HOLLYWOOD, FLA. — Pebblebrook Hotel Trust has refinanced the Margaritaville Hollywood Beach Resort, a 369-room lodging property located at 111 N. Ocean Drive in South Florida. The hotel REIT purchased Margaritaville Hollywood in 2019 for $270 million. The new $140 million loan features a three-year term with two one-year extension options and a fixed interest rate of 7 percent. Wells Fargo Securities LLC served as the sole lead arranger for a syndicate of lenders for the loan, and Wells Fargo Bank NA will serve as administrative agent for the new mortgage. Pebblebrook Hotel Trust is using cash to repay the remaining $21.5 million from the previous CMBS loan. Built in 2015, Margaritaville Hollywood features 450 linear feet of direct beach frontage, food-and-beverage options, a spa, outdoor pools, kids club and entertainment venues.
PINEVILLE, N.C. — Beacon Partners has begun the expansion of Carolina Logistics Park, a 288-acre industrial park in Pineville that currently spans more than 3.5 million square feet. The expansion will add two new buildings totaling 434,500 square feet, with build-out options starting at 21,615 square feet. The buildings will feature 32-foot clear heights, build-to-suit offices, concrete truck courts, automobile and trailer parking and ESFR sprinkler systems. The project team includes general contractor The Conlan Co., Merriman Schmitt Architects and Orsborn Engineering Group. CIBC Bank USA is providing financing for the new buildings. Beacon Partners expects to deliver the expansion in mid-year 2024. Tim Robertson will handle the leasing assignment for the project on an internal basis. Beacon Partners recently completed a 900,000-square-foot expansion across three buildings within the park. W.W. Grainger Inc. occupies 525,624 square feet within that section. Other tenants at the overall Carolina Logistics Park include Amazon, Carolina Foods and Empire Distributors.
NASHVILLE, TENN. — Atlanta-based Portman has signed two new food-and-beverage tenants to occupy commercial space at Starling, a 363-unit apartment tower underway in Nashville’s Germantown neighborhood. The new tenants include Retrograde Coffee, a neighborhood coffeeshop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffeeshop will be the first café to front the Cumberland River Greenway, which Portman will expand to directly interface with the Starling tower, and the restaurant will be the first Southeast location for Social Cantina and will feature an outdoor patio. In addition to 17,000 square feet of commercial space, Starling will feature a game room, library, coworking space and a rooftop pool deck overlooking First Horizon Park. Portman plans to deliver the first units in January and fully complete the project in March. In addition to Starling, Portman’s current Nashville projects include the 1,475-unit Eleven North residential development that will break ground in 2025 and the recently delivered Moore Building in Music Row.
ARLINGTON, TEXAS — Dallas-based Bridgeview Multifamily will develop a 250-unit project on a 6.3-acre site at 800 W. Bardin Road in Arlington. The development, which has tentatively been dubbed Mercantile Lofts, will consist of a four-story building with three-story wings. Units will come in one- and two-bedroom floor plans and average 796 square feet, and amenities will include a pool, courtyard and a single-level parking garage. Construction is expected to begin next summer.
FRISCO, TEXAS —Pickle & Social and Fairway Social will open entertainment centers at Frisco Station, a mixed-use development on the northern outskirts of Dallas. Pickle & Social will offer both indoor and outdoor pickleball courts, as well as live entertainment, food and beverages and other games. Fairway Social will feature golf simulators that include 130 courses, as well live entertainment, food and drinks, cornhole, beach volleyball and ping-pong. Construction is scheduled to begin next spring, with the opening scheduled for spring 2025. Tim Henson of Venture Commercial Real Estate and Bryan Cornelius of RETAIL UNION represented Pickle & Social in the lease negotiations. The Frisco Station Partnership, which includes The Rudman Partnership, Hillwood and VanTrust Real Estate, is the developer of Frisco Station.
ATLANTA — CBRE has arranged a $55 million loan for the refinancing of Peachtree Battle Shopping Center, a 152,951-square-foot grocery-anchored center located at 2333-2365 Peachtree Road NE in Atlanta. Situated on 12.6 acres in Atlanta’s Buckhead district, the three-building shopping center was fully leased at the time of sale to tenants including Publix, Walgreens, Ace Hardware, CAVA and Onward Reserve. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the loan through Thrivent Financial on behalf of the borrower, Branch Properties.
ADDISON, TEXAS — National Bankruptcy Services has right-sized its office footprint at 14841 N. Dallas Parkway in Addison, located just north of Dallas. The tenant, which has leased space at the building since 2014, has moved from a 75,000-square-foot space to a 45,000-square-foot space. Sarah Catherine Alford of Vista Holdings represented the undisclosed landlord in the negotiations. Nick Lee, Tom Lynn, Kent Smith and Grant Frerichs of NAI Robert Lynn represented the tenant.
DALLAS — Civil engineering firm Criado & Associates has signed a 16,000-square-foot office headquarters lease in North Dallas. The tenant will relocate from 4100 Spring Valley Road in Farmers Branch to Element Towers, a two-building, 672,942-square-foot complex, in early 2024. Tristan Stalker and John Beach of Newmark represented the tenant in the lease negotiations. Russ Johnson and Kade Davis of JLL represented the landlord, Los Angeles-based Stanton Road Capital. The property is now 68 percent leased.
MAGNOLIA, TEXAS — Local brokerage firm SVN | J. Beard Real Estate — Greater Houston has negotiated the sale of a two-story, 5,000-square-foot office building in Magnolia, about 45 miles northwest of Houston. Diana Gaines of SVN | J. Beard represented the seller, Rangel Properties LLC, in the transaction. Jackson Cain, also with SVN | J. Beard, represented the buyer, an entity doing business as AKA 3 Real Estate Holdings LLC. The new ownership plans to use the building as an extension of an urgent care clinic.
DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, located approximately 25 miles north of Philadelphia. The facility offers independent living, memory care and skilled nursing services. Doylestown Hospital sold the property for an undisclosed price, and PSL is partnering with Doylestown Health to operate the community. Additional terms of sale were not disclosed.