NEWARK, N.J. — Regal Hospitality Inc. has acquired the 191-room Holiday Inn Newark Airport hotel in Newark for an undisclosed price.. The property is adjacent to Newark Liberty International Airport and is located approximately 12 miles from the 80,000-seat MetLife stadium. Mark Rousseau of HREC Investment Advisors and Connie Mong of First Choice Real Estate represented the seller, a partnership between RJB Associates LP and Fundamentals Inc.
UPPER MACUNGIE, PA. — UL Verification Services, a global safety science firm, has renewed a 38,510-square-foot industrial lease in Upper Macungie, located approximately 55 miles northwest of Philadelphia. The space is situated within a 96,235-square-foot industrial building at 7036 Snowdrift Road. that is part of the Iron Run Business Campus. The property offers immediate access to I-78 and the Pennsylvania Turnpike. Jody King of CBRE represented UL Verification Services in the lease negotiations. Sean Bleiler of CBRE represented the landlord, Denholtz Properties.
SAN PEDRO, CALIF. — Jupiter Holdings has completed the sale of Topaz, a Class A office building located at 222 W. Sixth St. in San Pedro. Harbor Associates acquired the asset for $43.5 million. Situated along the waterfront, the 11-story building features 292,540 square feet of office space, 13,244 square feet of retail space and an adjacent seven-story parking structure. The seller invested more than $10 million in building renovations at the property, which was constructed in 1990. Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction.
RIVERSIDE, CALIF. — Dermody Properties has completed construction of LogistiCenter at Park Meridian, located at 21822 Opportunity Way within Meridian Business Center in Riverside. Situated on 13.5 acres in the heart of Inland Empire East, the 262,260-square-foot facility features 32-foot clear heights, 56 dock-high doors, an ESFR sprinkler system and LED warehouse lighting. Additionally, the building has 2,493 square feet of built-out office space within the total square footage available for lease. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield have been retained to handle leasing for the project.
FORT COLLINS, COLO. — CIM Group has completed the sale of University Center, a grocery-anchored retail property located in Fort Collins. An undisclosed buyer acquired the asset for $23.7 million. Built in 1953 and remodeled in 2004, University Center features 68,334 square feet on 6.5 acres. The property is fully leased to two tenants: a natural foods grocery chain and Wilbur’s Total Beverage. The single-story building is attached to the north end of a larger shopping center. Brad Lyons, Mike Winn and Tim Richey of CBRE represented the seller.
THOUSAND OAKS, CALIF. — Rexford Industrial Realty has purchased Newbury Industrial Park, a multi-tenant industrial building in the Conejo Valley submarket of Thousand Oaks. Newbury Industrial Associates sold the asset for $23.3 million, or $184 per square foot. Situated on 8.1 acres, the 126,317-square-foot property was built in 1970 and renovated in 2018. At the time of sale, the property was 93 percent occupied by 13 tenants. The facility features 20-foot to 22-foot clear heights, 16 grade-level doors with one dock-high loading area and is accessible via three separate entrances. Additionally, the asset is located within Conejo Spectrum, a 2.8 million-square-foot office and industrial micro-market in Ventura County. Sean Fulp, Ryan Plummer, Mark Schuessler, Jeff Abraham, John DeGrinis and Patrick DuRoss of Newmark Knight Frank (NKF) represented the seller, while Andrey Mindirgasov of NKF represented the buyer in the deal.
FRISCO, TEXAS — California-based direct lender Money360 has provided a $21.4 million bridge loan for the refinancing of an undisclosed office property in the northern Dallas suburb of Frisco. The nonrecourse loan carries a 24-month term, floating interest rate and 75 percent loan-to-value ratio. The borrower was not disclosed.
ARLINGTON, TEXAS — Lee & Associates has brokered the sale of two industrial buildings totaling 151,700 square feet in Arlington. The properties are located at 2000 and 2030 E. Arbrook Blvd., less than a mile from Interstate 20. Mark Graybill and Colton Rhodes of Lee & Associates represented the seller, Hamilton Commercial LLC, in the transaction. EastGroup represented the buyers.
SPRING, TEXAS — NAI Partners has negotiated the sale of Spring Stuebner Plaza, a 66,125-square-foot retail and office warehouse property located near Springwoods Village on the northern outskirts of Houston. The property was fully leased at the time of sale. Josh Lass-Sughrue and Jason Ridenbaugh of NAI Partners represented the seller, Spring Stuebner Realty Ltd., in the transaction. The buyer was an undisclosed private investor.
PLANO, TEXAS — Sunwest Real Estate Group has signed a 52,551-square-foot lease at Tennyson Office Center, a two-building office complex in Plano. The tenant was NCR Corp. Doug Hanna and Tabitha Layne represented the building ownership on an internal basis. Doug Carignan and Steve Thelen of JLL represented the tenant. Sunwest recently repositioned the property to the tune of $3 million, renovating the lobbies, corridors, restrooms and exterior façade painting.
