Southeast

Beacon Partners to Add Two New Restaurants to 500 East Morehead in Uptown Charlotte

by John Nelson April 18, 2016

CHARLOTTE, N.C. — Beacon Partners has signed two leases with restaurateur Deedee Mills for two new dining concepts at 500 East Morehead, a seven-story office building in Uptown Charlotte. The 178,000-square-foot property is currently under construction. The two new dining concepts include The Packhouse, a Southern-themed restaurant, and Joe and Nosh, a quick service breakfast and lunch destination and coffee shop. Charles Thrift of Collett & Associates represented Beacon Partners in the lease transaction.

April 18, 2016

Florida Loans Southeast

Venture West Funding Arranges $11.6M Loan for Metro Atlanta Shopping Center

by John Nelson April 18, 2016

DECATUR, GA. — Venture West Funding Inc. has arranged an $11.6 million loan to refinance Chapel Hill Commons, a Kroger-anchored shopping center located at 4919 Flat Shoals Road in Decatur, a suburb of Atlanta. Built in 1999, the 108,000-square-foot shopping center is also leased to H&R Block, Nationwide Insurance, Dollar Tree and Blimpie. Bill Hain of Venture West Funding arranged the 10-year, fixed-rate, interest-only loan through Goldman Sachs.

April 18, 2016

Florida Hospitality Southeast Top Stories

Noble Investment Group Agrees to Buy Five-Hotel Ashford Portfolio for $142M

by Nellie Day April 18, 2016

LAKE BUENA VISTA, FLA. — Noble Investment Group has agreed to buy a five-hotel portfolio in Orlando, Atlanta and New Jersey for $142 million. The portfolio includes a total of 1,396 rooms. The acquisition includes three Marriott-managed properties in the Orlando suburb of Lake Buena Vista: the 312-room Courtyard Lake Buena Vista, the 388-room Fairfield Inn Lake Buena Vista and the 400-room Springhill Suites Lake Buena Vista. The remaining two properties, both operated by Remington Lodging, are the 146-room Courtyard Edison in Edison, N.J., and the 150-room Residence Inn Buckhead in Atlanta. The hotels achieved an average RevPAR (revenue per available room) of $84, with a 79 percent occupancy rate and ADR (average daily rate) of $106 over a 12-month basis. The portfolio has an existing debt balance of about $98 million. The seller, Ashford Hospitality Trust, expects the net proceeds from the disposition to be about $37 million after debt repayment and transaction costs. Ashford will use the proceeds for general corporate purposes, including net debt reduction, stock buybacks or the acquisition of other full-service hotels. The transaction is scheduled to close during the current quarter. “We are pleased to announce this sale as it provides a positive first step …

April 18, 2016

Market Reports North Carolina Office Southeast Southeast Market Reports

Absorption, Job Growth in Raleigh Have Led to Office Space ‘Crunch’

by John Nelson April 18, 2016

Raleigh’s office market is the strongest it’s been in years, with employment and corporate investments continuing to climb throughout the Triangle region. A current lull in the delivery of new construction and the market’s increased popularity have created a space crunch for Class A office space, especially for tenants seeking large blocks. While a good amount of new construction started or continued in 2015, there’s still a gap in “move-in ready” space. Vacancy fell from 11.7 percent in the second quarter to 11.2 percent in the third quarter, causing rent growth for Class A space. Direct asking rent increased from $23.81 per square foot in the second quarter to $24.14 per square foot in the third quarter and is expected to continue to increase until delivery of new construction picks up, which will likely be mid-2016/early 2017. The market has definitely shifted in favor of the landlord, and concessions that were made during the recession have fallen off as owners no longer have to offer them to secure tenants. Desire for Class A space in the Triangle has pushed pre-leasing rental rates to a historic high north of $33 per square foot — and they are likely go higher before …

April 18, 2016

Florida Hospitality Southeast

EL Group, InSite Group Purchase Sagamore Hotel in Miami Beach for $63M

by John Nelson April 15, 2016

MIAMI BEACH, FLA. — A joint venture between New York-based EL Group and Fort Lauderdale-based InSite Group purchased the Sagamore Hotel, a historic 93-room hotel in Miami Beach’s South Beach neighborhood. The venture purchased the asset for $63 million, according to The Real Deal. The property is situated on Collins Avenue and 16th Street near Lincoln Road. The two-building hotel features indoor/outdoor function space, a swimming pool, pool bar and a full-service restaurant. The beach building, which features two-story suites, was added during a property restoration in 2001. EL Group and InSite Group plan to fully renovate the property and add new food and beverage options.

