ANDERSON, S.C., AND KANNAPOLIS, N.C. — Home-Towne Suites has acquired two Mainstay Suites hotels in Anderson and Kannapolis, from David Drye Co., for a total of $6.4 million. In Anderson, the hotel property features 79 rooms, a swimming pool and a business center. In Kannapolis, the hotel features 80 rooms and a business center. Ed James of The Mumford Company’s Newport News, Va., office, Tom Sommer of its Chicago office and Steve Kirby of its Atlanta office were the sole brokers in the sales transaction and exclusively represented the seller. The buyer intends to renovate the properties for operation as core brand products.
Southeast
ORLANDO, FLA. — Kuehne + Nagel has leased 141,000 square feet at AMB Palmetto Distribution Center in Orlando, located near Interstate 4 and Highway 27. The tenant will utilize the space as its dedicated distribution and warehousing activities to support the Flordia operations of an entertainment customer. Bayne Porter and David Murphy of CB Richard Ellis’ Atlanta office represented the lessee, and the landlord was represented by Kevin Hoover of CB Richard Ellis’ Orlando office.
ORLANDO, FLA. — Vista Hospitality has acquired SunSpree Resort by Holiday Inn, a 507-room, 10-acre property in Orlando, from Miami-based LNR Property Corp., for an undisclosed amount. The resort features a swimming pool, fitness center, meeting space, an arcade, four restaurants and the Bikini Bottom Theatre. Ali Baheri of Molinaro Koger’s Washington, D.C. office was the sole broker and exclusively represented the seller. Vista will manage the hotel and retain the Holiday Inn Resort flag. The resort is located along State Route 535 near the Walt Disney World Resort.
SPRING LAKE, N.C. — New York-based First American Exchange Corp. has acquired Village on the Lake Luxury Apartments, a 115-unit, 30-acre multifamily community in Spring Lake, from Village on the Lake LLC, for $16.9 million. The property also includes an adjacent land parcel that has entitlements for the development of 108 additional units. The complex was 94 percent occupied at the time of sale and is located at 605 Village Lake Court, near Fort Bragg and Fort Pope Air Force Base. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the buyer was represented by Lefku & Company.
ORLANDO AND PENSACOLA, FLA. — Members of San Antonio-based Parham Group, Noah’s Ark Development, Cross Metal Buildings and NDS Construction, have developed two self-storage facilities for Silver Springs, Md.-based Sunburst Hospitality Corp. and Noah’s Ark Self Storage in Orlando and Pensacola, respectively. In Orlando, East Colonial Self Storage was developed for Sunburst Hospitality Corp. The facility features 93,700 square feet and 641 units, ranging from 25 to 300 square feet. The property is located at 10280 E. Colonial Dr. In Pensacola, Noah’s Ark Self Storage opened an 80,000-square-foot facility featuring 688 units, ranging from 25 to 300 square feet. The property is located at 451 E. Cervantes St., near the downtown area, and will be operated by Joshua Management.
KNOXVILLE, TENN. — Eastland Capital has purchased the Silver Manufacturing Building, a 162,395-square-foot, 15.5-acre property in Knoxville, from Silver Properties, for $3.2 million. The facility is located at 2741 Hancock St. Bob Thornton of Knoxville-based Baker Realty Co. represented the seller, and the buyer was represented by Knoxville-based Herman Tallman Realty Executives.
ATLANTA — Lane Company is developing No. 10 Park, a $60 million, 312-unit upscale rental community in Atlanta. The five-story apartment building will feature one- and two-bedroom units. Amenities will include a resort-style pool, fitness center, Internet café, conference room and landscaped courtyards. Initial occupancy will begin next summer, followed by full completion in fall 2009. The two equity partners for the project are Eagle Realty and an affiliate of W&D Enterprises. Lane Realty Construction is the general contractor, and the project architect is The Preston Partnership. Lane will also lease and manage the apartments. The community will be located one-half mile from Interstate 285 and less than 2 miles from Georgia 400.
BATON ROUGE, LA. — Viking Hospitality Fund is developing a $15 million, 142,876-square-foot Springhill Suites by Marriott in Baton Rouge. The four-story property will feature 119 rooms. Construction is slated for completion early next year. Amenities include a swimming pool and exercise room. The hotel will be located at 7980 Howell Blvd., near Baton Rouge Metropolitan Airport. Viking is a joint venture of Dallas-based Prism Hotels & Resorts, Cambridge,Wis.-based Telemark Hotel Developers and Atlanta-based Hotel Assets Group. Springhill Suites is the first development project for the partnership. Prism will manage the property.
DAVENPORT, FLA. — Duke Realty has leased 282,126 square feet of space at Park 27 Distribution Center II in Davenport to Indianapolis-based hhgregg, Inc. The retailer will occupy the facility this spring and utilize the building as its Central Florida distribution hub. Ian Allen and Frank Gulisano of Boca Raton, Fla.-based Summit Realty represented the tenant, and the owner was represented in-house by Kyle Armentrout. The facility is located at 220 Deen Still Rd.
DURHAM, N.C. — New York-based Queen Ali Equities has purchased Balfour West Townhomes, a 4-acre, 48-unit apartment community in Durham, from Chapel Hill, N.C.-based Fortune Bay Associates, for $4 million. The complex was 100 percent leased at the time of sale and is located at 3419 Balfour West, near Interstate 40 and I-85. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the buyer was represented by Percival McGuire Commercial Real Estate.