GAFFNEY, S.C. — Tilbros, Inc. has acquired a 61-room, 25,180-square-foot Holiday Inn Express located in Gaffney, from P.M.P. LLC, for $3 million. The three-story hotel’s amenities include a pool, a business center, a fitness center and meeting space. Anthony Falor of Atlanta-based Hodges Ward Elliott was the sole broker in the sales transaction and exclusively represented the seller. The property will be repositioned as a Sleep Inn.
CHARLOTTE, N.C. — Joint venture partners Crosland and Trinity Capital Advisors are developing a $100 million, 400-unit luxury apartment building in downtown Charlotte, located at 500 West Trade. The eight-story building will be situated on a 2.7-acre city block at the intersection of Trade and Graham streets. Residences will feature one-, two- and three-bedroom floorplans, ranging from 600 to 1,300 square feet. Rooftop amenities will include a two-story resident lounge, a business center, a media center, a conference room and a pool. The building will enclose a private half-acre courtyard featuring a resort-style saltwater pool and also feature ground-floor retail. Construction is slated to begin this fall, and the residences are expected to open late next year.
SUFFOLK, VA. — Prologis has acquired 83 acres at the Northgate Commerce Park in Suffolk for the future development of more than 2.1 million square feet of Class A warehouse buildings, from two individual sellers, for an undisclosed amount. The City of Suffolk Economic Authority sold 14 acres, and Upton Farms sold 69 acres. The project will begin construction this month and initial space will be available for occupancy mid-2009. Lang Williams and H. Ashton Williamson of CB Richard Ellis’s Norfolk, Va., office represented the buyer. Upton Farms was represented by Charles Dickinson of Norfolk-based Harvey Lindsey.
COLLEGE PARK, GA. — International Hotels Group is developing a 142-room Hotel Indigo at the Princeton Village mixed-use development in College Park. The five-story hotel will feature Phi, a causal gourmet restaurant; the Phitness studio; a 24-hour business center; an outdoor pool; and meeting space. The hotel is owned by Parkside Developers and will be managed by Cambridge Hospitality. The property is located at the intersection of Harvard and Washington streets, in close proximity to the Atlanta Hartsfield-Jackson International Airport. Construction is slated to complete in summer 2009.
PETERSBURG, VA. — Triple G East has purchased a 113,000-square-foot industrial facility in Petersburg, from KHJ Dinwiddie, for $4 million. The property is located at 25651 Simpson Rd. and will be converted to an auto parts facility. Jeffrey Cooke and Gregg Beck of Thalhimer | Cushman & Wakefield’s Richmond, Va., office represented the seller, and the buyer was represented by Chip Louthan and Bill Mattox of Richmond-based Grubb & Ellis | Harrison & Bates.
WEST COLUMBIA, S.C. — Three Fountains Plaza – Columbia LLC has acquired Three Fountains Plaza, a 41,450-square-foot, 4.2-acre shopping center in West Columbia, from Greensboro, N.C.-based T. Cooper James & Associates, for $3.2 million. The center is anchored by Food Lion and Family Dollar. Victor John of Columbia-based NAI Avant brokered the sales transaction. The property is located at the intersection of Platt Springs and Emmanuel Church roads.
ATLANTA — Wells Real Estate Investment Trust II has acquired a five-building, 1 million-square-foot office campus in Atlanta’s Buckhead district, via a sale-leaseback transaction from AT&T. The Class A property is located in the Lenox Park office park, between Peachtree Road and Interstate 85. AT&T Services and its subsidiaries will occupy all five buildings under 10- to 15-year term leases. The buildings range from four to 12 stories and are located at 1025, 1055, 1057 and 1277 Lenox Park Blvd. and 2180 Lake Blvd. Keith Willby represented the buyer in-house, and the seller was represented by Staubach’s Atlanta office.
CARY, N.C. — Detroit-based MayfieldGentry Realty Advisors has purchased Crossroads Corporate Park, a 133-acre master-planned business community in Cary, from Ohio Public Employees Retirement System, for an undisclosed amount. The property consists of four two-story buildings, totaling 390,542 square feet, which are 97 percent occupied. Tenants include Connexion Technologies, Jacobs Engineering, Texas Instruments and the Wake County Board of Education. The business park has six additional development sites, totaling 20 acres, and is located within Research Triangle Park at the intersection of Interstate 40, I-440 and Highway 1.
DUNWOODY, GA. — Pollack Partners and BHC Property Group are developing Two Blocks Apartment Homes, a $59 million, 400-unit multifamily community in Dunwoody, located near the Perimeter area of suburban Atlanta. The mid-rise development is situated on 10 acres and will feature a pool, courtyards, a clubroom, a media room, a coffee bar/cyber cafe and a billiards room. Construction began last April, and initial occupancy will begin this month. Westplan Investors is the equity partner, and The Worthing Companies will lease and manage the community.
RALEIGH, N.C. — New York-based Polo Run LLC has purchased Polo Run Apartments, a 278-unit apartment complex located at 1822 Generation Dr. in Raleigh, from Springfield, Mass.-based North Carolina Raleigh LLC, for $12 million. The property was formerly known as Frenchwood Pointe Apartments. Jeff Gorodensky of Lodi, N.J.-based Sperry Van Ness/FG Commercial Real Estate represented both the buyer and seller in the sales transaction.
