MIAMI — Dubai-based Nakheel Resorts has invested $375 million in exchange for a 50 percent interest in Fontainebleau Miami Beach Hotel, to form a joint venture with Las Vegas-based Fontainebleau Resorts. The hotel property will undergo a $500 million renovation, which is expected to open the second half of this year. The hotel is situated on 17 oceanfront acres and will feature 1,500 guest rooms and suites, a 40,000-square-foot spa, multiple marquee restaurants, a nightclub and ultra-lounge, a lush poolscape and 200,000 square feet of meeting, convention and ballroom facilities.
CHARLESTON, S.C. — The Medical University of South Carolina has opened Ashley River Tower, a $275 million, 641,000-square-foot state-of-the-art hospital specializing in cardiovascular and digestive disease in Charleston. The facility is comprised of a four-story diagnostic and treatment building, a seven-story patient hospitality tower and a garden atrium that connects the two buildings. The project is the first phase of the hospital’s expansion plan and features 156 beds, nine operating rooms and family lounges on each floor. Construction began in October 2004 and was completed this February. New York-based NBBJ was the project architect.
MIAMI — Florida International University broke ground on the College of Nursing and Health Sciences Building, a $34 million, 140,000-square-foot interdisciplinary sciences building in Miami. The five-story building will include two 300-seat auditoria, a 90-seat classroom, two 60-seat teaching classrooms and instruction and research lab environments. HOK Florida is the project architect. Construction began this month and is slated for completion next November.
FAYETTEVILLE, GA. — Morristown, N.J.-based Lamar Companies has acquired Banks Crossing Shopping Center, a 256,930-square-foot property in Fayetteville, from Birmingham, Ala.-based AIG Baker, for $23 million. Tenants include Kroger, JC Penney, Guitar Center and Farmer’s Home Furniture. Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble’s Atlanta office represented the buyer in the transaction.
COCONUT CREEK, FLA. — Des Moines, Iowa-based Principal Life has acquired five warehouse and office buildings, totaling 300,000 square feet, at Lyons Technology Park in Coconut Creek, from a partnership led by Malcolm Butters, for $46 million. The business park is located south of Hillsboro Boulevard at the intersection of Lyons and Johnson roads. Scott O’Donnell of CB Richard Ellis’ Boca Raton, Fla., office and Christian Lee of its Miami office were the sole brokers in the transaction and exclusively represented the seller.
ROCKY MOUNT, N.C. — Columbus, Ohio-based RockBridge Capital has purchased a 461-room portfolio, including a conference center and vacant land parcel, in Rocky Mount, from Rocky Mount Tectel, for an undisclosed amount. The portfolio is comprised of a Doubletree Hotel, a Residence Inn, a Comfort Inn and a Courtyard by Marriott. Ronald Muzii of HREC Investment Advisors’ Boca Raton, Fla., office and Scott Stephens of its Tampa, Fla., office represented the seller, the buyer was represented in-house by Jim Merkel.
VIRGINIA BEACH, VA. — Accor North America has acquired Fairfield Inn Virginia Beach Town Center, a 131-room hotel, from Virginia Beach Hotel LLC, for an undisclosed amount. The property is located 9 miles from the Virginia Beach Convention Center. Accor will convert the hotel to a Motel 6. Mark Morris and Dustin Resnick of Molinaro Koger’s Washington D.C., office were the sole brokers in the transaction and exclusively represented the seller.
JACKSONVILLE, FLA. — Grubb & Ellis Realty Investors has purchased Jacksonville Medical Plaza, a 132,000-square-foot, 11-acre medical office complex, on behalf of TIC investors. The property is composed of two multi-tenant buildings and was 97 percent leased at the time of sale. Tenants include Brooks Rehabilitation Hospital and Memorial Hospital Jacksonville, which is adjacent to the property.
HUNTSVILLE, ALA. AND ROYAL PALM BEACH, FLA. — Canadian-based SSIC has acquired two Colonial Bank locations in Huntsville and Royal Palm Beach, from Texas-based CB Vault, for $3 million. The Huntsville property is located at 3419 Pulaske Pike N.W., and the Royal Palm Beach property is located at 11317 Okeechobee Blvd. Thomas Geller of Calkain Companies’ Tampa, Fla., office represented the buyer, the seller was represented in-house.
OAKBROOK, ILL. — Oakbrook-based Inland Real Estate Acquisitions has negotiated the closing of two SunTrust portfolios that consist of 433 triple-net leased properties totaling more than 2.2 million square feet, including assets in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington D.C., on behalf of an entity within The Inland Real Estate Group of Companies, from SunTrust Bank, the principal banking subsidiary of Atlanta-based SunTrust Banks, Inc., for a total of $736 million. SunTrust will lease all of the retail banking facilities for a 10-year term, with an additional 10-year and subsequent 5-year renewal options.