DAYTONA BEACH, FLA. — John Wickert of NAI Realvest has negotiated the $9.52 million sale of a 151-room Holiday Inn Express in Daytona Beach. Embassy Investments XI LLC, an affiliate of Ormond Beach, Fla.-based Elite Hospitality, acquired the property from Destin, Fla.-based Indigo Lakes Resorts. The hotel is located at 2620 W. International Speedway Blvd. near Interstate 95. The buyer plans an approximately $1 million upgrade to the building’s interior.
Southeast
FORT MYERS, FLA. — East Lansing, Mich.-based Strathmore Development Co. is developing Alico Lakes Village, a 300,000-square-foot mixed-use project in Fort Myers. The project will consist of approximately 200,000 square feet of retail, restaurant and office space, together with a 172-room Holiday Inn and a conference center. City Furniture and Ashley Furniture, which are the result of a sale/leaseback transaction, will anchor the project and will occupy 115,000 square feet. Alico Lakes Village will be located at Interstate 75 and the Alico Road interchange. Completion is slated for third quarter 2008.
CLAYTON, N.C. — Crown West Realty has acquired Carolinas Distribution Center in Clayton for $61.25 million from JER Clayton, a joint venture between JER Clayton c/o J.E. Robert Co. and Fulcra Enterprises. The five building, Class A industrial warehouse and cold storage facility consists of 1.1 million square feet. It is 98 percent leased to Hallmark Cards, Smithfield Foods, Kuehne+Nagel and HBI Priority Home Freight. The former Winn-Dixie distribution center is located at 1053 Shotwell Rd. Rob Cochran, Chris Norvell, Jim Allaire and Phil Iglehart of Colliers Pinkard represented the seller in the transaction.
MACON, GA. — New York-based Time Equities has acquired Summit at the Mall Shopping Center in Macon for $8.7 million. The 90,000-square-foot strip shopping center is 97 percent leased and tenants include Big Lots, Olive Garden and Hancock Fabrics. It is located across from Colonial Mall. Jeff Rosenblum and Ashish Dua represented the buyer, and Baxter Evans of Bloomfield Retail Properties represented the undisclosed seller.
BETHESDA, MD., AND ARLINGTON, VA. — The Donohoe Companies has broken ground on two hotel properties in Bethesda and Arlington that represent more than $119 million in project costs. The Hilton Garden Inn – Bethesda will be a 13-story, 216-room property. It will be a part of the Air Rights Center and is scheduled to open in 2009. The Residence Inn by Marriott – Arlington Courthouse will be a 176-room, extended-stay hotel that will also include street level retail space. It will be located above the Courthouse Metro Station and is scheduled to open in 2009.
BOYNTON BEACH, FLA. — Christian Lee, Charles Foschini, Christopher Apone, Jeff Kelly and Robert Smith of CB Richard Ellis have represented Dalfen America in the $37.7 million sale of Boynton Commerce Center, a four-building, 295,571-square-foot Class A industrial park located in the TriCounty industrial market in Boynton Beach. Des Moines, Iowa-based Principal Real Estate acquired the property, which 95 percent leased to 28 tenants.
ATLANTA — Jim Davenport and Ashley Parker of Richard Bowers & Co., representing Walden Enterprises, have facilitated the $1.75 million sale of 83 Walton St. in downtown Atlanta to J. Ronald Terwilliger, chairman and chief executive officer of Trammell Crow Residential, for use by StandUp For Kids, a not-for-profit organization founded in 1990 to help rescue homeless and at-risk youth. The 1920s property is listed on the National Register of Historic Places. The six-story building was once home to Capricorn Records, which has represented musical acts The Allman Brothers Band, The Marshall Tucker Band, Wet Willie, Otis Redding, 311 and Cake.
SAVANNAH, GA. — San Francisco-based AMB Property Corp. has broken ground on its first speculative building in the Savannah market, a 343,000-square-foot distribution facility that is designed to accommodate distribution companies with warehousing needs from 60,000 to 343,000 square feet. The property will be a rear-loading, tilt-wall, institutional grade facility with a 30-foot ceiling height. AMB has acquired 249 acres of land outside of Savannah for further industrial development.
LAFAYETTE, LA. — Rahul Bijlani and Ajay Dhingra of Marcus & Millichap’s Houston office have represented a New Jersey-based private investor in the sale of a Ramada Inn, located at 120 E. Kaliste Saloom Rd. in Lafayette. Bijlani and Dhingra also secured a Louisiana-based LLC to acquire the asset.
BURLINGTON, N.C. — Matt Winston of The Mumford Company’s Newport News, Va., office and Randy Lee of The Mumford Company’s Dallas office have facilitated the $1.2 million sale of Corporate Suites of Burlington. Corporate Suites of Burlington LLC sold the hotel property to Maniba. The purchaser plans to continue to operate the property as an extended stay hotel under the name Corporate Suites.