WASHINGTON, D.C. — Pebblebrook Hotel Trust (NYSE: PEB) has closed on the sale of Hotel Palomar Washington DC, a 335-room hotel located at 2121 P St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. An undisclosed buyer purchased the hotel for $141.5 million. According to Pebblebrook, the sales price reflects a cap rate of 5.9 percent based on the hotel’s 2018 net operating income. The Bethesda, Md.-based hotel REIT will use proceeds from the sale for general business purposes, which may include reducing the company’s outstanding debt. San Francisco-based Kimpton manages Hotel Palomar, which features an outdoor pool and sundeck, spa services, 24-hour fitness center, business center, bike sharing services and Urbana, an onsite Italian restaurant. Pebblebrook has been on a selling spree for its Washington, D.C., hotels. Last week, the company sold The Liaison Capitol Hill, a 343-room hotel, to REIT Bldg Management Co. Inc. for $111 million. According to Washington Business Journal, Pebblebrook is currently marketing three Kimpton-managed hotels it owns near Dupont Circle. In an investor presentation posted yesterday, Pebblebrook disclosed that its Washington, D.C., hotels comprise 7 percent of the company’s 2018 EBITDA (earnings before interest, tax, depreciation and amortization). Pebblebrook announced last year its intent to …
ATLANTA — Gables Residential has opened The Ashley Gables Buckhead, a 325-unit apartment community in Atlanta’s Buckhead district. The 15-story building is located at 530 E. Paces Ferry Road, about eight miles north of downtown Atlanta. The new asset offers studio, one-, two- and three-bedroom apartments and townhomes. Rental rates range from $1,632 per month for the one-bedroom floor plan to $7,032 per month for the three-bedroom floor plan. Amenities include a rooftop terrace, dog park, courtyard with an outdoor theater and 24-hour concierge service. This is the third location for Gables Residential’s signature series, joining locations in Denver and Miami.
SARASOTA, FLA. — Consolidated-Tomoka Land Co. has sold The Shoppes at Sarasota Row, a 59,341-square-foot retail center in Sarasota, to New York Real Estate Investors for $24.6 million. Whole Foods Market and Starbucks Coffee anchor the property, which is situated less than a mile from downtown Sarasota. Other tenants include California Closets, Scout & Molly’s Boutique, Tsunami Sushi and Hibachi Grill, Nuovo Salon and Paint Nail Bar. Carson Good, Tarik Bateh and Dan Williams of JLL represented the seller in the transaction.
BARDSTOWN, MANCHESTER AND ELKHORN CITY, KY. — Strawberry Fields REIT has acquired three skilled nursing facilities in Kentucky for $21 million. Landmark Group will operate the properties, which total 312 beds. Average occupancy in the portfolio is 73 percent, of which 21 percent are Medicare residents, 60 percent are Medicaid and 19 percent are private-pay and insurance. The acquired communities include Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds); Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds); and Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds). Oxford Finance LLC provided financing for the acquisition. The seller was not disclosed.
BURLINGTON, N.C. — Berkadia has arranged the $14.3 million sale of Summerlyn Place, a 140-unit garden-style apartment complex in Burlington. The property was 96 percent occupied at the time of the sale, selling for $101,768 per unit. Built in 1998, Summerlyn Place offers a car care center, tennis courts, clubhouse, swimming pool, playground and a dog park. The asset is situated about 19 miles east of downtown Greensboro. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the New York-based seller in the transaction. The buyer is based in New Jersey.
DALLAS — ML Realty has acquired two industrial buildings totaling 205,471 square feet at 1144-1188 Quaker St. in Dallas. Situated on a 10-acre site, the two properties offer proximity to Interstate 35 and the Central Business District. Adam Herrin and Stephen Bailey of HFF represented the undisclosed seller in the transaction. Other terms of sale were not released.
EASTON, MD. — KLNB Retail Investment Sales Group has arranged the $13 million sale of Easton Marketplace, a 126,650-square-foot grocery-anchored shopping center in Easton. The asset is anchored by Weis supermarket and sits on 18.4 acres. Other tenants include McDonald’s, Ruby Tuesday, Pier 1 Imports, Hair O’ The Dog liquor store and Snifter’s Tasting Room. Andy Stape and Vito Lupo of KLNB represented the sellers, Mears Properties LLC and Easton Marketplace LLC, in the transaction. Rise Partners acquired the property and hired KLNB Management as property manager.
KATY, TEXAS — Dallas-based Venture Commercial has arranged the sale of a 97,761-square-foot retail asset located within the Cinco Ranch at Market Center development in the western Houston metro of Katy. John Zikos, Jonathan Cooper, Don Miller and Lawrence Wilson of Venture Commercial represented the buyer in the transaction. The seller was not disclosed.
FRISCO, TEXAS — SHOP Cos. has brokered the sale of Preston Stonebriar Shopping Center, a 27,638-square-foot retail center located along Preston Road in the northern Dallas suburb of Frisco. The newly built property is situated on 3.6 acres and was 100 percent leased at the time of sale to tenants such as Burning Rice, Finley’s Barbershop and Cosmo Nails & Spa. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
FARMERS BRANCH, TEXAS — Lee & Associates has negotiated a 46,104-square-foot industrial lease at 14275 Welch Road in the northern Dallas metro of Farmers Branch. Adam Graham of Lee & Associates represented the tenant, Missouri-based Don Smith & Associates, in the lease negotiations. Barry Stokes of Exeter Property Group represented the landlord, Finlayson Logistic Assets LLC.