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.
BARDSTOWN, MANCHESTER AND ELKHORN CITY, KY. — Strawberry Fields REIT has acquired three skilled nursing facilities in Kentucky for $21 million. Landmark Group will operate the properties, which total 312 beds. Average occupancy in the portfolio is 73 percent, of which 21 percent are Medicare residents, 60 percent are Medicaid and 19 percent are private-pay and insurance. The acquired communities include Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds); Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds); and Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds). Oxford Finance LLC provided financing for the acquisition. The seller was not disclosed.
BURLINGTON, N.C. — Berkadia has arranged the $14.3 million sale of Summerlyn Place, a 140-unit garden-style apartment complex in Burlington. The property was 96 percent occupied at the time of the sale, selling for $101,768 per unit. Built in 1998, Summerlyn Place offers a car care center, tennis courts, clubhouse, swimming pool, playground and a dog park. The asset is situated about 19 miles east of downtown Greensboro. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the New York-based seller in the transaction. The buyer is based in New Jersey.
EASTON, MD. — KLNB Retail Investment Sales Group has arranged the $13 million sale of Easton Marketplace, a 126,650-square-foot grocery-anchored shopping center in Easton. The asset is anchored by Weis supermarket and sits on 18.4 acres. Other tenants include McDonald’s, Ruby Tuesday, Pier 1 Imports, Hair O’ The Dog liquor store and Snifter’s Tasting Room. Andy Stape and Vito Lupo of KLNB represented the sellers, Mears Properties LLC and Easton Marketplace LLC, in the transaction. Rise Partners acquired the property and hired KLNB Management as property manager.
DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties. The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey. CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management. “We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with our long-term strategic plans.” Nuveen is an investment manager that maintains its international headquarters in New York. — Kristin Hiller
The Raleigh-Durham region’s continued strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. The region added 26,500 jobs between October 2017 and October 2018 for a growth rate of 3 percent. Unemployment fell from 3.8 percent to just 3.0 percent during this time, hitting its lowest level since 2000. Despite not making the final cut for massive headquarters expansions from Amazon and Apple, Raleigh-Durham experienced significant economic development wins in 2018. Major job announcements came from office-using tenants such as Advance Auto Parts (435 jobs), Pendo (590 jobs), Arch Capital Services (365 jobs), Ipreo (250 jobs) and LabCorp (422 jobs). As in many markets across the United States, co-working operators significantly increased their presence in the region in 2018. Spaces has signed leases at five Raleigh-Durham properties, and WeWork committed to two locations and has stated that it plans to triple its local footprint in the near term. In November 2018, Forbes ranked North Carolina the nation’s No. 1 state in which to do business, and Urban Land Institute and PricewaterhouseCoopers named Raleigh-Durham the No. 3 U.S. market in their Emerging …
