ROCKVILLE, MD. — Bethesda, Md.-based Washington Property Company has broken ground on The Summit at Washingtonian, a two-building complex in Rockville. Completion of the first phase, an eight-story, 200,000-square-foot LEED-certified office building and adjacent parking structure, is scheduled for March 2009. The project is located at the intersection of Interstate 270 and Shady Grove Rd. Wisnewski Blair & Associates are the project architect.
Southeast
MCDONOUGH, GA. — Silver-McCann Apartment Group, a joint venture of Richmond, Va.-based McCann Realty and Washington, D.C.-based Silver Companies, has acquired Carrington Green Apartments, a 264-unit garden-style complex in McDonough, from an affiliate of Atlanta-based Davis Development. The seller was represented by Ron Cameron of Atlanta-based Primary Capital Advisors, and the buyer was represented in-house.
GAINESVILLE, VA. —Bristow Industrial Park, a 550,000-square-foot, $45 million project in Gainesville, will break ground in spring 2008. The industrial park is owned by BIP LLC, and Weber Ghadban & Associates will serve as project manager and listing broker. The project will have build-to-suit and buy or lease options.
LAFAYETTE, LA.; WASHINGTON, D.C. — Arlington, Va.-based Interstate Hotels & Resorts and Cork, Ireland-based Harte Hotels have acquired four hotels from affiliates of the Blackstone Group for $208 million. Interstate invested approximately $11.5 million for a 20 percent equity interest in the Hilton Lafayette, a 327-room property; Latham Hotel Georgetown, a 142-room property in Washington, D.C.; and two hotels in Pennsylvania and New Jersey.
ORLANDO, FLA. — Houston-based Weingarten Realty is developing Phillips Crossing, a 145,000-square-foot retail center in Orlando. Tenants include Whole Foods, Michaels and Golf Galaxy. The center is located at the intersection of Sand Lake Rd. and Turkey Rd. near Interstate 4. The first retailer will open in June.
ATLANTA — Roswell, Ga.-based Randall Paulson Architects is designing Fio 360, a $3 million, 22,600-square-foot ecologically-friendly childcare center in Atlantic Station near downtown Atlanta. The facility will feature solar tubes for natural daylighting, dual-level lighting and radiant heated floors.
ROCKY MOUNT, N.C. — Les Aron, David Goldstein and Scott Kapin of Marcus & Millichap’s Tampa office represented a North Carolina developer in the acquisition of Creekside Crossings, a 9,477-square-foot shopping center in Rocky Mount, for $2.7 million. A Calif.-based private investor purchased the property, located at 1236 N. Wesleyan Blvd.
OCALA, FLA. — Indianapolis-based Simon Property Group is renovating Paddock Mall, a 555,255-square-foot regional center in Ocala. The property is anchored by Macy’s, Belk, JC Penney and Sears. The interior/exterior renovation will include mall entrances, restrooms, seating and landscaping. Construction is slated for completion in winter 2008.
RICHMOND, VA. — Sam Berns of NorthMarq Capital’s Upstate New York office has secured $8.3 million in financing on behalf of a borrower through its correspondent relationship with AmeriSphere Multifamily for Chamberlayne Garden Apartments, a 216-unit complex in Richmond. The loan is structured as an 80 percent loan-to-loan value for first mortgage financing based on a 10-year term and one year of interest, followed by a 30-year amortization schedule.
GREENVILLE, S.C. — Greensboro, N.C.-based JP Westowne has acquired the 121,000-square-foot Westowne Shopping Center in Greenville for $6 million. The property was 100 percent leased at the time of sale, and tenants include Bi-Lo, Big Lots, Dollar General, AutoZone and Cash America. Brent Freeman of Greenville-based Bentley Commercial represented the buyer in the transaction.