COLLIERVILLE, TENN. — Sealy & Co. has acquired a 124,800-square-foot distribution center in Collierville. The asset, located at 500 Distribution Parkway, is situated on seven acres about 30 miles east of downtown Memphis. The property features a rear-load configuration and 22 dock doors. Jason Gandy and Scott Sealy Jr. of Dallas-based Sealy worked with Hank Martin of NAI Saig Co. in arranging the sale. The sales price and seller were not disclosed.
MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the asset, which it has owned since 2014. The joint venture bought the asset in all cash in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (BVK), Germany’s largest manager of public pension schemes.
MIAMI — AJP Ventures and Mas Group will break ground on MedSquare Health, a 116,000-square-foot, three-story medical facility in the Baptist Hospital of Miami submarket in Miami. The $40 million building will be situated at 9408 S.W. 87th Ave., about two miles from Baptist Hospital of Miami. Amenities will feature valet parking, an adjoined two-story parking garage, conference room space and an on-site café. MedSquare Health will be the first Class A, off-campus facility to be built in the submarket in 20 years. Modis Architects designed the building and Iberia Bank provided funding for the project. Cushman & Wakefield will handle leasing efforts.
BERKELEY COUNTY, S.C. — A joint venture between Randolph Development, Portside Investment Group and Synergy Capital will break ground on Portside Distribution Center in Berkeley County, about 24 miles northwest of downtown Charleston. Frampton Construction will build the two-building campus over the next two years. Construction on the first building will begin March 1, and each asset will feature 32-foot clear heights and load-bearing concrete tilt walls. McMillan Pazdan Smith designed the first building, which will span 189,500 square feet. It is expected to house multiple tenants when complete. A timeline for construction of the second building was not released.
ANDERSON, S.C. — CM Knight Logistics has acquired the former LaFrance Industries manufacturing facility and rebranded the asset as Anderson Industrial & Logistics Pointe. The 405,000-square-foot building sits on 45 acres in Anderson. Mauldin, S.C-based Mount Vernon Mills, the parent company of LaFrance Industries, sold the property. LaFrance Industries has leased back 120,000 square feet of space, making 288,000 square feet of space available.
MIAMI — NAI Miami has negotiated an 88,011-square-foot industrial lease on behalf of Senator International Freight Forwarding LLC at 10505 N.W. 112th Ave. in Miami. The facility is situated about 20 miles west of downtown Miami. Devin White of CBRE represented the landlord, FS Building 30 LLC, in the lease transaction. Senator International Freight Forwarding specializes in international shipping and logistics with a focus on air and sea freight, as well as on logistics, packaging and customs services.
WASHINGTON, D.C. — Pebblebrook Hotel Trust (NYSE: PEB) has closed on the sale of Hotel Palomar Washington DC, a 335-room hotel located at 2121 P St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. An undisclosed buyer purchased the hotel for $141.5 million. According to Pebblebrook, the sales price reflects a cap rate of 5.9 percent based on the hotel’s 2018 net operating income. The Bethesda, Md.-based hotel REIT will use proceeds from the sale for general business purposes, which may include reducing the company’s outstanding debt. San Francisco-based Kimpton manages Hotel Palomar, which features an outdoor pool and sundeck, spa services, 24-hour fitness center, business center, bike sharing services and Urbana, an onsite Italian restaurant. Pebblebrook has been on a selling spree for its Washington, D.C., hotels. Last week, the company sold The Liaison Capitol Hill, a 343-room hotel, to REIT Bldg Management Co. Inc. for $111 million. According to Washington Business Journal, Pebblebrook is currently marketing three Kimpton-managed hotels it owns near Dupont Circle. In an investor presentation posted yesterday, Pebblebrook disclosed that its Washington, D.C., hotels comprise 7 percent of the company’s 2018 EBITDA (earnings before interest, tax, depreciation and amortization). Pebblebrook announced last year its intent to …
ATLANTA — Gables Residential has opened The Ashley Gables Buckhead, a 325-unit apartment community in Atlanta’s Buckhead district. The 15-story building is located at 530 E. Paces Ferry Road, about eight miles north of downtown Atlanta. The new asset offers studio, one-, two- and three-bedroom apartments and townhomes. Rental rates range from $1,632 per month for the one-bedroom floor plan to $7,032 per month for the three-bedroom floor plan. Amenities include a rooftop terrace, dog park, courtyard with an outdoor theater and 24-hour concierge service. This is the third location for Gables Residential’s signature series, joining locations in Denver and Miami.
SARASOTA, FLA. — Consolidated-Tomoka Land Co. has sold The Shoppes at Sarasota Row, a 59,341-square-foot retail center in Sarasota, to New York Real Estate Investors for $24.6 million. Whole Foods Market and Starbucks Coffee anchor the property, which is situated less than a mile from downtown Sarasota. Other tenants include California Closets, Scout & Molly’s Boutique, Tsunami Sushi and Hibachi Grill, Nuovo Salon and Paint Nail Bar. Carson Good, Tarik Bateh and Dan Williams of JLL represented the seller in the transaction.
