N.C. — On behalf of Golden State Foods, The Staubach Company has arranged the acquisition of a 130,000-square-foot facility located on Greenfield Parkway in Garner. Golden State Foods was represented by Christopher Skibinski and Kimberly Kendall of Staubach’s Charlotte, N.C., office; the building owner, Craig Davis Properties, was represented in-house by Will Greene and Jack Dunn.

June 13, 2008

Retail Southeast

FERNCROFT CAPITAL ACQUIRES 93,782-SQUARE-FOOT RETAIL CENTER

by admin June 13, 2008

CHARLOTTE, N.C. — Ferncroft Capital has acquired Hunter’s Crossing, a 93,782-square-foot, grocery-anchored retail center, which is located in Charlotte, for an undisclosed amount. Tenants in the center include Lowes Foods, CVS/pharmacy, Dunkin’ Donuts and Wendy’s. Berkeley Capital Advisors LLC has represented the seller, Crosland LLC, which has been retained to lease and manage the property. Acquisition financing for Charlotte-based Ferncroft Capital was provided by Carolina First.

June 13, 2008

Hospitality Southeast

MOLINARO KOGER BROKERS FOUR-DIAMOND HYATT HOTEL SALE

by admin June 12, 2008

HERNDON, VA. — On behalf of Dallas-based Ashford Hospitality Trust, Molinaro Koger has arranged the sale of the Hyatt Hotel Washington Dulles International Airport located in Herndon Virginia. The 316 all-suite facility was acquired by Annapolis, Md.-based Thayer Lodging Group. With a Four-Diamond rating, the hotel will retain the Hyatt brand and continue to be managed under a long-term agreement with Global Hyatt Corporation. Amenities at the facility, which is located less than 2 miles from Washington Dulles International Airport, include an indoor pool, a high-energy fitness center and 10 meeting rooms with 7,250 square feet of meeting space. The price of the acquisition was not disclosed.

June 12, 2008

Retail Southeast

NORDSTROM RACK PLANS 35,000-SQUARE-FOOT STORE IN MILLENIA CROSSING

by admin June 12, 2008

ORLANDO, FLA. — Seattle-based Nordstrom Inc. will open a 35,000-square-foot Nordstrom Rack store within Millenia Crossing in Orlando. The store, which is the first Nordstrom Rack in the Orlando area, will open in spring 2009. Located around Millenia Mall, Millenia Crossing is a 100,000-square-foot open-air retail development that is slated for completion in 2009. Madison, Wis.-based E.J. Plesko & Associates is developing the center; Madison Marquette is the leasing consultant.

June 12, 2008

Retail Southeast

ICAP REALTY ADVISORS ARRANGES $6.5 MILLION IN REFINANCING

by admin June 12, 2008

PANAMA CITY, FLA. — Bill Mitchell of iCap Realty Advisors’ Atlanta office has arranged $6.5 million in refinancing for a 67,610-square-foot, Publix anchored shopping center in Panama City. The loan was provided for the borrower at a fixed rate of 5.64 percent for a 15-year term with a 15-year amortization. One of iCap’s life insurance company correspondants financed the loan.

June 12, 2008

Office Southeast

TRINITY PARTNERS ARRANGES $1 MILLION SALE OF TWO-STORY OFFICE

by admin June 12, 2008

CHARLOTTE, N.C. — Tiffany Slayden of Trinity Partners represented Connor Land Co. in the $1 million sale of a two-story office facility located at 1713 Cleveland Ave. in the Dilworth neighborhood of Charlotte. The 5,000-square-foot building was acquired by WebsiteBiz. The buyer was represented by John Stipp of Office Properties.

June 12, 2008

Office Southeast

TRAMMEL CROW BREAKS GROUND ON 95,000-SQUARE-FOOT MEDICAL OFFICE BUILDING

by admin June 11, 2008

RICHMOND, VA. — On behalf of Partners Health Trust, Trammel Crow Co., in collaboration with Henrico Doctors’ Hospital, is building a 95,000-square-foot medical office building located at 7611 Forest Ave. in Richmond. The four-story Forest Medical Plaza, which is on Henrico Doctors’ Hospital’s main campus, is slated for completion in April 2009. Virginia Cardiovascular Specialists has leased more than 17,000 square feet on the facility’s first floor; additionally, Henrico Doctors’ Hospital has signed a 20,000-square-foot lease for an ambulatory surgery center that will contain four operating rooms. Lewis Stoneburner and Walton Makepeace of CB Richard Ellis’ Richmond office will handle the leasing for the building.

June 11, 2008

Industrial Southeast

THALHIMER NEGOTIATES 81,204-SQUARE-FOOT INDUSTRIAL LEASE

by admin June 11, 2008

SUFFOLK, VA. — Thalhimer, a member of the Cushman & Wakefield Alliance, has represented Ashley Capital in the lease of 81,204 square feet of warehousing/distribution space within the 750,000-square-foot Bridgeway Business Center in Suffolk. Richmond, Va.-based The Dixie Group has leased the facility, which is located at 6701 College Dr. Dixie plans to invest $2.6 million in the facility that will specialize in the handling of large and oversized equipment and power-generated machinery. Thalhimer’s Patrick Mumey, Robert Phillips and Scott Wermer handled the negotiations.

June 11, 2008

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