ATLANTA — Jones Lang LaSalle's Hotels & Hospitality Group has secured a $125 million CMBS loan for a portfolio of 22 select-service, extended stay hotels on behalf of The Generation Cos. LLC. Bill Grice and Nick Baer of Jones Lang LaSalle arranged the non-recourse, floating-rate financing through a national bank. The Generation Cos. will continue to manage the 2,528-room portfolio, which is comprised of nine Candlewood Suites, seven Suburban Extended Stay Hotels, three Staybridge Suites, two Mainstay Suites and one Homewood Suites. The hotels are located in Virginia, North Carolina, Florida, Tennessee and Texas.
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NORTH MIAMI BEACH, FLA. — Marina Palms Yacht Club & Residences, located in North Miami Beach, has closed a $98 million loan to fund the construction of its first residential condominium tower. The 25-story, 234-unit South Tower will sit on the north side of the waterfront property. The residences will sell starting at $550 per square foot. HSBC Bank USA NA provided the construction loan on behalf of the development team, affiliates of The Plaza Group and The DevStar Group. The Marina Palms, located at 172nd Street and Biscayne Boulevard, features a full-service yacht club, a 112-slip marina, butler service, an infinity-edge swimming pool, hot tub, gym, spa, steam room, news café, teen lounge, secure gated access, children’s playroom and a club room with a bar, billiards and a 100-inch TV. Coastal Construction is the general contractor for the tower.
GREENVILLE, S.C. — Reading, Pa.-based Sweet Street Desserts Inc. has purchased a 120,000-square-foot property at 1916 Piedmont Highway in Greenville. The building, a former Sara Lee facility, will be Sweet Street’s new manufacturing facility. The gourmet dessert maker expects to begin operations from its new facility beginning in summer 2014. The new property is expected to generate 80 new jobs in the next several years.
TAMPA, FLA. — The Sembler Co. and Forge Capital Partners have purchased Dale Mabry Shopping Center, a 56,097-square-foot shopping center located at 2525 N. Dale Mabry Highway in Tampa. Sembler and Forge purchased the center through their Forge Real Estate Partners III investment fund. The shopping center is anchored by a 46,147-square-foot Sweetbay grocery store. The Sembler Co. will provide property management and leasing services for the center, which is fully leased.
MYRTLE BEACH, S.C. — A joint venture between MedSouth Healthcare Properties LLC and Sterling Fox Group LLC has acquired Market Commons Medical, a 20,000-square-foot, two-story medical office building in Myrtle Beach. The Class A office building houses multiple tenants, including DaVita Dialysis.
With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market. On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales. For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas. Office Market Conditions With a reported 460,000 square feet of positive net absorption in the third quarter, the overall office vacancy rate has fallen to approximately 15.7 percent, the lowest rate since 2008. Correspondingly, rental rates have continued to increase, with overall average rates reaching $22.55 per square foot ($23.59 for Class A space), the highest rates in the past four years. While much of this tightening has occurred in …
SHREVEPORT, LA. — Toledo, Ohio-based Libbey Inc., a glass tableware manufacturer, has plans to invest $20 million in the firm’s manufacturing site in Shreveport. The investment is expected to generate 70 new direct jobs and 70 indirect jobs, according to Louisiana Economic Development. The investment is expected to focus on glassmaking research and development. Libbey will also retail 511 existing jobs in Shreveport.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the sale of an 8,322-square-foot retail fashion store at 736 Collins Ave., located between Seventh and Eighth streets in Miami Beach’s South Beach neighborhood. The asset, currently net leased to Guess? Inc., sold for approximately $12.5 million, or $1,499 per square foot. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami-based real estate owner and developer, in the transaction. Kristol and Olson also represented the buyer, an institutional investment group.
CHAPEL HILL, N.C. — Madison Marquette Retail Services has signed a 52,500-square-foot lease with Silverspot Cinema for a new movie theater at University Mall. The mall is the only enclosed regional shopping center in Chapel Hill and is going under a redevelopment plan involving the addition of the theater, a high-end sporting goods store and a new fine dining option. Silverspot at University Mall will be the fifth domestic location for the company, a division of South American theater company Cines Unidos.
GREENWOOD, S.C. — NAI Avant has brokered the sale of the historic Inn on the Square, a 48-room hotel located at 104 E. Court St. in Greenwood. The buyer plans to reopen the 34,982-square-foot property after renovations. Cam Kreps and Nick Stomski of NAI Avant represented the seller in the transaction.