KNOXVILLE, TENN. — Eastland Capital has purchased the Silver Manufacturing Building, a 162,395-square-foot, 15.5-acre property in Knoxville, from Silver Properties, for $3.2 million. The facility is located at 2741 Hancock St. Bob Thornton of Knoxville-based Baker Realty Co. represented the seller, and the buyer was represented by Knoxville-based Herman Tallman Realty Executives.
ATLANTA — Lane Company is developing No. 10 Park, a $60 million, 312-unit upscale rental community in Atlanta. The five-story apartment building will feature one- and two-bedroom units. Amenities will include a resort-style pool, fitness center, Internet café, conference room and landscaped courtyards. Initial occupancy will begin next summer, followed by full completion in fall 2009. The two equity partners for the project are Eagle Realty and an affiliate of W&D Enterprises. Lane Realty Construction is the general contractor, and the project architect is The Preston Partnership. Lane will also lease and manage the apartments. The community will be located one-half mile from Interstate 285 and less than 2 miles from Georgia 400.
BATON ROUGE, LA. — Viking Hospitality Fund is developing a $15 million, 142,876-square-foot Springhill Suites by Marriott in Baton Rouge. The four-story property will feature 119 rooms. Construction is slated for completion early next year. Amenities include a swimming pool and exercise room. The hotel will be located at 7980 Howell Blvd., near Baton Rouge Metropolitan Airport. Viking is a joint venture of Dallas-based Prism Hotels & Resorts, Cambridge,Wis.-based Telemark Hotel Developers and Atlanta-based Hotel Assets Group. Springhill Suites is the first development project for the partnership. Prism will manage the property.
DAVENPORT, FLA. — Duke Realty has leased 282,126 square feet of space at Park 27 Distribution Center II in Davenport to Indianapolis-based hhgregg, Inc. The retailer will occupy the facility this spring and utilize the building as its Central Florida distribution hub. Ian Allen and Frank Gulisano of Boca Raton, Fla.-based Summit Realty represented the tenant, and the owner was represented in-house by Kyle Armentrout. The facility is located at 220 Deen Still Rd.
DURHAM, N.C. — New York-based Queen Ali Equities has purchased Balfour West Townhomes, a 4-acre, 48-unit apartment community in Durham, from Chapel Hill, N.C.-based Fortune Bay Associates, for $4 million. The complex was 100 percent leased at the time of sale and is located at 3419 Balfour West, near Interstate 40 and I-85. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the buyer was represented by Percival McGuire Commercial Real Estate.
GAFFNEY, S.C. — Tilbros, Inc. has acquired a 61-room, 25,180-square-foot Holiday Inn Express located in Gaffney, from P.M.P. LLC, for $3 million. The three-story hotel’s amenities include a pool, a business center, a fitness center and meeting space. Anthony Falor of Atlanta-based Hodges Ward Elliott was the sole broker in the sales transaction and exclusively represented the seller. The property will be repositioned as a Sleep Inn.
CHARLOTTE, N.C. — Joint venture partners Crosland and Trinity Capital Advisors are developing a $100 million, 400-unit luxury apartment building in downtown Charlotte, located at 500 West Trade. The eight-story building will be situated on a 2.7-acre city block at the intersection of Trade and Graham streets. Residences will feature one-, two- and three-bedroom floorplans, ranging from 600 to 1,300 square feet. Rooftop amenities will include a two-story resident lounge, a business center, a media center, a conference room and a pool. The building will enclose a private half-acre courtyard featuring a resort-style saltwater pool and also feature ground-floor retail. Construction is slated to begin this fall, and the residences are expected to open late next year.
SUFFOLK, VA. — Prologis has acquired 83 acres at the Northgate Commerce Park in Suffolk for the future development of more than 2.1 million square feet of Class A warehouse buildings, from two individual sellers, for an undisclosed amount. The City of Suffolk Economic Authority sold 14 acres, and Upton Farms sold 69 acres. The project will begin construction this month and initial space will be available for occupancy mid-2009. Lang Williams and H. Ashton Williamson of CB Richard Ellis’s Norfolk, Va., office represented the buyer. Upton Farms was represented by Charles Dickinson of Norfolk-based Harvey Lindsey.
COLLEGE PARK, GA. — International Hotels Group is developing a 142-room Hotel Indigo at the Princeton Village mixed-use development in College Park. The five-story hotel will feature Phi, a causal gourmet restaurant; the Phitness studio; a 24-hour business center; an outdoor pool; and meeting space. The hotel is owned by Parkside Developers and will be managed by Cambridge Hospitality. The property is located at the intersection of Harvard and Washington streets, in close proximity to the Atlanta Hartsfield-Jackson International Airport. Construction is slated to complete in summer 2009.
PETERSBURG, VA. — Triple G East has purchased a 113,000-square-foot industrial facility in Petersburg, from KHJ Dinwiddie, for $4 million. The property is located at 25651 Simpson Rd. and will be converted to an auto parts facility. Jeffrey Cooke and Gregg Beck of Thalhimer | Cushman & Wakefield’s Richmond, Va., office represented the seller, and the buyer was represented by Chip Louthan and Bill Mattox of Richmond-based Grubb & Ellis | Harrison & Bates.