HERNDON, VA. — Parmenter Realty Partners has acquired its first asset in the Washington, D.C., area with the purchase of 460 Herndon Parkway, a 205,074-square-foot office building in Herndon, for an undisclosed price. American Fund US Investments LP sold the property, which was 96 occupied at the time of the transaction. The office building was built in 1986 and is positioned in the heart of the Dulles corridor in the Washington, D.C., area. Andre Kinney of Real Estate Capital Partners and Eric Berkman, Steve Gichner and Andrew Asbill of Cushman & Wakefield’s Capital Markets Group represented the seller.
Southeast
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace Inc. has completed renovations on Victory Lane Chevrolet at 3980 Fowler St. in Fort Myers. The renovations consisted of a new exterior facade and interior renovations to the new car showroom, used car building, new service drive entrance and office, lounge and administrative offices. All renovations are in compliance with General Motors Chevrolet Dealership Re-Image Program. Ted Gadoury of J.L. Wallace served as project manager. Titsch & Associates Architects served as the project architect.
LEXINGTON, KY. — Trinitas Ventures LLC, a student housing and mixed-use developer, has broken ground on an urban infill redevelopment in Lexington near the University of Kentucky. The Collegiate on Angliana will be a 278-unit, 699-bed student housing property that will serve UK students. It is anticipated to open this August. A joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE) provided equity financing. The project is the fourth development for the Trinitas/HSRE partnership. Key Bank provided construction financing.
GREENACRES, FLA. — The 131,210-square-foot Woodlake Plaza, a grocery-anchored shopping center in Greenacres, has sold for an undisclosed price. The property is located at the intersection of Lake Worth Road and Sherwood Forrest Boulevard. Tenants include Monterrey Market, Dollar General, Goodwill, Phoenix Theatres and Medical Institute of Palm Beach. The property also includes freestanding outparcels for TD Bank, ABC Liquors, Olive Garden and Tire Kingdom. Jim Michalak and Paul Bores of Plaza Advisors represented the seller, JBH Woodlake Plaza LLC. A South Florida-based private investor purchased the retail property.
RICHMOND, VA. — Hungarybrook Shopping Center, located at 1200 Concord Ave. in Richmond, has sold for $5.7 million. Coastal Equities, a privately held investment, development and property management company with offices in Weston, Fla., and Garden City, N.Y., purchased the 87,190-square-foot retail property, which is anchored by Food Lion. Alexander Divaris and Jason Oliver of Divaris Real Estate (DRE) represented the special servicer, CW Capital Asset Management LLC, in the transaction. DRE has been retained as exclusive leasing agent for the neighborhood shopping center.
ATLANTA — Retailers in Phase I of Emory Point, a $100 million mixed-use project by Cousins Properties and Gables Residential near Emory University in Atlanta, are open and the project is in the pre-development stage for Phase II, which will include a 40,000 square feet of retail and restaurant space. Phase I consists of 80,000 square feet of retail space and is 90 percent committed. Emory Point includes retailers Jos. A. Bank Clothiers, LOFT by Ann Taylor, Lizard Thicket, Francesca’s Collections, American Threads, Strippaggio and fab’rik.
ATLANTA — Crestline Hotels & Resorts Inc. has completed a $1.5 million renovation and upgrade to the Georgia Tech Hotel & Conference Center in Midtown Atlanta. The hotel and IACC Conference Center are located on the Georgia Institute of Technology campus, and both are managed by Crestline. All 252 guestrooms have been renewed with new wall coverings, carpeting, draperies, new lighting, new desk chairs, new lounge chairs and luggage benches. All of the hotel’s suites were also renovated.
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.
FORT MYERS, FLA. — A 71,229-square-foot self storage facility has traded in Fort Myers for an undisclosed price. Charles LeClaire and Michael Mele of Marcus & Millichap represented the seller, a limited liability company based in California, and the Florida-based buyer. The self storage facility includes 537 units and was built in 2007. Amenities include climate-controlled units, drive-up units, roll-up doors, security cameras and a gated entrance.
CLARKSBURG, W. VA. — Highland-Clarksburg Hospital has secured a $34.8 million construction loan for necessary renovation costs on the hospital in Clarksburg. The newly formed Highland-Clarksburg Hospital Inc. was approved to operate a 150-bed behavioral health facility in the former United Hospital Center. Once fully operational, Highland plans to employ 294 staff members. Highland-Clarksburg Hospital secured the loan through Huntington Bank and USDA Rural Development, which is providing the hospital with a $21 million loan through its Community Facilities Program in addition to $13.8 million in permanent financing provided by Huntington. Associated Architects is designing the renovation and RC General Contractors is serving as the construction manager.