GREENWOOD, IND. — Envoy Net Lease Partners LLC has provided a construction loan for the development of a single-tenant retail building net leased to American Mattress in Greenwood. The deal marks Envoy’s fifth construction loan with developer Thomas English Retail Real Estate, a real estate investment and development firm based in Indianapolis. The retail development will be located at the southeast corner of West Main Street and State Route 135 near Meijer Supercenter.
MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 4,320-square-foot retail building in Mount Clemens, approximately 30 miles northeast of Detroit. Johnny G’s Bar & Grill occupies the building located at 27 N. Walnut St. Macomb Development Group LLC sold the building to JWH Capital IX LLC, a Royal Oak-based affiliate of Hanna Development & Management Co., for an undisclosed price. The purchaser bought the Macomb Music Theatre, which is next door and shares an interior door with Johnny G’s Bar & Grill, in February. Josh Miller of Friedman represented the seller in the transaction.
ATLANTA — Winter Construction has been selected to build the new Solis Hotel Two Porsche Drive, a 214-room hotel that will be situated adjacent to the new Porsche Cars North American Headquarters in Atlanta. The hotel will also be situated close to Hartsfield-Jackson Atlanta International Airport’s International Terminal/Concourse F. The eight-story property will feature restaurants and bars, 6,500 square feet of event space with a 3,600-square-foot ballroom and a rooftop lounge with views of the Porsche Experience Center and airport. The owner of the hotel, Swiss real estate investment company ACRON, hosted a groundbreaking ceremony in early April. HOK Architecture designed the hotel, which will mirror the Porsche headquarters with glass, aluminum and metal exterior panels. Winter Construction expects to deliver the hotel by fall 2017.
HOLLYWOOD, FLA. — Grandbridge Real Estate Capital has arranged the $13 million refinancing of Stirling Square, a 95,000-square-foot retail center located in Hollywood. The property features 54,773 square feet of ground-level retail space, as well as office space. Stirling Square’s tenants include Walgreens and Bank of America. Philip Carroll of Grandbridge’s Miami office arranged the 10-year loan through an undisclosed bank. The loan features a 25-year amortization schedule and a fixed interest rate in the mid-3 percent range.
NASHVILLE, TENN. — The Boulder Group has brokered the $6.9 million sale of a single-tenant store triple net leased to Walgreens at 5555 Edmondson Pike in Nashville. The 15,680-square-foot store is located at the intersection of Old Hickory Boulevard and Edmondson Pike. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual based in Chicago, in the transaction. The buyer was a Midwest-based family office. There are 13 years remaining on the recently extended Walgreens lease, which expires in April 2029.
LEXINGTON, S.C. — Ziff Properties Inc. has sold Colonnade at White Knoll, a 22,466-square-foot retail center located in Lexington. A North Carolina-based buyer purchased the property from Ziff Properties in a 1031 exchange for $4.3 million. Berkeley Capital represented Ziff Properties in the transaction.
LOS ANGELES AND NEW YORK CITY — SBE Entertainment has agreed to purchase Morgans Hotel Group Co. (NASDAQ: MHGC). The deal has a reported equity value of about $82 million. Morgans is the operator of high-end hotels, including the Mondrian in Los Angeles and the Royalton in New York City. When the transaction closes, Los Angeles-based SBE will acquire Morgans’ portfolio of 13 owned, operated or licensed hotel properties in London, Los Angeles, New York, Miami, San Francisco, Las Vegas and Istanbul, including its Hudson New York and Delano South Beach properties. The $82 million purchase price equates to $2.25 per share in cash, according to a statement from Morgans. Under terms of the agreement, SBE will acquire all of the outstanding shares of Morgans common stock in cash, which, together with the exchange of Morgans’ Series A preferred securities, the assumption of debt and transfer of capitalized leases, represents a total enterprise value of approximately $794 million The per share price represents a 69 percent premium over Morgans’ unaffected closing price on May 5, and a 54 percent premium to Morgans’ volume weighted average price for the 30 days up to and including May 5. “Morgans’ board of directors carefully …
POTTSTOWN AND READING, PA. — CBRE Group Inc. has arranged the sale of North End Shopping Center in Pottstown and Madeira Plaza in Reading. Medipower Overseas Co. acquired the two-property shopping center portfolio from SIN Ventures for $26.5 million. At the time of closing, the 103,905-square-foot North End Shopping Center was 94 percent occupied by Redner’s Warehouse Market, CVS/pharmacy, Dollar General and PA Wine & Spirits. The 164,917-square-foot Madeira Plaza was fully occupied at the time of sale by Redner’s Warehouse Market, Big Lots, OfficeMax, Rite Aid and Dollar General. Brad Nathanson of CBRE represented the seller and identified the buyer in the transaction.
ALLENTOWN, PA. — City Center Investment Corp. is developing a 12-story Class A office building at Sixth and Hamilton streets at City Center Lehigh Valley in downtown Allentown. Named Tower 6, the 145,000-square-foot building is slated to open in early 2018. Constructed of glass and steel, the tower will feature upscale retail space on the first floor and 360-degree views from floors six through 12. City Center Lehigh Valley, a mixed-use development transforming downtown Allentown, is currently home to three Class A office buildings offering cutting-edge, efficient environmental control systems, customized access-control systems and a professional property management team.
MONTVALE, N.J. — American Equity Partners has acquired an office building located at 50 Chestnut Ridge Road in Montvale for an undisclosed price. Based upon a pending deed-in-lieu of foreclosure in July 2014, NAI James E. Hanson took over the leasing and property management of the 104,854-square-foot building. Situated on 11.1 acres, the property was renovated in 2005 and features 465 parking spaces. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.