MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Brightleaf, a 194-unit apartment complex located on West Main Street in downtown Durham. The property sits next to Brightleaf Square, a mixed-use community, and is less than two miles from Duke University. Solis Brightleaf will offer studio, one-, two- and three-bedroom floor plans and feature an outdoor beer garden, clubroom with a veranda, fitness center, yoga studio and a heated pool. Pittsburgh-based First National Bank is providing construction financing for the project, and Clancy & Theys Construction Co. is the general contractor. The design team includes Cline Design Associates and engineering and landscape architecture firm Stewart.
MAITLAND, FLA. — Cambridge Landmark has purchased the Sheraton Orlando North Hotel, a 389-room hotel located at 600 N. Lake Destiny Road in Maitland, roughly eight miles north of Orlando. Michael Weinberg and Preston Reid of HFF brokered the $31.2 million transaction on behalf of the seller, a partnership between Värde Partners, Interstate Hotels Corp. and Waramaug Hospitality Asset Management. The hotel features approximately 15,000 square feet of meeting space, an outdoor pool with a hot tub, fitness center, business center, on-site rental care services, lounge and a café.
AIKEN, S.C. — Monmouth Real Estate Investment Corp. has purchased a 315,560-square-foot industrial building located at 1103 Powderhouse Road in Aiken for $21.9 million. The Class A facility is situated on approximately 24 acres and is net-leased for 15 years to Autoneum North America Inc., a supplier of acoustic and thermal parts for the automotive industry.
BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …
CARTERSVILLE, GA. — Lidl, a discount German grocery chain, has unveiled plans for a new $100 million regional headquarters and distribution center in Cartersville, roughly 40 miles north of Atlanta. The facility will create 250 jobs over the next five years. Lidl is focusing first on the Southeast and Mid-Atlantic in its U.S. expansion plans, with its first 20 stores set to open this summer in Virginia, North Carolina and South Carolina. To date, Lidl operates more than 10,000 grocery stores in 28 countries.
MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.
FAIRBURN, GA. — Core5 Industrial Partners has sold Core5 Logistics Center at Shugart Farms, an 873,800-square-foot industrial facility located in Fairburn, roughly 20 miles south of Atlanta, for $62 million. Chris Riley, Frank Fallon and Trey Barry of CBRE represented Atlanta-based Core5 in the sale to a private institutional investor. The logistics facility was constructed in early 2017 and was fully leased to The Duracell Co. at the time of sale.
CHARLOTTE, N.C. — Westwood Financial LLC has acquired The Arbors at Mallard Creek, a 55,323-square-foot, Trader Joe’s-anchored shopping center in Charlotte’s University City neighborhood. CBRE’s Mike Burkard and Casey Rosen represented the buyer, Los Angeles-based Westwood Financial, and the undisclosed seller in the $25.1 million transaction. Located at 2121 E. Arbors Drive, the property sits approximately four miles from University of North Carolina at Charlotte and is home to tenants including Petco, Massage Envy, Hickory Tavern and Zoë’s Kitchen. The center was 98 percent leased at the time of sale.
LITTLE ROCK, ARK. — Ziff Properties Inc. has purchased Bowman Curve Shopping Center, an 81,271-square-foot retail development located near the intersection of North Bowman Road and West Markham Street in west Little Rock. Mason Lewis and Todd Rice of Colliers International represented the buyer and seller in the $7.1 million transaction. The company plans to invest in cosmetic and structural renovations for the center.