April 15, 2016

Florida Office Southeast

Marcus & Millichap Brokers $47.9M Sale of Self Storage Portfolio in Tampa Area

by John Nelson April 15, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $47.9 million sale of a three-property, 2,291-unit self storage portfolio in the metro Tampa area. The properties are situated in Saint Petersburg, Palm Harbor and Tampa. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller, a New York-based REIT, and the buyer, a Pennsylvania-based REIT. The 223,903-square-foot portfolio includes climate-controlled and non-climate-controlled units ranging in size from 12 to 600 square feet.

April 15, 2016

Hilton Louisville East/Hurstbourne Home2 Suites by Hilton East/Hurtsbourne

Hospitality Kentucky Southeast

Hilton Worldwide Opens Dual-Branded Hotel in Louisville

by John Nelson April 15, 2016

LOUISVILLE, KY. — Hilton Worldwide has opened a dual-branded Hampton Inn by Hilton Louisville East/Hurstbourne and Home2 Suites by Hilton East/Hurtsbourne in Louisville. The 160-room property is owned and operated by Kana Hotel Group. The property is situated at 1150 Forest Bridge Road with access to the University of Louisville and the Louisville International Airport. The property has two separate lobbies and dining areas. The Hampton portion features a breakfast area, to-go breakfast bags Monday through Friday, free Wi-Fi, 24-hour business center and a 24-hour fitness center. The Home2 Suites portion features fully equipped kitchens, modular furniture, complimentary Internet, community spaces, pet-friendly rooms and trademark Home2 Suites amenities such as Home2 MKT for grab-and-go items and Spin2 Cycle, a combined laundry and fitness area. The property will also feature a heated indoor saline pool and outdoor patio with a grill area.

April 15, 2016

North Carolina Office Southeast

CBRE Brokers $33.8M Sale of Two Office Buildings in Charlotte

by John Nelson April 15, 2016

CHARLOTTE, N.C. — CBRE has arranged the $33.8 million sale of Fairview Center, two office buildings totaling 183,654 square feet. The properties are located at 6230 and 6302 Fairview Road in Charlotte’s SouthPark submarket. Atlanta-based Fairlead Commercial Real Estate purchased the assets from Beacon Partners. Fairview Center’s tenant roster includes McAngus Goudelock & Courie, United States Secret Service and ZAPATA. Patrick Gildea and Anne Vulcano of CBRE represented Beacon Partners in the transaction.

April 15, 2016

Georgia Loans Office Southeast

New York Life Real Estate Investors Provides $29.6M Loan for Two Office Buildings in Alpharetta

by John Nelson April 15, 2016

ALPHARETTA, GA. — New York Life Real Estate Investors has provided a $29.6 million for Brookside I and II, two Class A office buildings in Alpharetta totaling 267,000 square feet. Cushman & Wakefield’s Washington, D.C., office arranged the loan through New York Life on behalf of the borrower, Equus Investment Partnership X LP, a discretionary fund managed by Equus Capital Partners Ltd. The floating-rate loan features a five-year term.

April 15, 2016

Hospitality Southeast Top Stories Virginia

Apple Hospitality REIT Agrees to Acquire Apple REIT Ten for $1.3 Billion

by Christina Cannon April 15, 2016

RICHMOND, VA. — Apple Hospitality REIT Inc. (NYSE: APLE) has agreed to acquire Apple REIT Ten Inc. for $1.3 billion. The merger will create one of the largest select-service hospitality REITs in the industry with a combined 234 hotels and 30,017 rooms. The hotels are located in 94 MSAs across 33 states. The company, which will retain the Apple Hospitality REIT name and ticker symbol, will have an enterprise value of approximately $5.7 billion, according to the companies. Apple Ten, a non-traded REIT, was built and is managed by the same team that currently manages the publicly traded Apple Hospitality REIT. The $1.3 billion transaction value is comprised of $94 million in cash, roughly 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders, and the assumption of approximately $239 million in debt. The merger agreement provides Apple Ten with a 45-day window to solicit alternative proposals from third parties. The termination fee for Apple Ten is $5 million if the company decides to pull out of the agreement within the 45-day window. Following that grace period, Apple Ten will have to pay $25 million to negate the merger with Apple Hospitality. The grace period ends on May 28. …

April 15, 2016

Newer Posts

Older Posts