BATON ROUGE, LA. — Tapestry Springbrook Apartments LLC recently sold its 200-unit Springbrook Apartments to New Orleans-based Favrot & Shane Cos. for $14.58 million. The property features a clubhouse, fitness center and resort-style pool and will be managed by 1st Lake Properties. David Treppendahl of Re/MAX First Commercial Real Estate represented the seller.
ROME, GA. — MetroGroup Development has commenced construction on the 37,000-square-foot Berry Crossing, located at the intersection of Veterans Memorial Highway and Martha Berry Boulevard in Rome. The 5.8-acre site is 50 percent pre-leased and will be home to a CVS/pharmacy and a renovated Wachovia Bank. The center is expected to deliver in spring 2009.
CHESAPEAKE, VA. — Atlanta-based Butler Properties has purchased 1.8 acres in the Waterway Industrial Park in Chesapeake from BBB LLC for $540,300. An 11,280-square-foot Flowers Bakery warehouse is planned for the site. Patrick Mumey and W. Scott Wermers of Thalhimer’s Virginia Beach, Va., office brokered the transaction.
DURHAM, N.C. — Spokane, Wash.-based Magnuson Hotels has rebranded the 30-room Durham Skyland Inn in Durham, naming it Durham Skyland Inn Magnuson Hotel. The new brand will help the hotel, which was formerly a Best Western, attain better local, regional and national market positioning. Hotel amenities include a saltwater swimming pool and wireless Internet, and each room includes a microwave and a refrigerator.
CROFTON, MD. — Martin Fayer of Johnson Capital’s Washington, D.C., office has arranged a loan for the 406-unit Keswick Park Apartments, located at 1623 Parkridge Circle in Crofton, for $55 million. Freddie Mac financed the 7-year loan that comes with an interest rate of 6.11 percent. A 30-year amortization kicks in after the first 4 years. The complex is 95 percent occupied and features a swimming pool, outdoor whirlpool and volleyball and racquetball courts.
WELLINGTON, FLA. — Rockville, Md.-based Federal Realty Investment Trust has acquired the 127,000-square-foot Courtyard Shops, located at 13860 Wellington Trace in Wellington, from an institutional owner for $37.9 million. The 18-year-old center is anchored by a 49,000-square-foot Publix and underwent an expansion in 1998.
HENDERSONVILLE, TENN. — Bill Settle, Stanton Falk, Joel Dumes and Anne Williams of Marcus & Millichap have represented a private party in the sale of the 26,026-square-foot Indian Lake Market Shops to an undisclosed buyer for $6.5 million. The property, which was built last year at the intersection of North Anderson Lane and Indian Lake Boulevard in Hendersonville, is fully occupied. The buyer of the Wal-Mart Supercenter-anchored property was represented by Nashville, Tenn.-based Charles Warner.
PRINCE GEORGE, VA. — 8140 Quality Drive LLC has sold a 108,350-square-foot warehouse, located at 8140 Quality Dr. in Prince George, to Virginia Seal Products for $3.5 million. Chip Louthan from the Richmond, Va., office of Grubb & Ellis|Harrison & Bates and Charlotte, N.C.-based Binswanger Co.’s Doug Faris represented the seller. Virginia Seal Products was represented by Specter Properties and will occupy half the building.
WAUCHULA, FLA. — Fort Myers, Fla.-based Stevens Construction recently finished a renovation of the 5,350-square-foot Florida Hospital Heartland Division Emergency Room, located at 533 W. Carlton St. in Wauchula. The three-phase project, designed by Burt Hill/Pollock Kreig Architects, included a pharmacy remodel, an emergency room reconfiguration and the addition of a nurse’s station. Terry Tjelmeland, Mike Bussiere and Jackie Barnett made up the construction team.
ATLANTA — 3630 Peachtree, a 34-floor mixed-use building under construction on Peachtree Street in Atlanta, will include the 129-unit Ritz-Carlton Residences starting on the 18th floor. Atlanta-based developers Post Properties and Novare Group recently announced the project and will work with Campion Platt Architect PC and Robert Brown Interior Design on the luxury units. Each residence includes recessed balconies, 10-foot ceilings, hardwood and marble flooring and granite countertops. A formal dining room, cocktail lounge and fitness center will take up floors 18 and 19. Building construction began in June 2007, and the hotel will deliver in the middle of next year.