JLL’s Hotels & Hospitality group brokers sales of Home2Suites and Residence Inn hotels near major universities in Alabama and Virginia

Residence Inn Tuscaloosa, a 111-key hotel
in Tuscaloosa, AL

 

WASHINGTON, DC –  JLL Capital Markets has arranged the sale of Home2Suites by Hilton, a 103-key hotel in Blacksburg, Virginia, and the sale of the Residence Inn Tuscaloosa, a 111-key hotel in Tuscaloosa, Alabama. The prices were not  disclosed.

 

JLL represented the seller, KM Hotels, and procured the buyer, Mission Hill Hospitality.

Home2Suites by Hilton, a 103-key hotel
in Blacksburg, VA

Home2Suites by Hilton in Blacksburg is located at 1321 Rugby Ln., which is nestled in the scenic New River Valley and surrounded by the Blue Ridge and Alleghany Mountains. The property is under a mile from Virginia Tech University and 15.5 miles from Radford University.

. Located at 211 Rice Mine Rd. Loop, the Residence Inn Tuscaloosa is situated along the banks of the Black Warrior River, a short drive from downtown and the University of Alabama.

Ketan Patel

The JLL Hotels & Hospitality group team was led by Managing Director Ketan Patel.

Patel stated “I would like to thank KM Hotels for once again allowing us to represent them and also appreciate yet another seamless transaction from Mission Hill.

"This deal and others we have closed recently in the select service/extended stay space show that demand is still robust for similar type assets and we can achieve great results for our clients despite the market headwinds.”

 Alleghany Mountain range, West VA

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

 The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Blue Ridge mountains, Virginia

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

For more news, videos and research resources, please visit JLL’s newsroom.

Contact:

 

Alli Semans

 Public Relations, Associate

Phone: +1 330 329 6750

Email: Alli.Semans@jll.com

 

jll.com

 

 

 

JLL Capital Markets arranges sale of the mixed-use Lakeside Village retail center in Lakeland, FL

Kim Flores

MIAMI, FL – JLL Capital Markets has closed the sale of Lakeside Village, a regionally dominant, mixed-use retail center in Lakeland, Polk County, Florida. The price was not disclosed.

 JLL represented the seller in the transaction. Continental Realty Corporation acquired the asset.

Danny Finkle

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director and Co-Lead of JLL’s Retail Capital Markets Group Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.

Developed in 2005, Lakeside Village’s tenant roster is leased to an ideal mix of necessity, food and beverage, entertainment, service, medical and apparel uses.

 The property is anchored by an 18-screen CMX Cinemas, Belk, Books-A-Million and Kohl’s (NAP). 

Additional tenants include Starbucks, Chili’s, Olive Garden, Longhorn Steakhouse and Famous Footwear. The average tenure of the property is 14 years. Additionally, the center receives approximately 5.5 million visitors per year.

Eric Williams

Of the 541,465 square feet that make up the entire property, 454,872 square feet of retail and office uses are part of the sale. The center is also home to four hotels totaling 383 keys that are separately owned and not a part of the sale.

 

Situated at 1479 Town Center Dr., the property is located at the epicenter of the I-4 corridor and is positioned directly between the Orlando and Tampa markets.

 

The property is immediately adjacent to the Polk Parkway, providing visibility to over 76,999 vehicles per day. Within a 20-minute drive of the center is an average household income of over $70,000 and a population of over 300,000 residents.

Jorge Portela

”Lakeside Village is the essence of a regionally dominant center with an extraordinary tenant mix that drives traffic from an extended trade area,” said Finkle. 

“The exceptional location, quality of design and  tenant merchandise mix have made this one of Central Florida’s premier mixed-use assets.”

 

Williams added: “We have recently experienced strong investor demand, increasing conviction and capital formation around large format retail strategies. 

“Dominant regional centers like Lakeside Village are well-positioned for future success, and investors recognize the long-term value proposition.”

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

 

www.crcrealty.com/.