LANSING, MICH. — East Lansing-based CB Richard Ellis | Martin (CBRE) has completed the sale of a vacant, 34,800-square-foot Regent Inn hotel located at 6501 S. Cedar St. in Lansing. The property was acquired by NuUnion Credit Union, which plans to raze the 1.63-acre site and redevelop it into a branch location for the credit union. Jason Kildea of CBRE represented the seller, Wachovia SBA Lending. NuUnion was represented by Alliance Commercial. The acquisition price was not disclosed.
WAYNE, MICH. — Colliers International has brokered the sale of 32,430 square feet of office space located at 35005 Michigan Ave. in Wayne. Jeffrey Ambrose and Gary Glotzhober of Colliers represented the seller, Wayne Properties, as well as the undisclosed buyer. The acquisition price was not disclosed.
CARLE PLACE, N.Y. — CB Richard Ellis has completed the $65 million sale of One Old Country Road, a 315,750-square-foot office building in Carle Place. At the time of the sale, the five-story facility was 95 percent leased by 49 diversified tenants. Located within .5 miles from Exit M1 of the Meadowbrook Parkway, the property features a full-service cafeteria, a barber shop and covered parking. Jeffrey Dunne, Steven Bardsley, Rikki Lawrence and Bruce Nelson of CB Richard Ellis represented the owner, Treeline 1 OCR, an entity controlled by The Treeline Companies, and procured the buyer, CLK/HP One Old Country LLC, in the transaction.
WARMINSTER, PA. — Equity Retail Brokers has completed the sale of a 1.5-acre bank site located at 157 York Rd. in Warminster. Viriva Community Credit Union plans to open a bank on the parcel by October 2008. Ken McEvoy of Equity Retail negotiated the acquisition. The sale price was undisclosed.
SAN DIEGO — San Diego-based La Jolla Car Wash has acquired a 34,000-square-foot office property, which is located at 1060 Eighth Ave. in San Diego. La Mesa, Calif.-based Pacific View Properties sold the property for $7.6 million. The buyer intends to occupy a portion of the four-story, Class B office building and lease the remaining space. Brian Mulvaney and Jon Boland of Voit Commercial Brokerage’s San Diego office represented the seller; Jeff Hoffman and Hans Strom of Strom Commercial represented the buyer in the transaction.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has purchased Citrus Park, a 12-building office and industrial park located in Riverside, for $24.5 million. Located on 43 acres, the park consists of 417,811 total square feet. Two buildings are two-story office buildings totaling 78,115 square feet and the remaining buildings are single-story industrial office/warehouse facilities offering approximately 332,695 total square feet. CT Realty plans to invest $7 million to redevelop the park into separate parcels available for sale or lease. Additionally, the entire park will be redeveloped to offer a contemporary, campus-like business park environment. Rick Fuller of Lee & Associates represented both the buyer and the seller, Fleetwood Enterprises Inc., in the transaction. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.
ATLANTA — Wells Real Estate Investment Trust II has acquired a five-building, 1 million-square-foot office campus in Atlanta’s Buckhead district, via a sale-leaseback transaction from AT&T. The Class A property is located in the Lenox Park office park, between Peachtree Road and Interstate 85. AT&T Services and its subsidiaries will occupy all five buildings under 10- to 15-year term leases. The buildings range from four to 12 stories and are located at 1025, 1055, 1057 and 1277 Lenox Park Blvd. and 2180 Lake Blvd. Keith Willby represented the buyer in-house, and the seller was represented by Staubach’s Atlanta office.
CARY, N.C. — Detroit-based MayfieldGentry Realty Advisors has purchased Crossroads Corporate Park, a 133-acre master-planned business community in Cary, from Ohio Public Employees Retirement System, for an undisclosed amount. The property consists of four two-story buildings, totaling 390,542 square feet, which are 97 percent occupied. Tenants include Connexion Technologies, Jacobs Engineering, Texas Instruments and the Wake County Board of Education. The business park has six additional development sites, totaling 20 acres, and is located within Research Triangle Park at the intersection of Interstate 40, I-440 and Highway 1.
PHILADELPHIA — Vince Jolly of SSH Real Estate has brokered the $25.5 million sale of 714 Market St., a 212,000-square-foot office building in Philadelphia. Liberty Resources acquired the building from 714 Holdings LLP. Liberty was the facility’s largest tenant, leasing 60,000 square feet in the building. Jolly represented Liberty Resources, and Cushman & Wakefield represented the seller in the sale. Andrew Noll of Citizens Bank handled the financing for the purchase.
EDISON, N.J. — Ivy Equities has sold Raritan Plaza III in Edison to The Silverman Group of Short Hills, N.J. The 182,616-square-foot Class A office building is located on 13.5 acres at 105 Fieldcrest Ave. The six-story building was 97 percent occupied by 27 tenants at the time of the sale. Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz orchestrated the sale. The sale price was undisclosed.