ASHEVILLE, N.C. — Crosland LLC and its joint-venture partner Biltmore Farms LLC have received commitments from P.F. Chang’s China Bistro and a 165-room Hilton hotel to join Biltmore Park Town Square in Asheville. The first location in Western North Carolina, P.F. Chang will feature a menu offering traditional and innovated Chinese dishes. Expected to open in spring 2009, the 165-room Hilton Asheville Biltmore Park will feature 5,000 square feet of meeting and event space, including a 2,040-square-foot ballroom, state-of-the-art visual equipment and personalized catering. Current tenants of the retail center include Barnes & Noble, REI and Consolidated Theatres.
Southeast
DUNN, N.C. — Dylan Hotel LLC has purchased the Econo Lodge of Dunn for an undisclosed price. Upon renovation completion, the buyer plans to convert the property to the Super 8 brand. Justin Pinkard of Newport News, Va.-based The Mumford Company facilitated the transaction on behalf of the seller, Pud Inc.
ORLANDO, FLA. — Atlanta-based Grove Street Partners, along with Ed Lee LLC, is developing two, 200-room Marriott select-service hotels, which will be located adjacent to the 59-acre Aquatica Waterpark at Sea World Orlando in Orlando. Slated to break ground in March, the two hotels will share certain amenities such as a pool, a fitness center and a common bar and grill. Completion is scheduled for May 2009. The Aquatica Park at Sea World Orlando is expected to open this spring and will feature 80,000 square feet of beach area, in addition to numerous themed water features and rides.
SANDSTON, VA. — Driftwood Hospitality and Lehman Brothers have completed the disposition of the Courtyard by Marriott Hotel Richmond International Airport in Sandston. Inland American Winston Hotels acquired the 142-room property, which will remain a Courtyard hotel. The property features a 50-seat Courtyard Café, wireless high-speed Internet access in guestrooms and public spaces, an indoor pool, a whirlpool, a business center, a fitness center, a gazebo and more than 1,000 square feet of meeting space. Mark Morris and Bill Murney of Washington, D.C.-based Molinaro Koger structured the transaction on behalf of the sellers.
ORLANDO, FLA. — Orlando-based Pineloch Management Corp. is developing Southgate Office/Restaurant/Retail project, which is located at the intersection of South Orange Avenue and Southgate Commerce Boulevard near downtown Orlando. The 11,600-square-foot mixed-use development will consist of a free-standing, one-story, 3,000-square-foot Tijuana Flats restaurant, and a two-story, multi-tenant building offering 4,300 square feet of ground-level retail space and 4,300 square feet of office space on the second level. Orlando-based Cuhaci & Peterson provided architectural services for the project, which is slated for completion in first quarter 2008.
GREENSBORO, N.C. — RockBridge Capital LLC has closed a $20.5 million first mortgage investment to finance the acquisition of a 175-room Doubletree Hotel in Greensboro. Boca Raton, Fla.-based Milestone Hotel Partners acquired the property, which re-opened in October 2007 after completing a $16.5 million renovation project. The renovation project included improvement to all guestrooms, guest bathrooms, the lobby, meeting spaces, the restaurant, the fitness center and pool, and all other public spaces.
SILVER SPRING, MD. — Behringer Harvard and Brookfield Real Estate Opportunity Fund have invested in Fairfield Residential’s development of Cameron House. Located in Silver Springs, the 15-story, Class A apartment building will offer approximately 302,469 square feet of rentable space, which will include 325 apartments with a mix of one- and two-bedroom floor plans. Additionally, the project will feature a clubhouse, a rooftop swimming pool and 7,330 square feet of ground-level retail space. The investment amount was undisclosed.
DALLAS, GA. — Roberts Commercial Real Estate Services has acquired Citizens Square Shopping Center, a 75,000-square-foot retail center located in Dallas, for approximately $6.44 million. The center recently underwent substantial renovations. John Harrison and Gil Russell of Roberts Commercial represented the company in the acquisition; Brooks Patterson of The Ben F. Kushner Company represented the seller. The acquisition was completed by Roberts using equity from its Roberts Commercial Opportunity Fund I, a $20 million real estate investment equity fund. The debt for the transaction was provided by a conduit loan from J.P. Morgan.
VIENNA, VA. — Jones Lang LaSalle Hotels, on behalf of Prudential Real Estate Investors, has completed the disposition of Embassy Suites Tysons Corner, a full-service hotel located in Vienna. HEI acquired the property for an undisclosed price. The 234-room hotel features 220 two-room king guest suites, 1,720 square feet of flexible meeting space, a state-of-the-art fitness center, an indoor swimming pool, Carnevale Café and a lobby lounge.
PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.