WESTLAKE, OHIO — TravelCenters of America LLC has acquired 31 convenience stores with retail gas stations for $67.9 million. TravelCenters plans to operate the stores under the brand name of Minit Mart. Three of the stores are located in Tennessee and 28 are located in Kentucky. Four of the properties are leaseholds and the other 27 include the ownership of the land and the buildings.
MIAMI — Hersha Hospitality Trust, an owner of upscale hotels in gateway markets, has entered into a definitive purchase agreement for two Marriott Autograph Collection hotels in Miami’s South Beach submarket. Hersha will purchase the hotels, which total 145 rooms, for approximately $51 million. The two hotels include the 75-room Blue Moon Hotel and the 70-room Winter Haven Hotel. After closing, Hersha will manage the two hotels, which recently underwent renovations totaling $9 million.
WILMINGTON, N.C. — Progress Student Living has begun developing Progress910, a luxury student housing community near the University of North Carolina Wilmington (UNCW). The project is situated on 16 acres at 316 Marlboro St., approximately one mile west of the main entrance to the UNCW campus. The 168-unit Progress910 will contain 528 beds. The project will also include a resort-style pool with cabanas, 24-hour fitness center, outdoor patio with barbecue grills, sand volleyball court and cyber cafe, along with an activity room that will feature billiards and ping-pong tables. Rental rates range from $565 per month for a one-bedroom/one-bath suite in a four-bedroom/four-bath unit to $745 per month for a one-bedroom/one-bath suite in a two-bedroom/two-bath suite. The development is slated for a summer 2014 completion, with leasing already underway for the fall 2014 semester. American Campus Communities will serve as the property manager. Progress910 is the third project built by the partners of Progress Student Living, a San Francisco-based real estate development company, and Myrtle Beach, S.C.-based Progress Builders, a general contractor and developer that specializes in multifamily properties.
RICHMOND, VA. — Manekin LLC, a commercial real estate investment and development company based in Columbia, Md., has acquired a three-building, 617,232-square-foot distribution portfolio in Richmond’s airport submarket for $19.7 million from an institutional owner. The buildings, which are part of the Interport Business Center, are 60 percent leased. The buildings feature 18- to 27-foot clear ceiling heights, 83 rear-loading docks and nine drive-in docks. Dan Freedman and Chris Beck of Draper and Kramer’s Chicago office arranged financing through the American National Life Insurance Co. of Texas.
OMAHA — NorthMarq Capital has arranged $12.9 million in Freddie Mac loans for the refinancing of Briarwood Apartments, Willow Park South Apartments and Loveland Apartments in Omaha. All of the loans include a 10-year term with a 30-year amortization schedule. T & H Realty Investors LP, the owners of the 312-unit Briarwood Apartments, received a $6.6 million loan. GC Apartments LLC received a $2.9 million loan for Willow Park South Apartments, a 68-unit multifamily property located at 6123 South 96th Court. Howard Street Apartments LLC, the owners of the 72-unit Loveland Apartments, received a $3.4 million loan. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the loans.
PLOVER, WIS. — Marcus & Millichap has arranged the $6.1 million sale of a 47,217-square-foot retail property in Plover, a city in central Wisconsin. Adam Connor, an investment specialist in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a developer, and represented the buyer, a REIT. TJ Maxx, Staples and Maurices occupy the property located at 1240 Commons Circle.
ST. LOUIS — GL Group Inc., a nearly 40-year-old local book wholesaler, has signed a two-year lease for a 38,000-square-foot building in the Midtown area of St. Louis. The company is moving from its previous book binding facility in Steelville. The new facility is located a few miles from GL Group’s corporate headquarters at 5111 Southwest Ave. and its 67,000-square-foot Booksource division located at 1230 Macklind Ave. Hilliker Corp., represented the tenant and the landlord in the transaction.
NEW YORK CITY — Rockrose Development Corp. has acquired the commercial portion of the Madison Square Building at 15 E. 26th St. in Manhattan from Savanna Estate Fund for $105 million. The 150,000-square-foot boutique commercial office space is part of the larger 20-story, 330,000-square-foot mixed-use property. Constructed in 1920, the asset is 95 percent leased to tenants on floors one through eight, including Vera Wang's executive offices and showroom. The seller acquired the property in February 2012 for $57.8 million, according to CoStar Group Inc. Savanna worked with the Jones Lang LaSalle team of Mitchell Konsker, Matthew Astrachan, Matthew Polhemus and Brittany Wunsch in leasing up the property at market rents.Craig Deitelzweig, head of Rockrose's office division, represented the buyer in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King with Eastdil Secured represented Savanna in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $20 million loan for the refinancing of 1775 Grand Concourse, a 300,000-square-foot mixed-use building in the Bronx. The mortgage covers a commercial condominium interest in the building that shares ownership with Verizon Wireless, which owns two floors. The remaining six floors have been converted to an indoor parking garage and retail and office space. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Sam Jemal of JJ Operating Inc. and members of his family together with members of Houlihan-Parnes Realtors LLC, own the property. The property was acquired in February 2012 from Verizon. Kelly Houlihan Buckley and James Houlihan of Houlihan-Parnes Realtors arranged the financing.
HAZLET, N.J. — Marcus & Millichap has arranged the sale of a14,500-square-foot retail property in Hazlet, located about 30 miles south of Newark. CVS/pharmacy and Best Buy Liquors occupy the property, which is located at 14 Route 36. Ben Sgambati, a vice president of investment, and Alan Cafiero, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a private investor. Robin David, an investment specialist in Marcus & Millichap’s New Jersey office, represented the buyer, a developer.