NEW YORK CITY — Cushman & Wakefield has arranged the $2 million sale of a retail property in Astoria, Queens. Located at 31-79 Steinway St., the 2,250-square-foot property is a single-story retail building with a full basement. The property offers an additional 4,500 square feet of air rights for future development. Stephen Preuss and Andreas Efthymiouof Cushman & Wakefield represented the seller, Steinway Sports & Recreation Center Inc., in the transaction. The buyer was ABS Partners Real Estate, a locally based investment firm.
IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …
ATLANTA — Berkadia has brokered the $26 million sale of The Preserve at Collier Ridge, a 419-unit multifamily complex in west Atlanta. The property offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a picnic area. The buyer, Montreal-based Frankforter Group, plans to upgrade the fitness center and add a business center and community room. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC, in the transaction.
CHARLOTTE, N.C. — Insite Properties has arranged the sale of Forest Park 6, a single-story, 70,000-square-foot office building in Charlotte, for $12.6 million. The asset was fully occupied by three tenants — Camso, Paychex and Lending Tree — at the time of the sale. Built in 2000, the property is situated at 8215 Forest Point Blvd. in the south Charlotte airport submarket. Insite Properties represented the buyer, Longvalley II LLC, in the transaction. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Stream Realty Partners. Insite Properties will provide property management and leasing services for Forest Park 6.
HOUSTON — HFF has negotiated the sale of a three-property, 544,291-square-foot office portfolio located in the Tanglewood and Memorial Village areas of Houston. The portfolio comprises 1616 Voss, 7500 San Felipe and 6363 Woodway, all of which will be renovated and repositioned as part of a $15 million capital improvement program. Dan Miller, Marty Hogan and Johnny Kight of HFF represented the seller, a partnership led by Unilev Capital Corp., and procured the buyer, CapRidge Partners LLC. Jim Curtin and Andy Scott of HFF arranged floating-rate acquisition financing for the deal through New York Life Insurance Co.
HOUSTON — NAI Partners has arranged the sale of a 50,000-square-foot heavy manufacturing facility situated on 7.4 acres at 810 McHard Road in Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, a locally based partnership, and procured the buyer, Texas Yards LLC, in the transaction.
FITCHBURG, WIS. — Quantum Real Estate Advisors Inc. has brokered the $2.8 million sale of a Popeyes-occupied property in Fitchburg, just south of Madison. The 4,442-square-foot building is located at 2844 Fish Hatchery Road. Popeyes has approximately 20 years left on its lease. Chad Firsel and Zack Hilgendorf of Quantum brokered the transaction. A private buyer based in Seattle purchased the property from a Chicago-based developer.
ENCINO, CALIF. — Harbor Associates has purchased Encino Office Park, a transit-oriented office campus located at 6345 Balboa Blvd. in Encino. An undisclosed seller sold the property for $47.8 million. The four-building property features 213,459 square feet of office space and is adjacent to the Balboa Station of the Orange Line transportation system that connects the property to Warner Center, Universal City and downtown Los Angeles. The property was 89 percent leased at the time of closing, and features 12-foot slab-to-slab ceiling heights and subterranean parking. Harbor plans to renovate the property, which was built in two phases between 1988 and 1990. Renovations will include a new building entry, project lobbies, electric-vehicle charging stations, bike rooms, LED site lighting, and improvements to the corridors and restrooms. The vacant office space will be repositioned as modern speculative suites and feature a high-impact reception area, flooring upgrades, glass conference rooms, new paint, new carpet and the implementation of energy-efficient LED lighting to replace existing florescent lighting fixtures. Anthony Delorenzo, Mark Shaffer, Todd Tydlaska and Mike Longo of CBRE represented the seller in the deal. Shaun Moothart, Bruce Francis, Dana Summers and Katie Diaz of CBRE arranged financing for the project through PNC …
GARDEN CITY, N.Y. — Brooklyn-based real estate investment firm JFR Global Investments has acquired two office buildings in Garden City for a total of $91 million. Atria East, which is located at 900 Stewart Ave. sold for $50 million while Atria West, which is located at 990 Stewart Ave., sold for $41 million. JFR plans to spend $4.2 million on upgrades and repairs to the 252,730-square-foot Atria East and $3.5 million on repairs and upgrades to the 297,339-square-foot Atria West. The seller was Onyx Equities and its partner, The Davis Cos.
FREMONT, CALIF. — JLL Income Property Trust has acquired Fremont Distribution Center, a two-building industrial portfolio in the Oakland/East Bay submarket of Fremont. An undisclosed seller sold the asset for $47 million. At the time of sale, the 240,000-square-foot property was fully leased.