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The company announced earlier this year its plan to sell all 26 of its American Golf-owned properties and expects to generate nearly $175 million in capital from the sales.
The 527,338-square-foot 800 North Brand Blvd. office tower in Glendale, CA was acquired from Piedmont Office Realty by Beacon Capital Partners, according to multiple press reports.
Anytime Fitness notes that targeted markets throughout the state include Auburn, Birmingham, Huntsville, Mobile, Montgomery, and Tuscaloosa to name a few.
The deal for the 127-room luxury hotel calculated out to approximately $421,000 per key. The transaction marks Xenia's fourth luxury hotel property acquisition in 2018 and is the company's 41st hotel property in its portfolio.
The 23 Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.
The property, located at the northwest quadrant of Powers Ferry and Terrell Mill Roads, will be located within the new master planned 24-acre Marketplace Terrell Mill development.
During the period in which PointOne Holdings owned and operated the property, occupancy increased from 90 to 99% and average effective rents increased by 22%, from $747 to $912 per unit per month.
The sale permits Mimms to focus on its remaining core assets of 31 properties, and to place more emphasis on acquiring multi-tenant retail and industrial opportunities throughout Atlanta and the Southeast.