LAKELAND, FLA. — The 236-unit Cleveland Heights multifamily community has sold for $8.65 million in Lakeland. It was built in 1975 and underwent capital improvements this year. The property is located at 3520 Cleveland Heights Blvd. and consists of 31 one- and two-story buildings. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a private investor, and the buyer, a limited liability company.
Southeast
BEECH BOTTOM, W. VA. — Los Angeles-based Hackman Capital Partners LLC has purchased the former Wheeling Corrugating plant in Beech Bottom at auction from RG Steel Wheeling LLC. The Business Development Corp. (BDC) of the Northern Panhandle, a nonprofit organization, received the property’s title following its auction and sale. Hackman Capital Partners and the BDC will develop and lease the site. Beech Bottom was one of RG Steel’s last held manufacturing facilities after the company filed for Chapter 11 bankruptcy this year. Hackman Capital Partners specializes in sourcing real estate and equipment deals through bankruptcies, turnarounds and financial restructurings. The Los Angeles firm sourced the deal with National Machinery Exchange and Capital Recovery Group, and is working in cooperation with the BDC. The 600-acre site sits on the Ohio River and includes 150 acres available for development.
ORMOND BEACH, FLA. — South Florida-based Stiles, a private full-service commercial real estate company, has purchased the 102,170-square-foot Ormond Beach Mall from an entity affiliated with Lakeland, Fla.-based Odyssey Diversified Properties Inc. Ormond Beach Mall is anchored by Publix and includes tenants Bealls Outlet, Family Dollar and Wells Fargo. Danny Finkle, Luis Castillo and Kim Flores of HFF represented the seller. Ormond Beach Mall is located at 1200-1294 Ocean Shore Blvd. in Ormond Beach.
MIAMI — Laurus Corp., a private real estate investment and development firm, has acquired the Sofitel Miami hotel. The 14-story luxury hotel sits on 10 acres with 281 rooms and 17,351 square feet of meeting and event space. Approximately $4.5 million will be invested in renovations for the hospitality property, and the site includes 1.3 acres for additional development. Sofitel Miami hotel is located at 5800 Blue Lagoon Dr., adjacent to Miami International Airport in Miami.
ATLANTA — The dual-branded Hilton Garden Inn and Homewood Suites by Hilton has opened in Midtown Atlanta. The 12-story hotel is located at 97 10th St. and includes 136 Hilton Garden Inn guestrooms and 92 Homewood Suites studios. North Point Hospitality Group Inc. owns and manages the property. The hotel splits its lobby between the brands, offering two separate check-in desks and lodging and dining areas. Communal areas include meeting rooms, a business center, pool and fitness center.
BUCKNER, KY. — Ralcorp Holdings has tapped IDI, a full-service industrial real estate company, to build a 558,600-square-foot distribution center at 1 Quality Place at its Carriage House Division campus in Buckner. The industrial facility recently broke ground and is scheduled for completion by the end of 2013. Ralcorp Holdings produces a variety of private-brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers.
STERLING, VA. — Orbital Sciences Campus, a three-building, 337,228-square-foot Class A office complex, has traded for $85.6 million in Sterling. A fund advised by Prudential Real Estate Investors (PREI) sold it to Select Income REIT free and clear of existing debt. The property is situated at the intersection of Warp Drive and Route 28 North approximately 29 miles northwest of Washington, D.C. The property, which was built in 2001, is 100 percent leased on a long-term basis to Orbital Sciences Corp. and serves as the company’s global headquarters. Amenities include an outdoor patio, conference facilities, cafeteria, fitness center, basketball court and multiple running and biking trails. Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented the seller.
DURHAM, N.C. — A joint venture between Charlotte, N.C.-based Grubb Properties and Philadelphia-based Rubenstein Partners has acquired a two-building, 193,000-square-foot office portfolio in the Imperial Center office park in Durham. The two buildings are located adjacent to the Research Triangle Park at 1015 and 1035 Swabia Court, and have been occupied by a corporate tenant since construction in 1987 and 1988. Grubb Properties will oversee property management and construction management for the buildings and will lease the 1015 Swabia Court office building. The joint venture will partner locally with Cassidy Turley’s lab and life science team to market the 1035 Swabia Court office building, which includes a mix of office and laboratory space.
WASHINGTON, D.C. — The Aventine of Alexandria, a 15-story, 574-unit multifamily community at 2701 Park Center Dr. in Washington, D.C., has sold. The building was originally built in 1973 and has been recently renovated. It features units averaging 1,027 square feet and includes a resort-style pool, fitness center, media room, business center, dog park and concierge service. David Nachison, Alan Davis and Brenden Flood of HFF represented the seller, a separate account client advised by Invesco Real Estate. Partners Group, a global private markets investment management firm, and an affiliate of Bainbridge Cos. LLC purchased the multifamily property.
DURHAM, N.C. — Dougherty Mortgage LLC has closed a $17.25 million loan for the acquisition of Arbor Walk, a 115-unit independent living and assisted living property in Durham. The seven-year term loan was arranged through Dougherty Mortgage’s Maryland office for CSH Walk LLC.