PORTSMOUTH, N.H. — Chatham Lodging Trust has acquired Hilton Garden Inn Portsmouth Downtown for $43.5 million, or $332,000 per room. Located at 100 High St. in Portsmouth, the 131-room hotel opened in 2006 and recently underwent a full renovation. Island Hospitality Management will manage the hotel. The name of the seller was not released.
TOMS RIVER, N.J. — Unison Realty Partners and ALTO Real Estate Funds have acquired Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River, for $21.1 million. Built in 1987, the 120.349-square-foot property is situated on 14.6 acres and has a pad site for future development. Michaels, DSW Shoe Warehouse, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial are tenants at the 86 percent-leased center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF marketed the property with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC.
FRONT ROYAL, VA. — Washington, D.C.-based The JCR Cos. has acquired Riverton Commons, a 69,496-square-foot shopping center in Front Royal, for $17.7 million. CBRE represented the seller, EDENS, and First Virginia Community Bank provided acquisition financing. Constructed in 2007, Riverton Commons is home to tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports and Tropical Smoothie Café. The property is part of a 500,000-square-foot regional shopping center anchored by a Walmart Supercenter and a Lowe’s Home Improvement store. JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land.
POINT PLEASANT BEACH, N.J. — Marcus & Millichap has brokered the sale of an office property located at 604 Laurel Ave. in Point Pleasant Beach. A private investor sold the property to an undisclosed buyer for $1.6 million. Provident Bank occupies the 3,000-square-foot building on a net-lease basis. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller in the deal.
TUSCALOOSA, ALA. — GBT Realty Corp. has purchased McFarland Plaza, a 234,124-square-foot shopping center in Tuscaloosa. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF represented the seller, a partnership between DDR Corp. and TH Real Estate. Bill Fishel and Matthew Stewart of HFF secured a three-year, floating-rate loan through Värde Partners on behalf of the new owner. T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart anchor the center. McFarland Plaza Shopping Center is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial. Located at 2600 McFarland Blvd. E., the center is approximately one mile south of the University of Alabama.
KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.
LOS ANGELES — InvenTrust Properties Corp. has purchased River Oaks, a grocery-anchored retail center located in the San Fernando Valley submarket of Los Angeles. An undisclosed seller sold the property for $115 million. Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods occupy the 275,000-square-foot retail center.
PERRIS, CALIF. — Progressive Real Estate Partners has closed three new leases at Perris Marketplace, located at 1700 N. Perris Blvd. in Perris, bringing the retail center to 100 percent leased. Baskin Robbins, Jamba Juice and Daniel’s Jewelers have signed leases at the 225,000-square-foot retail center, which Walmart Supercenter anchors. Additional tenants at the center include Starbucks Coffee, Popeye’s, Pieology, Chipotle, Yogurtland, Dickey’s Barbecue, America’s Best Contacts and Eyeglasses, Pacific Dental and Sally Beauty Supply. Paul Gamarini and Gretchen Lastra of Progressive Real Estate Partners represented the owners/developers, Trachman Indevco and Evergreen, in the transactions.
SAN DIEGO — Pacific Coast Commercial has arranged a retail lease for San Diego-based Furniture & Accessory Retail Group at 8650 Villa La Jolla Drive in La Jolla. The company will open a Bassett Home Furnishings location at the 12,440-square-foot space at La Jolla Square. Total consideration of the lease is $3.9 million. Shirley Kanamu of Pacific Coast Commercial represented the tenant, while Reg Kobzi of CBRE represented the landlord, Florida-based 8650 Villa La Jolla Inc., in the deal.
FREMONT, CALIF. — Sephora has opened a new location at Vestar’s Pacific Commons, a 1.1 million-square-foot shopping center located at 43484 Boscelli Road in Fremont. The store will feature an assortment of makeup, skin care and fragrance. Additional tenants at the center include Nordstrom Rack, Old Navy, Kohl’s, Century Theatres, P.F. Chang’s China Bistro, Claim Jumper and Dickey’s Barbecue Pit.
