MIAMI BEACH, FLA. — Imperium Capital and Centurion Realty, both real estate investment firms based in New York City, have purchased a portion of the Lincoln Road Mall, an eight-block walkway in Miami Beach featuring shops, restaurants and cafes. Imperium and Centurion purchased 643-657 Lincoln Road, a 10,000-square-foot building with four retail tenants, for $33 million. The tenants include French Connection, Runway Swimwear, Sushi Siam and Ricky’s Cosmetics. Jay Goldman of USA Commercial represented the undisclosed sellers in the transaction.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.
ATLANTA — FelCor Lodging Trust Inc. has sold its 232-room Embassy Suites hotel in Atlanta for $17.2 million. FelCor is using the proceeds of the sale to assume an existing $11 million loan on the property. FelCor has also agreed to sell its 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor is a publicly traded real estate investment trust.
PRATTVILLE, ALA. — GBT Realty has inked leases with several new tenants for Cobbs Ford Village, a new shopping center located off Interstate 65 on Cobbs Ford Road in Prattville, about 14 miles northwest of Montgomery, Ala. The new tenants include Firehouse Subs, Aspen Dental, Bama Fever Tiger Pride, Smashburger and Edible Arrangements. The new retailers will join existing tenants Starbucks Coffee and Gigi’s Cupcakes, as well as a new Chipotle Mexican Grill opening on Feb. 11.
CHICAGO — Dallas-based 7-Eleven has retained Chicago-based NRC Realty & Capital Advisors to coordinate the sale of 72 gasoline stations and convenience stores across the country. The portfolio include 22 locations in Texas, 17 properties in South Carolina, 12 stores in Pennsylvania, nine Ohio properties, four stores in Michigan, three Indiana properties, three stores in West Virginia, a Florida property and one store in Utah. The lot sizes range from approximately 8,000 square feet to 5.6 acres, with store sizes ranging from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties and the remaining are leaseholds. All sites are being sold without 7-Eleven branding, and most sites are offered with fuel supply, which would be provided by SEI Fuels Inc., a 7-Eleven subsidiary.
CHAMPAIGN, ILL. — Associated Bank has provided the developers of Champaign Hyatt Place with $19.4 million in construction financing. Located at 217 N. Neil St. in Champaign, the nine-story hotel will feature 145 rooms, 3,300 square feet of meeting space, a restaurant and lounge, an indoor pool, an exercise room and a business center, as well as a three-story, 145-stall parking garage. The property, which is being developed by a partnership between Campus Acquisition Retail & Hospitality and YG Financial Group, is slated to open in March. Craig Pryzygoda of Associated Bank’s commercial real estate banking division managed the loan closing.
NILES, ILL. — An undisclosed seller completed the disposition of Golf Road Plaza in Niles, a suburb northwest of Chicago, for $3.3 million. Auto Zone, L.A. Tan, H&R Block and Discount Mattress occupy the 25,992-square-foot retail strip center. Richard Kehoe of Inland Brokerage & Auctions represented the seller. The buyer was not disclosed.
ST. CLOUD, MINN. — Michael Padilla of NorthMarq Capital’s Minneapolis office has secured $1 million in refinancing for Victorian Terrace Apartments in St. Cloud. Located at 230-240 Second St. NE, the property offers 48 residential units. The loan was structured with a 10-year term and 15-year amortization schedule. NorthMarq arranged the loan for the borrower through its relationship with a correspondent life insurance company.
FARMINGTON HILLS, MICH. — Arboretum Acquisition LLC has selected Friedman Integrated Real Estate Solutions to handle the management, leasing and construction assignment for Arboretum Office Park in Farmington Hills, a suburb northwest of Detroit. Located on 40 acres at 34405-34605 W. Twelve Mile Road and constructed in 1986, the 432,000-square-foot property features enclosed walkways connecting each building and large courtyards. Additional amenities feature on-site management and security card access system, high-speed data, cable and fiber-optic cabling, full-service cafeteria and sundry shop, conference center, state-of-the-art temperature control system and abundant parking. Planned improvements for the property include refurbishing the building’s exterior, landscape enhancements and fully remodeled lobbies with a high-end, modern finish. The property owner is a partnership between David Friedman of Friedman Integrated Real Estate Solutions and C. Michael Kojaian of Kojaian Ventures.
NEW YORK CITY — Chesapeake Lodging Trust is converting its property at 30-32 West 31st St. in New York City to the Hyatt Herald Square. The conversion is expected to occur after the completion of a $6 million renovation. The new property is expected to open in the third quarter of this year. Designed by Paul Vega of New York-based VLDG designs, the transformation will include an all-inclusion renovation to each of the 122 guestrooms and a redesign of the lobby and the food and beverage experience. Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert the property.