REITs gobble up local hotel, two restaurants

The Red Lobster on jfkdsl was purchased by fjdsklfs at sjkdls time. Photos by Burl Rolett.

The Red Lobster on West Broad Street in Henrico was purchased by REIT American Realty. Photos by Burl Rolett.

A pair of big national REIT deals drove $15 million in real estate acquisitions in Henrico in recent weeks.

Blackstone Group bought the Homewood Suites near Innsbrook for $8.8 million on Aug. 18 and American Realty Capital Properties hooked two area Red Lobster restaurants for a combined $7 million on Aug. 13.

All three Henrico County properties were sold as part of separate eight- and nine-figure nationwide real estate portfolio purchases struck this summer.

American Realty bought 500 Red Lobster restaurants across the country for a total of $1.5 billion. They included the locations at 8009 W. Broad St. and 4415 S. Laburnum Ave. The former is a 36-year-old, 8,400-square-foot restaurant and the latter is a 7,200-square-foot building constructed in 2009. They sold for roughly $3.5 million each.

The New York-based REIT said it will lease the restaurants back to the seller, Golden Gate Capital, which still owns the Red Lobster brand. Golden Gate bought the Red Lobster concept from Orlando, Fla.-based Darden Restaurants in July.

The Homewood Suites on was scooped up as part of

The Homewood Suites on Innslake Drive was scooped up as part of a recent Blackstone Group deal.

Blackstone Group’s purchase of the Homewood Suites at 4100 Innslake Drive was part of deal that comprises 47 Residence Inn and Homewood Suites hotels. The seller was Dallas-based Clarion Partners LLC. The portfolio includes properties in 25 U.S. markets and is valued at $800 million, according to a Bloomberg report.

The 123-room Innslake Drive hotel is four-stories and 91,866 square-feet.

It’s the second time in two years Blackstone has done business in Richmond real estate. An affiliate of the company picked up 66 hotels last year after buying Apple REIT Six, a portfolio previously owned by downtown-based Apple REIT Cos.

Notify of
Inline Feedbacks
View all comments