LAFAYETTE, LA. — A Utah-based financial institution has sold a former Quality Inn to an undisclosed party for $1.54 million. The 105-room property, which was built in 1993, is located at 2216 NE Evangeline Thruway in Lafayette. Marcus & Millichap's Jaimin Patel and Jonathan Ruprai represented the seller in the transaction. The firm's William Hoffpauir also assisted in closing the deal.
Southeast
GREENBELT, MD. — An affiliate of Harbor Group International has purchased Hanover Apartments from Federal Capital Partners and Angelo, Gordon & Co. for $39.5 million. The 320-unit property is located near the intersection of Capital Beltway and Interstate 95 in Greenbelt. The seller purchased Hanover in 2006 and has invested more than $9 million in upgrades to the property. Ideal Realty Group's Allen Manesh and Dean Sigmon brokered the sale.
CHESAPEAKE, VA. — First Potomac Realty Trust has leased 141,500 square feet of industrial space to Total Transportation Services in the 712,894-square-foot Diamond Hill Distribution Center. The property is located on Diamond Hill Road in Chesapeake. Total transportation is relocating from a 44,900-square-foot space.
MANDEVILLE, LA. — Prudential Commercial Mortgage has funded a $20.3 million permanent loan for the 295,000-square-foot Premier Centre shopping center. The grocery-anchored property is located near U.S. Highway 190 and North Causeway Boulevard in Mandeville. Jeff Marshall of Stirling Properties closed the loan.
RICHMOND, VA. — AmCap Richmond has borrowed a $20.5 million acquisition loan for the 85,720-square-foot Short Pump Station shopping center. Aviva Investors funded the 10-year loan. Kevin Phelan and Jeffrey Black of Colliers Meredith & Grew arranged the financing.
BALTIMORE COUNTY, MD. — Grand Lodge of Maryland Independent Order of Oddfellows has purchased a 25,500-square-foot retail building from St. John Properties for $1 million. The property, which is located in the 160,000-square-foot North Point shopping center in Baltimore County, has formerly housed a roller rink, a bingo hall and a flea market. The tenant will occupy the building during the first quarter of next year after a renovation.
BRASELTON, GA. — Sealy & Co. has purchased the 439,338-square-foot Braselton 85 Distribution Center from a private party for an undisclosed amount. The LEED Silver property is located on Highway 124 in Braselton. Tom Senkbeil, Bob Cutlip and Klay W. Simpson served as in-house representation for Sealy.
SAVANNAH, GA. — Choate Construction Co. will begin work this month on a 106,456-square-foot property to serve as a replacement for Mattie Lively Elementary School. The Savannah property will include 53 classrooms, a kitchen and cafeteria, a media center, and art and science labs. Martin Rule & Associates designed the project.
ORLANDO, FLA. — SchenkelShultz Architecture will design an 80,000-square-foot classroom and laboratory building on Valencia Community College's new 23-acre satellite campus in Orlando. The $16 million project will be constructed to LEED Silver standards. The property will include a café, a bookstore, a library, offices and science labs.
MIAMI — An affiliate of Phillips Edison and Co. has sold the 99,864-square-foot West Bird Plaza shopping center to an affiliate of Equity One for an undisclosed amount. The property, which is located at the intersection of Bird Road and Southwest 117th Avenue, is anchored by Publix and CVS/pharmacy. West Bird Plaza is 94 percent leased. Anthony Blanco, Jim Michalak and Lenard Williams of Plaza Advisors represented the seller.