TYLER, TEXAS — Abby Development, a developer, owner and operator of seniors housing and apartment communities, plans to develop The Abby at Tyler, a 234-unit apartment community near the intersection of Grande Boulevard and Old Jacksonville Highway in Tyler. The Abby will include amenities such as a stocked fishing lake, pool with cabana area, dog park, outdoor grilling area, landscaped courtyards and direct access garages. The Abby will offer one-, two- and three-bedroom floorplans equipped with stainless steel appliance packages, washers and dryers, granite countertops, nine-foot ceilings and outdoor patios. The Abby at Tyler is scheduled to break ground during the second quarter of 2017 and will open in the third quarter of 2018.
DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.
MELBOURNE, FLA. — Kayne Anderson Real Estate Advisors has purchased Sonata at Melbourne, a Class A seniors housing community in Melbourne, on the Atlantic coast of Florida approximately 70 miles southwest of Orlando. HFF arranged the transaction on behalf of the undisclosed seller, which divested the property free and clear of existing debt. Built in 2012, Sonata at Melbourne is situated on more than 12 acres and features 47 independent living, 54 assisted living and 34 memory care units, which were 97 percent leased at the time of sale. Ryan Maconachy and Chad Lavender led the HFF team representing the seller.
ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.
EAST POINT, GA. — Marcus & Millichap has arranged the $14.5 million sale of the 119-room Hampton Inn & Suites Atlanta Airport West in East Point. The hotel is located off I-285 at 3450 Creek Pointe Way, approximately six miles from Hartsfield-Jackson Atlanta International Airport and 13 miles from downtown Atlanta. David Greenberg and David Altman of Marcus & Millichap’s National Hospitality Group represented the seller and procured the buyer in the transaction. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia and assisted in the transaction.
FORT OGLETHORPE, GA. — Franklin Street has brokered the $3 million sale of Cloud Springs Plaza, a 113,000-square-foot, Big Lots-anchored shopping center located at 1503 Lafayette Road in Fort Oglethorpe, roughly seven miles outside of Chattanooga. Built in 1968, the center’s other tenants include Badcock Furniture and AutoZone. John Tennant and Bryan Belk of Franklin Street represented the seller, Cloud Springs ACD LLC, in the transaction. The buyer, America’s Realty LLC, is a private investment group based in Baltimore.
WEST LOS ANGELES — Hudson Pacific Properties Inc. has agreed to acquire a 500,475-square-foot office tower in West Los Angeles for $311 million. A fund managed by Blackstone is selling the Class A property, known as the Brentwood Center or Wells Fargo Center, which is located at 11601 Willshire Blvd. The building, which is currently 83 percent occupied, has served as Hudson Pacific’s corporate headquarters since 2010. Hudson leases 20,000 square feet in the building, which also includes tenants First Pacific Advisors and Genter Capital, according to CoStar. The office tower was built in 1983 and features a travel agency, Trimana Café, on-site property management and full service gym, according to Loopnet. Hudson Pacific recently sold One Bay Plaza in Burlingame, Calif. for $53.4 million and plans to use the proceeds to help pay for the acquisition. The company also expects to be repaid on a $28.5 million note for the Broadway Trade Center. The company expects to fund the remaining balance with a combination of funds from its revolving credit facility, project financing and private placement proceeds. “Our team’s long history of occupancy and prior ownership of 11601 Wilshire Blvd. provided a competitive edge to understanding the value creation potential for …
Occupancy rates for U.S. hotels declined 0.5 percent during the first quarter of 2016, causing the first year-over-year decline since the fourth quarter of 2009, according to hotel data research firm STR. The Hendersonville, Tenn.-based company suggests that the industry has passed the inflection and is forecasting hotel occupancy declines in both 2016 and 2017. The national occupancy rate dropped from 61 percent in first-quarter 2015 to 60.7 percent in first-quarter 2016. The information was included in CBRE’s annual Hotel Horizons report, which suggests that new supply is outpacing hotel demand nationwide. Supply increased by 1.5 percent from first-quarter 2015 to first-quarter 2016, but demand only increased by 1 percent over the same time period. The report is not all bad news, however. CBRE predicts the average daily room rate (ADR) will increase by 4.3 percent in 2016, and another 4.9 percent in 2017. This increase in rates will offset the projected decline in occupancy, and result in an increase in revenue per available room (RevPAR) of 4.2 percent and 4.7 percent in 2016 and 2017, respectively. The numbers are modest compared with the 6 to 8 percent RevPAR increases of recent years, but positive nonetheless. “The first-quarter decline in occupancy …
LOS ANGELES — Michigan-based Agree Realty Corp. has acquired a portfolio of 11 retail net lease properties from an undisclosed seller for $79.5 million. The portfolio consists of properties net leased to national and super-regional retailers, including Orchard Supply Hardware, Hobby Lobby, Smart & Final, Walmart Neighborhood Market, Big Lots and Ross Dress for Less. Nearly 40 percent of the portfolio’s net operating income is derived from investment-grade tenants operating in e-commerce resistant sectors, including home improvement, grocery, discount apparel, craft and novelty, and specialty retail. More than 50 percent of the portfolio’s net operating income is attributable to properties near the Los Angeles and San Francisco markets and an additional 30 percent of the portfolio’s net operating income is derived from properties near to the Seattle, Denver, Austin and Orlando markets. Additionally, the portfolio has a weighted-average remaining lease term of 11.4 years.
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $8.6 million sale of Seven Trees Shopping Center, a 150,338-square-foot, Target-anchored shopping center located in San Bernardino. Ed Hanley and Kevin Fryman of Hanley represented the buyer, Westland Real Estate Group, and the seller, a Los Angeles-based private investor, in the transaction. The property was 85 percent leased at the time of sale to tenants including Baskin Robbins, County of San Bernardino, Payless ShoeSource, Sally Beauty Supply and Waba Grill.