NEWPORT NEWS, VA. — Josef's Hospitality has purchased a five-story hotel, which was formerly branded Comfort Inn North of Orlando, from a receiver for an undisclosed amount. The shuttered hotel is located off the Lee Road Exit on Interstate 4. David Mumford and Burton Brooks of the Mumford Co. represented the seller.
TAMPA, FLA. — Tampa-based Allee Holdings has sold an 11,858-square-foot office building to Tradition Properties Armenia for $1.55 million. The property is located at 111 S. Armenia Ave. in Tampa. Grubb & Ellis|Commercial Florida's Richard Andretta and Rob Turner represented the seller.
ATLANTA — University Heights Atlanta Acquisitions has sold the 157-unit Suites Hotel to Frontline Management of Philadelphia in an all-cash transaction. Located at Underground Atlanta in the city's downtown area, the property will undergo significant renovations. The buyer will also rebrand the hotel as Comfort Suites Hotel Downtown/Atlanta Convention Center. Anthony A. Falor of Hodges Ward Elliot represented the seller.
RICHMOND, VA. — Choate Construction Co. has broken ground on the $66 million renovation of the John Marshall Hotel for Dominion Realty Partners and Virginia Atlantic Development. The 16-story property, located in downtown Richmond, will be transformed into a 238-unit apartment complex. Rule, Joy, Trammell + Rubio designed the renovation. The project will be complete by the summer of 2011.
ORLANDO, FLA. — Bodek and Rhodes, an activewear wholesaler, has signed a 140,015-square-foot lease renewal with Duke Realty Corp. for space in the Parksouth Distribution Center. The property, Parksouth B, is located at 2500 Principal Row in Orlando. Tim Perry served as in-house representation for Duke.
HANAHAN, S.C. — San Diego-based Science Applications International Corp. has subleased 305,423 square feet of warehouse space at 1020 Northpointe Industrial Blvd. in Hanahan for $3.5 million. The previous tenant, Jones Apparel Group USA, closed its Hanahan facility in 2008. The 607,823-square-foot property is now fully occupied. Peter Fennelly and Simons Johnson of Colliers Keenan represented Science Applications International Corp. Binswanger's David Barber and Shaun Kirchin represented Jones Apparel.
WEST PALM BEACH, FLA. — Regins Inn has purchased the 19,020-square-foot Walgreens at Summit retail center from Spring Estates South for $4.56 million. Located at 4509 Summit Blvd. in West Palm Beach, the property consists of a freestanding Walgreens and a two-tenant building, which will be demolished after its leases expire to make way for more Walgreens parking. David Donnellan, William Strauss, Todd Weintraub and Mike Millard of CB Richard Ellis represented the seller.
FAYETTEVILLE, N.C. — John Edwards of Arbor Commercial Funding's Boston office has arranged a $27 million loan for the 327-unit Westlake at Morganton Apartments. The property is located at 3311 Woodhill Lane in Fayetteville. The 10-year loan was funded using the Fannie Mae DUS (Military Concentration) product line. Carolina Mortgage Co. also assisted in obtaining the loan, which carries a 5.94 percent interest rate and a 30-year amortization schedule.
CLEARWATER, FLA. — Chesapeake Apartments LLC has borrowed a $10.7 million Freddie Mac loan for the 354-unit Chesapeake Apartments. The Clearwater complex, which is located at 2307 Cumberland Circle, was built in 1985. KeyBank Real Estate Capital arranged the funding, which will be used to refinance the property.
BUFORD, GA. — Hettich America, a kitchen cabinet hardware manufacturer, has signed a lease with IDI for 126,256 square feet in Building A at the 2.7-million-square-foot Hamilton Mill Business Center. A tad more than 25,000 square feet of warehouse space is still available in the property, which is located at 4925 Hamilton Mill Road in Buford. The company will begin occupying the facility in June. The lease is the result of a consolidation of two facilities in Georgia. NAI Brannen/Goddard's Nathan Anderson represented Hettich in the lease. Lisa Ward served as in-house representation for IDI. The Gwinnett Chamber also helped bring IDI to the new space.