NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.
PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of sale. Balfour Beatty Construction is the lead tenant at the building.
MEMPHIS, TENN. — The Sembler Co. and Forge Capital Partners have acquired Summer Center, a shopping center located at 4304 Summer Ave. in Memphis, for $13 million. The 136,425-square-foot center was 89 percent leased at the time of sale to tenants such as Kroger, Ross Dress for Less, Rainbow, Hibbett Sports and H&R Block. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, BDB Summer Center LLC.
ATHENS, GA. — The Shopping Center Group (TSCG) has signed Blasted Barley Beer Co. to a 5,000-square-foot lease at Georgia Heights, a student housing community with 40,000 square feet of ground-floor retail space in Athens. The Phoenix-based restaurant and brewery plans to offer more then 30 craft beer varieties on tap, including its own signature brews, along with bar food. Harry Croxton and Amy Kennedy of TSCG arranged the 10-year lease on behalf of the landlord, Memphis-based EdR Collegiate Housing. Blasted Barley is expected to open at the 317-unit community early next year, bringing the property to full occupancy. Additional tenants include CVS/pharmacy, J.Crew, The Athlete’s Foot, SunTrust Bank, Dress Up, D.P. Dough, Cinnaholic, European Wax and Treehouse Interiors. The property encompasses a city block between Broad Street, at the main entrance to the University of Georgia, and Clayton Street, home to the Georgia Theatre.
GREENSBORO, N.C. — Branch Properties LLC has signed three tenants to Westridge Square, a 215,000-square-foot shopping center in Greensboro. The Atlanta-based real estate company originally acquired the center and its seven outparcel buildings in 2015, and is currently re-tenanting the property. Kohl’s will reduce its footprint at the center from 87,000 square feet to 55,000 square feet, and Planet Fitness will occupy the vacated space. The gym is expected to open in late 2018 or early 2019. According to local media reports, Sprouts Farmers Market will backfill 30,524 square feet of the 47,452-square-foot space formerly occupied by Harris Teeter, which closed in December. Later this summer, Title Boxing Club will open at one of Westridge Square’s outparcels. Negotiations are underway for an additional tenant to occupy the remaining space. In addition to remerchandising Westridge Square, Branch will modernize the shopping center with planned renovations including raising the parapets and upgrading the building materials to include brick, metal and wood.
WALNUT CREEK, CALIF. — MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek. The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy’s. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others.
LOS GATOS, CALIF — Levin Johnston of Marcus & Millichap has arranged the sale of two institutional-quality self-storage facilities located at 688 University Ave. and 17443 Farley Road West in Los Gatos within California’s Silicon Valley. A private high-net-worth family acquired the assets for $25 million. Constructed in 1999 and 2005, the Stor’ It Los Gatos facilities feature a total of 785 self-storage units, ranging from 25 square feet to 300 square feet, and in a mix of climate-controlled and standard unit offerings. At the time of sale, the 45,287-square-foot asset was 84 percent occupied. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the buyer and the seller, a private high-net-worth individual, in the deal.
SAN ANTONIO — A partnership between two California-based firms, AHV Communities and Bristol Group Inc., is underway on Pradera, a project in San Antonio that will deliver single-family homes exclusively for rent. The gated community will be located near the Alamo Ranch development on the city’s west side and feature 250 three- or four-bedroom residences with private front and backyards. The project will also deliver an amenity center with a clubhouse, community kitchen, pool, fitness center, a dog park and walking trails. Preleasing will begin during the third quarter and move-ins are expected to commence during the fourth quarter.
GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-leaseback of four hotel properties in Goodyear. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road, the 110-guestroom Hampton Inn & Suites at 2000 N. Litchfield Road, the 100-key Holiday Inn & Suites at 1188 N. Dysart Road and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service hotels contain a total of 441,967 square feet of space on approximately 10.1 acres. Jon Grantham and James Meng of Colliers International’s Greater Phoenix office represented the seller, while Kawa Capital was self-represented in the transaction.
TUCSON, ARIZ. — Golden Eagle Distributors, a Tucson-based beer distributor, has completed the sale of a 161,212-square-foot industrial building located at 705 E. Ajo Way in Tucson. 6455 Box Springs Blvd. LLC purchased the property for $13.3 million. Stephen Cohen and Michael Hammond of Cushman & Wakefield | PICOR represented the seller, while Art Day of CBRE represented the buyer in the transaction.
