ATLANTA — Atlanta Underground LLC, Excel Hotel Group and S&A Industries have opened the first Comfort Suites in downtown Atlanta. Located at 54 Peachtree St. near historic Underground Atlanta, the hotel offers 156 rooms. The hotel is housed in a historic building, which was expanded during Atlanta's 1996 Summer Olympics. The property, which is franchised by Choice Hotels International, is the brand's first adaptive reuse project.
Southeast
TAMPA, FLA. — Chicago-based Transwestern Investment Co. has purchased Mallory Square Apartments in Tampa. The 388-unit multifamily property sold for $38.75 million or $101,179 per unit. Constructed in 2005, the property offers one-, two- and three-bedroom units, a resort-style pool with spa and a 6,500-square-foot clubhouse with a fitness center, an indoor basketball court and a billiards room. John Selby and Jim Bobbitt of CB Richard Ellis represented the seller, CIGNA Investments, in the transaction. Financing was provided by Fannie Mae through Robert Kadoori of CB Richard Ellis' Debt & Equity Finance Group.
NASHVILLE, TENN. — Chartwell Hospitality has acquired two hotels in Nashville for $36.5 million. The company purchased the 169-room Hampton Inn at West End Avenue and the 157-room Hampton Inn & Suites at Elliston Place. The company plans to invest $4 million for upgrades to the properties. Additional terms of the transactions were not released.
TAMPA, FLA. — A joint venture consisting of affiliates of TriGate Capital LLC, Feldman Equities and Tower Realty Partners has acquired Fountain Square II, a 134,065-square-foot office building in Tampa. Located within the Fountain Square Office Park, the 70-percent occupied property features an on-site fitness center, a restaurant and a parking garage. Orlando, Fla.-based Tower Realty Partners will manage and lease the property. Terms of the transaction were not released.
MANASSAS, VA. — Rinker Design Associates (RDA) and NAL Research Corp. have acquired a 5-acre development site within Innovation @ Prince William technology park in Manassas. The companies plan to develop two buildings totaling 90,000 square feet on the site. The first phase, Discovery Center I, includes a three-story, 45,000-square-foot building that will services as headquarters for RDA and NAL. The second phase, Discovery Center II, will also be a three-story, 45,000-square-foot building. Construction of the first phase is slated to break ground in March, with completion scheduled for February 2012. The land purchase and first building is estimated to cost $9 million, pending final construction costs. Tom Sandlin of Avison Young represented both RDA and NAL in the transaction.
TAKOMA PARK, MD. — The Firoozabadi Group of Marcus & Millichap has completed the sale of Parkview Towers in Takoma Park. MHP Parkview Towers acquired the 125-unit multifamily property for an undisclosed price. Located at 7667 Maple Ave., the property was 97 percent occupied at the time of acquisition. The Firoozabadi Group represented the seller, Parkview Towers LLC, in the transaction.
ORLANDO, FLA. — Behringer Harvard has acquired The District at Universal, a luxury mixed-use community located at 9702 Universal Boulevard in Orlando. Constructed in 2009, the community features 425 apartments and more than 25,000 square feet of retail space, which is anchored by Walgreens. Community amenities include a resort-style pool with private cabanas, poolside barbeque areas with gas grills and picnic tables, a two-level fitness center with tanning booths, a media room, a cyber cafe with a kitchen, a business center with a private conference room, and lighted jogging trails around Lake Cay. The one-, two- and three-bedroom apartments feature wood or stained concert floors in the living areas, walk-in closets, granite countertops, stainless-steel refrigerators, brushed nickel hardware, maple cabinetry and a washer and dryer in each unit. The acquisition was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.
CARY, N.C. — Healthcare Trust of America has purchased The Medical Park of Cary, a nine-building medical office park in Cary. The 151,000-square-foot park is situated on the WakeMed hospital campus. The property sold for $28 million. Paul Zeman of Bull Realty brokered the transaction. The seller was not disclosed.
POMPANO BEACH, FLA. — Green Florida Developments has completed the disposition of Powerline Industrial Park, which is located at 2301 NW 30th Place in Pompano Beach. CABOT III – FL 2W06-W12 LLC and CABOT III – FL 2W13 LLC acquired the property for $23.4 million. The 71-percent occupied property includes eight buildings totaling 470,000 square feet and offers highly-functional small bay product, with many units featuring both drive-in and dock-high doors. Scott O'Donnell, Dominic Montazemi, Kirk Nelson and Miguel Alcivar of CB Richard Ellis represented the seller in the transaction.
MIAMI LAKES, FLA. — MCP EWE LLC, a joint venture between Boston-based Marcus Capital Partners Fund I and Miami-based The Easton Group, has purchased a 394,000-square-foot mixed-use property in Miami Lakes. The property, which was formerly occupied by Cordis Corp., sold for $8.15 million or $20 per square foot. Located on 27 acres at 14560 NW 60th Ave., the property consists of 11 buildings housing advanced laboratories, clean rooms, and air-conditioned warehouse, office and retail space. Additionally, Framingham, Mass.-based Heartware International has signed a 10-year lease for more than 130,000 square feet at the facility.