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.
GREENVILLE, S.C. — John Edwards of Arbor Commercial Funding’s Boston office, a wholly-owned subsidiary of Arbor Commercial Mortgage, has arranged $28 million in acquisition financing for The Exchange at Greenville, a 288-unit student housing complex. The 5-year loan amortizes on a 30-year schedule and was arranged for the borrower through Arbor’s relationship with Fannie Mae DUS.
CHARLOTTE, N.C. — Newport Beach, Calif.-based KBS Realty Advisors has acquired Crossroads Distribution Center, a 469,347-square-foot, four-building warehouse facility in southwest Charlotte, for $26 million. The Class A complex was 70 percent leased at the time of sale to eight tenants, including: Europa Sports Products, Walker & Zanger, Residential Construction and Stark Carpets. Frank Fallon and Chris Riley of CB Richard Ellis’ Atlanta office represented the seller, and the buyer was represented in-house.
FALLS CHURCH, VA. Waterford Development has opened Spectrum, a 283,726-square-foot, 189-unit condominium complex in Falls Church, located along Route 7. The project consists of 220,000 square feet of residential space, 31,726 square feet of ground level retail and 32,000 square feet of office space. The seven-story building is comprised of one- and two-bedroom residences, two-story lofts and penthouses. The property features a clubroom, private dining/conference room, business center and movie theater. Tenants include Not Your Average Joe s restaurant and For Eyes, an optical provider. Construction began in winter 2005.
BEAUFORT, S.C. — The City of Beaufort is building a $14 million, 63,000-square-foot municipal complex, located at the intersection of Ribaut Road and Boundary Street. The first phase includes a $6.9 million, 28,000-square-foot city hall building, which will begin construction this month and complete next summer. The second phase consists of a $7.2 million, 35,000-square-foot police and courts building, which began construction last November and is slated for completion next spring. Leopardo Construction is the general contractor for the project.