Saturday, August 10, 2013

Hendricks-Berkadia Negotiates Sale of Mountain Lodge Apartments in Vestavia Hills, AL for $14,225,000

Mountain Lodge Apartments, Vestavia Hills, AL

BIRMINGHAM, AL --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Mountain Lodge Apartments, a 320-unit apartment community located in Vestavia Hills, Ala. for $14.225 million.

David Oakley
David Oakley, senior vice president of Hendricks-Berkadia Alabama office negotiated the sale representing the seller, Brookstone, LLC, Mountain Lodge Company, LLC, and Pawnee, LLC, Alabama limited liability companies, based in Birmingham.

Mountain Lodge, built in 1973, has a total of 239,400 square feet of rentable living space with one-, two-, and three-bedroom apartments.

The buyer was TEG Mountain Lodge, LLC, based Rockland County, New York.

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142


Lodging Econometrics Releases it's 2015 Forecast for New Hotel Openings in it's Mid-Year Report

PORTSMOUTH, NH -- Lodging Econometrics' (LE's) forecast predicts New Hotel Openings of 739 Projects/ 82,587 Rooms for 2015, representing a growth rate for new supply of 1.6%.

This is a slow, moderate but steady uptrend improvement over 2011's cyclical bottom of 346 Projects/ 37,193 Rooms.

Despite these increases, the industry is still far way from the peak for New Openings of 1,341 Projects/ 154,258 Rooms set in 2008, a feat that will not likely be repeated until late this decade, if at all.

For a complete copy of the company’s news release, please contact:

Rebecca Evans
Director of Communications
Lodging Econometrics
P: +1 603.431.8740, ext. 19
F: +1 603.431.4418


Chatham Lodging Announces Monthly Dividend

PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for August 2013. 

The common dividend is payable September 27, 2013, to shareholders of record on August 30, 2013.

For a complete copy of the company’s news release, please contact:

Jerry Daly                                                                                 
Daly Gray Public Relations                                                   
(703) 435-6293                                                                           

Dennis Craven
Chatham Lodging Trust
(561) 227-1386  

Rival Drug Stores Picking Up Steam in Net Lease World


Rite Aid Pharmacy, 21 Columbia Street, Adams, MA

David Wells
MIAMI, FL -- The recent sale of a portfolio of two Rite Aids in Massachusetts and North Carolina  by a national REIT based out of New York represents a trend in the single-tenant net lease world.  The transaction was all cash and represented a combined 8.84% cap rate.

The buyer was American Realty Income Trust the seller was a private individual investor based in the Northeast.

The properties are located at 21 Columbia Street, Adams, MA and 1500 Martin Luther King Jr. Parkway southeast, Wilson, NC. 

Both properties are NNN and have approximately 10 years or more remaining on their lease terms.  The seller was represented by David Wells of the Wells Net Lease Group based out of Naples, FL.  The buyer was represented by Kase Abusharkh of the Kase Group of SVN based out of California.

Kase Abusharkh
 “Investors are starting to look at other options for pharmacies,” says Wells.   “Walgreens and CVS are wonderful stores and do excellent business by there are competitors moving in.

“Rite Aids are in hot demand and another player that is just under the radar but picking up steam is Fred’s and  their GetWell concept.  They offer investors a much higher yield and some times increases in the leases, instead of the flat lease structure of the Walgreens and CVS.”

Adds Wells, “As an investor I would recommend balancing a drugstore portfolio with both.”

The properties were on the market for approximately three weeks as the seller fielded offers and closed within two months of going into contract.

"Rite Aid has an S&P credit rating of B-, shy of investment grade, but check out their balance sheet."  says Wells.  “You’ll be surprised at what they’ve been up to.”

For more information, contact Hallie Glaze directly:

David Wells
Wells Net Lease Group
(o)  239-248-8614
(c)  305.498.6095