BOSTON — AWH Partners has acquired a three-property Holiday Inn portfolio in Boston. The properties include the Holiday Inn & Suites Boston – Peabody, Holiday Inn & Suites Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center. The sales price was not disclosed. Spire Hospitality, AWH’s hospitality management company, will manage the properties. The hotels have a combined 555 guest rooms as well as 8,000 square feet of event and meeting space.
SAYREVILLE, N.J. — Marcus & Millichap has brokered the $6.7 million sale of QuickChek Plaza, a 25,800-square-foot retail center in Sayreville. The property is located at 881 Main St. Alan Cafiero, Brent Hyldahl, Ben Sgambati, and Michael DeVita in Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.
FAIRFIELD, N.J. — Avison Young has arranged the sale of a 42,000-square-foot industrial facility in Fairfield. The sales price was not disclosed. Located at 2 Gardener Road, the property is the former headquarters of security inspection systems company Autoclear LLC. Matthew C. Turse, Timothy J. Cadigan and John Recchia of Avison Young represented the seller, Autoclear, in the transaction. The buyer was Third Wayne LLC. Avison Young also secured a five-year lease for Autoclear at a new 21,888-square-foot facility located at 10A Bloomfield Ave. in Pine Brook, New Jersey.
MINNEAPOLIS — Altus Properties has sold a four-building, 612,960-square-foot industrial portfolio in metro Minneapolis for $40.4 million. A fund managed by DRA Advisors LLC purchased the portfolio. All four buildings are fully occupied. The properties include a 118,125-square-foot building within Nicollet Business Center in Burnsville; a 322,752-square-foot facility within Boone Avenue Distribution Center in Brooklyn Park; a 50,400-square-foot structure within Cedar Lake Business Center in St. Louis Park; and a 121,684-square-foot building within Bloomington Business Center in Bloomington. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller.
DALLAS — New York City-based investment firm JMC Holdings LLC has acquired Lakeside Square, a 410,000-square-foot office tower located along the Lyndon B. Johnson Freeway in north Dallas. The Class A, 18-story property was built in 1985 and offers amenities such as a fitness center, a deli and multiple conference rooms. JMC Holdings will invest more than $20 million in capital improvements to the building. The seller was California-based Younan Properties. The sales price was not disclosed.
CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.
PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.
CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.
BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio. The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia. “We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.” Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space. Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States. Sherwin Williams’ stock price closed …
BIRMINGHAM, ALA. — Easterly Government Properties Inc., a real estate investment trust focused on the acquisition, development and management of Class A commercial properties leased to the U.S. government, has acquired the 83,676-square foot U.S. Department of the Treasury facility in Birmingham. Known as TREAS-Birmingham, the property is a three-story, Class A build-to-suit facility that was constructed in 2014. The building is 100 percent leased to the Treasury on an initial 15-year, non-cancelable term expiring in December 2029. The sales price and seller were not disclosed.