BECKLEY, W.V. — Affiliates of H&W Hotels have completed the disposition of a Fairfield Inn hotel in Beckley. Greatway Hospitality acquired the property for an undisclosed price. The buyer plans to renovate the hotel and convert the property to the Fairfield Inn & Suites brand. David Mumford and Steve Kirby of The Mumford Company represented the seller in the transaction.
MIAMI — Stiles is developing Publix at 18Biscayne, a Publix-anchored retail shopping center in downtown Miami. Situated on Biscayne Boulevard, the three-story 57,200-square-foot project will include a 49,200-square-foot Publix and 8,000 square feet of retail space. Stiles is providing architectural services for the project through its Architectural Group. Additionally, Stiles Development is overseeing the project, which is being constructed by Stiles Construction. Completion is scheduled for 2012.
STAFFORD, VA. — Insight Property Group has acquired Vine Place Apartments, an apartment community located near Quantico Marine Base in Stafford. The 214-unit property sold for $15.9 million. Insight plans to re-brand and reposition the property, which was constructed in 1997. The buyer has retained a new property management company and plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances. The seller was not released.
WASHINGTON, D.C. — Foxhall Partners, in partnership with an affiliate of Wexford Capital, recently purchased two retail properties in Washington, D.C. Located at 3241 and 3245 M Street, the properties are occupied by two restaurants, Hook and Tackle Box. Foxhall Partners successfully negotiated new leases with the tenants prior to closing. Additionally, Foxhall will provide property management services for the properties. Terms of the all-cash transaction were not disclosed.
MYRTLE BEACH, S.C. — Deesha Hotels has acquired a Value Inn in Myrtle Beach for an undisclosed price. Located off Highway 501, the property offers 120 guestrooms and proximity to shopping, entertainment and restaurants. Jones Lang LaSalle Hotels was retained by a court-appointed receiver as the exclusive and sole agent in the disposition of the property. Ros Mallory and Mark von Dwingelo of JJL Hotels negotiated the transaction.
FORT LAUDERDALE, FLA. — Rawworld Enterprises has acquired a 5,580-square-foot retail building, which is located at 2495 E. Commercial Blvd. in Fort Lauderdale. Locally based Metro LLC sold the property for $1.34 million or $229 per square foot. The buyer plans to occupy 2,750 square feet of the building for an organic food and health-related emporium. The remainder of the space is occupied by an architectural firm. The transaction included a 10,000-square-foot parcel zoned RM-25, which is currently utilized as a paved parking lot. Thom Fox of Panton & Co. Realty represented the buyer; Luna Nichols of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller in the transaction.
DAYTONA BEACH, FLA. — Leon Brockmeier and Patrick O'Halloran of Marcus & Millichap brokered the disposition of a Walgreens location in Daytona Beach. Located at 2620 S. Nova Road, the 13,841-square-foot retail property sold for $2.39 million. The buyer and seller were not disclosed.
BONITA SPRINGS, FLA. — Homewood Suites by Hilton has opened a new property in Bonita Springs. Located at 8901 Highland Woods Blvd., the four-story property offers 106 suites, a heated pool, a fitness center, high-speed Internet access and a 24-hour business center. The property is owned by IAS Hotel and managed by Guest Services.
HAINES CITY, FLA. — Florida-based ESAN LLC has acquired a Winn-Dixie Supermarket property in Haines City. Situated on 6.81 acres of land, the 47,718-square-foot property sold for $1.79 million or $37.51 per square foot. Cynthia Shelton and Mike Milano of Colliers International represented the undisclosed seller in the transaction.
KNOXVILLE, TENN. — Walker & Dunlop has provided a $12.65 million Fannie Mae ERL loan for the Retreat at Knoxville, a student-housing property located in Knoxville. The property offers of 65 detached private three-, four- and five-bedroom cottages, a fitness center, a tanning salon, a movie theater, a computer lab, billiard tables, a resort-style swimming pool and a beach volleyball court. The property was 100 percent leased at the time of the transaction. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Additionally, the loan was underwritten to a 75 percent loan-to-value with a 1.03x debt-service coverage ratio. Timothy Bradley of TSB Capital Advisors originated the loan. Will Baker of Walker & Dunlop led the Walker & Dunlop. The borrower is a joint venture between Landmark Properties and Harrison Street Real Estate Capital.