REBusinessOnline

TravelCenters of America Agrees to Purchase 20 Assets from Hospitality Properties for $308.2M

NEWTON, MASS. AND WESTLAKE, OHIO — TravelCenters of America LLC (NASDAQ: TA) has agreed to purchase 20 truck stop locations from its primary landlord, Hospitality Properties Trust (NASDAQ: HPT), for $308.2 million. The 20 properties span 15 states. HPT will continue to own 179 properties that TA leases. The leases have been amended by both companies, which puts the 179 properties under five leases. The leases have all been extended by three years. Westlake-based TA expects to purchase …

Cushman & Wakefield Arranges $62.3M Sale of Industrial Park in Broward County

POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $62.3 million sale of Powerline Business Park, a 443,720-square-foot, small-bay industrial park in Broward County. The park comprises 24 small-bay buildings on about 26.4 acres. The property features 16- 20-foot clear heights, air-conditioned office space and illuminated parking, as well as dock-high truck loading and grade-level, overhead 12-by-14-foot doors. The park was developed between 1983 and 1994 and was 96.8 percent …

Bootsmead Set to Demolish 3.5 MSF of Manufacturing Space in Metro Charlotte

CONCORD, N.C. — Bootsmead LeaseCo LLC has announced that demolition will begin at The Grounds at Concord in the next 30 days, and the project is expected to last all year. D.H. Griffin will perform the demolition of the former cigarette manufacturing facility, which entails 3.5 million square feet across 500 acres. The whole site comprises more than 2,000 acres and was once a filming site of “The Hunger Games” and TV series “Homeland.” JLL Carolinas is marketing the site, which offers …

Capital One Provides $51.3M HUD Loan for Mixed-Use Project in Hampton Roads

SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and …

Colliers Brokers $42.8M Sale of Apartment Complex in Virginia Beach

VIRGINIA BEACH, VA. — Colliers International Mid-Atlantic has arranged the $42.8 million sale of Woodshire Apartments, a 288-unit complex in Virginia Beach. Amenities include a swimming pool, sundeck, fitness center, dog park, playground and package management services. Will Matthews of Colliers represented the sellers, The Bainbridge Cos. and Core Real Estate Capital, in the transaction. Capital Square 1031 LLC was the

MedProperties, Aurum Partner to Buy Medical Office Building Near Chattanooga

CLEVELAND, TENN. — MedProperties Realty Advisors LLC and Aurum Property Partners LLC have created a joint venture to acquire Bradley Professional Building, a four-story, 81,382-square-foot medical office building in Cleveland. The property is situated on the Tennova Healthcare — Cleveland campus, about 30 miles northeast of Chattanooga. The value-add site can accommodate another building up to 40,000 square feet. Bradley Professional Building was 95 percent leased at the time of the …

PBS Signs 15-Year Lease to Keep Headquarters in Metro D.C.

ARLINGTON, VA. — Public Broadcasting Service (PBS) has signed a 15-year lease to remain with landlord JBG Smith Properties. PBS will relocate from JBG Smith’s 2100 Crystal Drive asset in Arlington’s Crystal City district to JBG Smith’s asset situated at 1225 S. Clark St. in Arlington’s National Landing district. National Landing is a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. The two assets are …

Loden Properties Sells Target-Anchored Retail Center in Raleigh for $7.4M

RALEIGH, N.C. — Loden Properties has sold a two-tenant shopping center adjacent to North Carolina State University in Raleigh for $7.4 million. The 24,656-square-foot asset is anchored by a 22,211-square-foot, urban-formatted Target and 2,445 square feet is leased to Guasaca, a fast-casual Venezuelan restaurant. San Francisco-based Stockbridge bought the property. Tom Kolarczyk, Justin Good and Warren Johnson of HFF represented the seller in the

Barings Provides $10.9M Fannie Mae Refinance Loan for New Apartment Complex in Downtown Birmingham

BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not

NorthMarq Arranges $9.3M in Acquisition Financing for Apartment Complex in Athens, Georgia

ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and …

subscribe


Conferences