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.
Southeast
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.
HOMESTEAD, FLA. — Trico Investments, a self storage developer and investor based in Irvine, Calif., has purchased a 500-unit, two-story self storage property located at 701 S. Homestead Blvd. in Homestead. The property was built on three acres in 1986. Trico purchased the facility in all cash from Homestead US 1 Self Storage LLC. Trico has developed and/or acquired approximately 100 self storage facilities, typically infill properties within populated areas with high barriers to entry.
MIAMI — NorthMarq Capital has arranged $73 million in refinancing for a portfolio of 17 industrial buildings and four apartment complexes. The portfolio consists of 421,500 square feet of industrial space and 1,434 apartment units, all located in the Miami Lakes, Fla., area. Jeff Robertson of NorthMarq’s Miami office arranged financing through The Lincoln National Life Insurance Co. on behalf of the borrower, The Graham Cos.
TAMPA, FLA. — CBRE has arranged three loans totaling $72 million for the refinancing of a portfolio of 18 properties in Florida and Georgia. The portfolio features 12 Walgreens stores; a Publix-anchored shopping center; a small office complex featuring Bank of America, Baycare and Academie Davinci; a freestanding Applebee’s, Dunkin’ Donuts and Anytime Fitness; and the Safety Harbor Resort and Spa. Donald Jennewein and Michael Strober of CBRE’s Tampa office arranged the loans on behalf of the borrower, Safety Harbor, Fla.-based Olympia Development Group.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has entered into agreements to acquire a 50 percent interest in a luxury multifamily project under construction in the H Street submarket of Washington, D.C. The joint venture will purchase the interest for approximately $46.5 million. The project, located at 701 2nd St. N.E., features 377 apartment units, 25,000 square feet of retail space and a 309-space parking garage. The project’s amenities will include three rooftop decks with a 100-foot pool and hot tub, grilling stations and cabanas, a rooftop garden with an eco-pond and gardening plots for residents, a dog run, two landscaped gardens in courtyards and an outdoor projection screening area. The project is slated to finish construction in mid-2015. Mack-Cali’s Roseland subsidiary will manage the new asset. The project team includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
ATLANTA — Franklin Street Real Estate Services has arranged the sale of a new freestanding Family Dollar in southwest Atlanta in an all-cash, 1031 tax-deferred exchange. Family Dollar has a new 10-year lease at the store, located at 5403 Old National Highway three miles from Hartsfield Jackson Airport. Mac McCall and Bryan Belk of Franklin Street represented the seller, a local developer, in the transaction. The buyer is based in California.
SHANNON, GA. — Stan Johnson Co. has brokered the $16.7 million sale of a 568,516-square-foot industrial property at 212 Burlington Road in Shannon, about 11 miles from Interstate 75 and 70 miles from downtown Atlanta. Ball Corp. LLC has a five-year lease at the property and Big Time Products LLC has a 10-year lease. Britton Burdette of Stan Johnson Co.’s Atlanta office represented the seller, a privately held real estate investment firm, and the buyer, a REIT, in the transaction.
CHANTILLY, VA. — NAI KLNB, in conjunction with C-III Realty Services LLC, has arranged the $5.6 million sale of Wynwood I and II, a two-building office portfolio spanning 88,000 square feet. The office buildings are located at 5160 and 5180 Parkstone Drive in the Chantilly submarket of Fairfax County in northern Virginia. Kevin Goeller, Chris Kubler and Josh Simon of NAI KLNB represented the seller, US Bank NA, in the transaction. Larry Fitzgerald of Newmark Knight Grubb Frank represented the buyer, Chalmers Property Co., in the transaction.