ATLANTA — Timothy Kinney of Marcus & Millichap Capital Corp.’s Atlanta office arranged a $10.9 million loan for the refinancing of Brookhaven Station, a 48,345-square-foot retail center located at 4062 Peachtree Rd. in Atlanta. The 10-year fixed-rate loan was provided through a commercial mortgage lender at a 5.65 percent interest rate.
Southeast
ST. AUGUSTINE AND JACKSONVILLE, FLA. — Brett Chetek of Marcus & Millichap’s Jacksonville office has represented both parties in the $9.5 million sale of Lewis Point Plaza, located at 2469 S. U.S. Hwy. 1 in St. Augustine. New Craft, Inc., sold the retail property to Jacksonville-based Ash Properties. Lewis Point Plaza is an 83,217-square-foot shopping center. In addition, Chetek represented both parties in the $5.5 million sale of Cobblestone Plaza, a 30,363-square-foot shopping strip located at 3031-3033 Monument Rd. in Jacksonville. New Craft, Inc., sold this property to Ash Properties as well.
WASHINGTON, D.C. — Construction has begun on the new home for the Washington Stage Guild at 505 Ninth St. in downtown Washington, D.C. The theater will occupy approximately 13,000 square feet on two levels in Boston Properties’ new office building located along E Street between Eighth and Ninth streets. The neighborhood has emerged as an arts district and cultural center for the city, with a number of theaters, galleries and restaurants. WDG Architecture designed the space for the Washington Stage Guild and the project manager is Thurston Cos. The theater will open in fall 2008.
BETHESDA, MD. — Donohoe Construction Co. has begun construction on the Hilton Garden Inn Bethesda, located on Waverly Street in Bethesda. The hotel, with 216 rooms, as restaurant and lounge, a fitness center, a pool, a business center and meeting space, will be the new centerpiece of the Air Rights Center, a 715,000-square-foot complex of three office towers complemented by retail space, structured parking and restaurants. Upon completion in late 2009, Donohoe Hospitality Services will manage the hotel. Brennan Beer Gorman & Monk is serving as the project architect.
CHARLOTTE, N.C. — Charlotte-based Codgell Spencer has executed a merger valued at $247 million to acquire Marshall Erdman & Associates, effective in late February. The venture allows Codgell Spencer to broaden its healthcare real estate services and expand their clientele. Erdman, a design-build firm specializing in planning, designing and building healthcare facilities, will operate as a subsidiary and remain at their headquarters in Madison, Wis. Scott Ransom will continue to lead Erdman as President and CEO.
BLUFFTON-HILTON HEAD ISLAND, S.C. — Sarasota, Fla.-based American Hotel Development and partner N.Y. based-Glenmont Capital broke ground on a $12 million, 124-room Hilton Head Candlewood Suites on Bluffton-Hilton Head Island. The extended-stay project will feature studios and one- and two-bedroom suites. The hotel is located on U.S. Route 278, seven miles east of the entrance to Sun City Hilton Head, and is slated to open this summer.
BETHESDA, MD. — Piedmont Office Realty Trust has acquired Opus Center at Rock Spring I in Washington, D.C. The Class A office building will be connected by the Opus Center at Rock Spring Park II, a second building currently under construction. Piedmont is planning to purchase that property. The eight-story buildings will total 407,000 square feet and will be renamed Piedmont Pointe I and II. The seller was Opus East, who was represented by Erick Berkman and Steven Gichner of Grubb & Ellis. The property is located at Rockledge Drive in Bethesda near Interstates 495 and 270.
LAFAYETTE, LA., AND JACKSONVILLE, FLA. — Triple Net Properties has acquired Emberwood Apartments in Lafayette on behalf of TIC investors from Goodman Real Estate. The 296-unit property features 24 two-story buildings and approximately 267,000 square feet of space. Property amenities include two swimming pools, a sports court and children’s playground. Wachovia Bank provided the financing. Additionally, Triple Net Properties has acquired Exchange South in Jacksonville on behalf of TIC investors from G&I V Exchange South LLC. The five-building, 194,400-square-foot property is located along Philips Highway near Interstate 95. It is 95 percent leased and tenants include Florida Oncology Associates, Columbia Analytical Services and Unique Customer Concept.
PETERSBURG, VA. — Virginia Beach, Va.-based Wheeler Properties has acquired Walnut Hill Plaza in Petersburg. Save-a-Lot, Family Dollar, Maxway and Citi Trends anchor the 89,907-square-foot shopping center. Nathan Jones and Robby Brownfield of CB Richard Ellis represented Wheeler in the transaction.
CONYERS, GA. — St. Germain, Wis.-based Eliason 1031 Properties has acquired Lake St. James in Conyers from a group of limited liability companies and associated individuals. The 20-building, garden-style community features 484-units and is situated on approximately 55 acres at 50 St. James Dr., along Interstate 20. Property amenities include a clubhouse, a fitness facility, two swimming pools, picnic areas and tennis courts. Eliason plans to offer the property to TIC investors. Steve Griffin with Cushman & Wakefield of Georgia represented the seller in the transaction.