TULSA, OKLA. — Miami-based hospitality brokerage firm Park-Equities has negotiated the sale of a 96-room hotel in Tulsa. The property originally opened as a Residence Inn and was operated under the Motel 6 brand at the time of sale. SL Capital purchased the property from an undisclosed seller. Park-Equities brokered the deal in conjunction with Jennifer Stein Real Estate.
ELGIN, ILL. — Colliers has brokered the sale of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin for an undisclosed price. Originally built by PanCor Construction & Development in 1999, the four-story property is located within Randall Point Executive Center. The building was 30 percent leased at the time of sale. Alissa Adler and John Homsher of Colliers, in partnership with the Ten-X Commercial Real Estate auction platform, represented the undisclosed seller. An entity doing business as Elgin Square Property LLC was the buyer.
NORTH BRUNSWICK, N.J. — Marcus & Millichap has arranged the sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. The sales price was $4.4 million. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.
KANSAS CITY, MO. — Blue West Capital has negotiated the sale of a single-tenant restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Kansas City for $2.4 million. Freddy’s has a new long-term, net lease at the property, which is located at 13628 Washington St. The lease includes 10 percent rental increases every five years and is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. There are roughly 450 Freddy’s locations nationwide. Zach Wright and Brandon Wright of Blue West Capital represented the seller, a Midwest-based development company. The property sold to an all-cash buyer based in California.
TAMPA, FLA. — CBRE has brokered the sale of One Independence Park, a 115,740-square-foot office property located at 4110 George Road in Tampa. Situated on 9.2 acres, the building comprises three stories and was fully leased at the time of sale. Tenants at the property include WiPro LLC and HealthPlan Services Inc. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, Nick Sharpe and Jimmy Garvey of CBRE represented the seller, Raleigh-based Highwoods Properties, in the transaction. The buyer and price were not disclosed.
SARASOTA, FLA. — Virginia-based Orange Pineapple LLC has acquired seven parcels in downtown Sarasota for $32 million. Situated near the intersection of Ringling Boulevard and Orange Avenue, the properties total 3.1 acres. Steven Horn and Jag Grewal of Ian Black Real Estate represented the sellers, Capstone Group Holdings LLC and Ringling and Orange 3 LLC, in the transaction. Plans for redevelopment have not yet been announced, but the land is zoned for up to 10 stories and 50 residential units per acre, with the potential for more if affordable housing is included.
MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $4.9 million sale of Deer Run Village, a 56,900-square-foot shopping center located in Midlothian, roughly 15 miles west of Richmond. Food Lion anchors the property, which was fully leased at the time of sale. Catharine Spangler and Danielle Beckstoffer of Thalhimer represented the undisclosed seller in the transaction. The buyer was also not disclosed.
RANCHO CUCAMONGA, CALIF. — San Antonio Regional Hospital has acquired a 127,000-square-foot office building in Rancho Cucamonga for $22.2 million. The building is located at 11000 Eucalyptus St. San Antonio Regional Hospital is an Upland-based regional healthcare provider that will convert the asset into medical office space. Graham Gilles of the Hoffman Company represented the buyer in the transaction. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co.
IRVINE, CALIF. — Wilshire Capital Partners has sold a 70,964-square-foot office building in Irvine to an owner-user for an undisclosed sum. The vacant, Class A building is located at 17900 Von Karman in the Irvine Business District (IBD) submarket. The new owner plans to occupy the property after making renovations. Anthony DeLorenzo, Gary Stache, Bryan Johnson, David Dowd and Jennifer Whittington of CBRE represented the seller in the transaction.
NEWBURY PARK, CALIF. — NEXGEN has acquired a 23,919-square-foot industrial life sciences/laboratory facility in Newbury Park for $6.2 million. The facility is located at 3615 Old Conejo Road within the USA Business Park in the Conejo Valley industrial market. Century 21 represented NEXGEN in the transaction. Matt Ehrlich and Marcos Villagomez of NAI Capital Commercial represented the seller, Dao Bui Holdings. Ehrlich and Villagomez spent more than a year on the project, facilitating the lease termination and departure of the former tenant and assisting as de facto property managers.