LOUISVILLE, KY — IHG (Intercontinental Hotels Group) will convert the Executive West Hotel near downtown Louisville into a Crowne Plaza. Expected to open late this year, the hotel will offer 588 guest rooms, 50,000 square feet of meeting and banquet space, a fitness center, indoor and outdoor pool, airport and business shuttles and multiple dining outlets. The property is owned by Al J. Schneider Company Hotel Division and is located at 830 Phillips Rd.
Southeast
GREENSBORO, N.C. and VIRGINIA BEACH, VA. — CB Richard Ellis’ Douglas Henkel in Norfolk Va.; Marc Magazine in Washington D.C.; and Lewis Miller in Atlanta represented Harbor Group in the sale of a Hampton Inn in Greensboro for $15.51 million. The 125-room hotel is located at 7803 National Service Rd. near the Piedmont Triad International Airport. Medalist Properties purchased the hotel, which includes a meeting facility, fitness center and heated outdoor pool. Also, Henkel, Magazine and Miller represented MMA Realty in the sale of the Holiday Inn Executive Center to Blenheim Capital for $14.25 million in Virginia Beach, Va. Located at 5655 Greenwich Rd., the property will undergo a $ 6 million renovation. It will continue to operate as a Holiday Inn.
COLUMBIA, S.C. — Jeremy Wilson and Ted Pitts of Grubb & Ellis Wilson Kibler represented Angora Columbia Enterprises, Inc. in the sale of six buildings totaling 222,100 square-feet. Located on I-26 at Greystone Boulevard, the property was subdivided and sold to Riverbank Zoo, Spectra True Colors and Rivermont Drive Properties for a total of $6 million.
JACKSONVILLE, FLA. — The Jacksonville office of Cushman & Wakefield has arranged the sale of Monument Pointe Shopping Center, a 76,628-square-foot shopping center located at 1531 Monument Rd. in Jacksonville, for $6 million. The center is anchored by Winn-Dixie and CVS/pharmacy, and was 95 percent occupied at the time of closing. Karl Johnson of Cushman & Wakefield represented the seller, Miami-based Equity One. The property was acquired by Hallandale, Fla.-based Isram Realty & Management.
FT. LAUDERDALE, FLA. – Berger Commercial Realty Corp. has negotiated the sale of an industrial facility located at 820-880 NW 5th Ave. in Ft. Lauderdale for $3.6 million. Lloyd Berger of Berger Commercial represented the sellers, M. Austin Forman, Trustee and Northwest 5th Avenue Inc. in the sale. Berger Commercial had previously leased and managed the property and was retained to provide the same services for the new owner, Northwest Fifth Avenue LLC. Pat Montalbano of Montalbano Commercial Realty represented the buyer.
TAMPA, FLA. — Florida-based RMC Property Group has acquired The Tampa Commons Shopping Center, a 56,423-square-foot shopping center located at the intersection of Dale Mabry Highway and Kennedy Boulevard in Tampa. The shopping center is occupied by Barnes & Noble, Office Depot, Ruby Tuesday and Leather Express. The seller, as well as the acquisition price, was undisclosed. Bank of America provided financing for the transaction.
JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Eastside Garden and Eastside Village, a 96-unit multifamily property located at 1212 E. 1st St. and 1230 E. 7th St. in Jacksonville, for $2.41 million. The Section 8 housing property was renovated between 2001 and 2003. Tal Frydman of Marcus & Millichap’s Ft. Lauderdale, Fla., office and Patrick Skinner of the firm’s Orlando, Fla., office listed the property on behalf of the seller, Eastside Garden Apartments, Ltd., and represented the buyer, Eastside Apartments LLC.
FORT LAUDERDALE, FLA. — New Boston Fund has acquired AtlanTech Tower, a 12-story, Class A office building located at 6451 N. Federal Hwy. in Fort Lauderdale, for an undisclosed price. Developed in 1973, the 413,390-square-foot property is currently 89 percent leased to tenants such as AT&T, CompHealth, Matria Healthcare, Holy Cross Home Health, Wachovia Mortgage Corp., Conseco Services, Whole Foods Market Regional headquarters and Tropical Financial Credit Union. The property recently underwent a $15 million renovation, which included an upgrade to the lobby and elevators, the installation of a new cooling tower and retrofitting HVAC units, and the addition of a five-story parking structure. Rick Egitto and Bill Balkovatz of Crimson Services LLC represented the seller, an entity controlled by Grosvenor Investment Management on behalf of a large pension fund client.
HOT SPRINGS, ARK. — Savannah, Ga.-based David Garfunkel & Co. has purchased Cornerstone Market Place, a 149,802-square-foot retail center in Hot Springs, for $18.4 million. Located at 200-500 Cornerstone Blvd., the property is anchored by Office Depot, Goody’s Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland’s and T.J. Maxx.
PADUCAH, KY. — InterContinental Hotels Group is developing an 85-suite Candlewood Suites property in Paducah. The $5 million, 50,000-square-foot extended-stay hotel will feature 69 studio suites, 16 one-bedroom suites, wireless Internet access, a fitness center, a business center and a meeting room. Construction is slated to begin this spring, with completion scheduled for spring 2009.