WICHITA, KAN. — Value Place, an economy extended-stay lodging owner, operator, manager and franchisor, has acquired 22 operating hotel owned by its largest franchisee, a partnership comprised of Angelo, Gordon & Co., Belvedere Capital Real Estate Partners and other prominent real estate investors. The $115 million purchase price includes the assumption of existing debt. Ten of the acquired properties are located in Florida, with the rest located in Washington, D.C., Alabama, Texas, Ohio, Arizona, Utah, Colorado and Indiana. Value Place now owns 74 of the 185 franchise locations and develops, franchises, and manages Value Place properties throughout the U.S. Value Place’s growth strategy was recently endorsed by a $100 million capital investment from Lindsay Goldberg LLC, a New York-based private equity firm.
Southeast
MIAMI — Marcus & Millichap has arranged the sale of Dadeland Executive Center, a 68,142-square foot-office property located at 9700 S. Dixie Highway in Miami. The 11-story property sold for $7.8 million. AT&T anchors the Class B office building, which was 71 percent occupied at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a private investor based in Miami. Zylberglait also secured and represented the buyer, an operator based in Coral Gables, a Miami submarket.
SUMMERVILLE, S.C. — Chambers Street Properties, a net lease industrial and office real estate investment trust, has signed an unnamed tenant to a 450,000-square-foot lease at Jedburg Commerce Park, a Chambers Street warehouse/distribution property in Summerville. Jedburg Commerce Park was built in 2007 and acquired by Chambers Street in the same year. Chambers Street owns and operates more than 3.6 million square feet of warehouse/distribution properties in South Carolina.
LAWRENCEVILLE, GA. AND CORDOVA, TENN. — Franklin Street Real Estate Services has arranged the sale of two Red Robin restaurants for $3.8 million. One restaurant is a 6,350-square-foot location at 1250 Scenic Highway in Lawrenceville, part of the Atlanta metro area. The other is a 6,381-square-foot restaurant located at 1231 N. Germantown Parkway in Cordova, part of the Memphis metro area. Mac McCall and Bryan Belk of Franklin Street represented the seller for both properties, a Memphis-based real estate investment company. The buyers are private investors based in La Verne, Calif., and Oklahoma City. Both buyers plan on holding the properties long-term, according to Franklin Street.
ESTERO, FLA. — Marcus & Millichap has brokered the $2.4 million sale of a 4,500 square-foot Verizon Wireless store located at 23200 Via Villagio in Estero. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller, a developer. Gabriel Britti and Ronnie Issenberg of Marcus & Millichap’s Miami office secured and represented the buyer, a limited liability company. Kirk Felici of Marcus & Millichap’s Miami office assisted in closing the transaction.
SPOUT SPRINGS, N.C. — Quantum Real Estate Advisors has brokered the sale of a 6,895-square-foot Advance Auto Parts store located in Spout Springs. The store is a build-to-suit for Advance Auto Parts, which has 15 years remaining of its initial lease term at the time of sale. Jordan Kaufman of Quantum Real Estate Advisors represented the seller, a North Carolina-based developer, in the transaction. The buyer is based in South Carolina and purchased the facility in an all-cash transaction.
NORTH CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has brokered the sale of the former corporate offices of Atlantic Occupational Health, located at 3625 W. Montague Ave. in North Charleston. Sweatwater Holdings LLC purchased the approximately 6,920-square-foot medical office property for $825,000 as an investment. Philip Owens of Cushman & Wakefield | Thalhimer represented the seller, 3625 Montague Avenue LLC, in the transaction.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has announced that MBA’s chief economist Jay Brinkmann will be retiring in early 2014. Brinkmann has been with MBA since 2001 and has served as the association’s chief economist since 2008. “Having the opportunity to work for the mortgage industry through all of the changes of the last 13 years, not to mention becoming MBA’s chief economist at the onset of the recession, has been a tremendous but exhausting experience,” said Brinkmann. “My wife Nancy and I own an historic old home in New Orleans and we have decided that the time has come to relocate down there on a more full-time basis to be closer to family, especially our new grandson, and to see if we still remember how properly to boil a pot of crawfish. I am looking forward to seeing what it is like to trade the sturm und drang of daily life in Washington for the luxury of reading the Wall Street Journal on my front porch while the streetcars roll by.”
Demand for industrial space remains strong in Miami’s commercial real estate market as enhancements and improvements to the city’s airport and seaport — along with the expansion of the Panama Canal — promise to bring a boom in trade to the South Florida area. In July, Miami’s industrial real estate vacancy rate stood at 5.8 percent, nearly four percent below the national average of 9.4 percent, according to the National Association of Realtors (NAR). Experts agree that Miami’s industrial real estate vacancy rate will continue to shrink as local infrastructure enhancements and improvements near completion, leading many companies that already utilize industrial space to vie for a slice of the 220 million square feet of storage and warehouse space presently available in Miami-Dade County. The new tunnel, rail and the deep dredge at the port, along with terminal improvements at the airport, have increased demand for millions of additional square feet of industrial space from users and offshore investors from South America, Canada, Europe, and China, both to lease and purchase property. Investors and users realize Miami will experience an increase in trade and commerce once the Panama Canal expansion is finished and they want a stake in it. Once …
CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.