ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has negotiated the sale-leaseback of 473 Ridge Road, a 318,389-square-foot warehouse and distribution facility in South Brunswick. The sales price was not disclosed. Located on a 28-acre parcel, the property includes clear heights of up to 28 feet, 20 trailer spaces, 582 parking spaces and 38,207 square feet of office space. Cushman & Wakefield represented the seller, sportswear manufacturer Central Mills, in the transaction. The buyer was Saadia Group LLC. Central Mills will continue to occupy the property under a long-term lease arrangement.
WALNUT, CALIF. — Faris Lee Investments has arranged the sale of Walnut Town & Country, a multi-tenant retail center located at 1205-1243 N. Grand Ave. in Walnut. A Northern California-based family trust acquired the property from an Oregon-based family trust for $10.7 million. Built in 1988, the 22,322-square-foot property is situated on 1.2 acres of land at the intersection of Amar Road and Grand Avenue. At the time of sale, the property was 95 percent occupied by a variety of tenants, including Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium. Shaun Riley of Faris Lee represented the seller and buyer in the deal.
BROWNS MILLS, N.J. — HFF has brokered the sale of a 7,000-square-foot retail building leased to Advance Auto Parts in Browns Mills, about 40 miles east of Philadelphia. The sales price was not disclosed. HFF represented the seller, a family trust, in the transaction. A private investor purchased the property. Advance Auto Parts has occupied the building since 2004 and has six years remaining on the lease.
MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. Additionally, Heather Madsen and Prabhat Jayara of Aries Conlon Capital assisted with the underwriting and closing for the transaction.
CHICAGO — Colliers International has brokered the sale of a three-building, 486,062-square-foot industrial portfolio in metro Chicago for an undisclosed price. Built between 1972 and 1984, the properties have been updated with truck docking, trailer parking and new lighting. The facilities include a 212,728-square-foot warehouse in Batavia, a 204,586-square-foot warehouse in Alsip, and a 68,728-square-foot property in St. Charles. The buildings are fully leased to four tenants. Jeff Devine and Steve Disse of Colliers represented the seller, DCT Industrial Trust (NYSE: DCT). Cabot Properties was the buyer.
CHARLOTTE, N.C. — CBRE Global Investors has acquired 615 South College, a newly constructed office building located in Charlotte’s Uptown district. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $222 million, or roughly $590 per square foot. The seller, Atlanta-based Portman Holdings, delivered the 375,865-square-foot property in 2017. The 18-story building is connected to The Westin hotel and features 10-foot ceiling heights, floor-to-ceiling glass windows, multiple two-story balconies and a parking garage with 1,456 spaces. CBRE will manage 615 South College, and Anne Vulcano and Joe Franco of CBRE will handle the building’s leasing assignment. At the time of sale, the property was 84 percent leased to tenants including Regions Bank, WeWork and BDO USA.
ST. PAUL, MINN. — The Opus Group has unveiled plans to construct an 86,000-square-foot speculative industrial building at the St. Paul Port Authority’s Beacon Bluff Business Center in St. Paul. Completion is slated for the end of this year. The building will feature a clear height of 24 feet. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record. Solutions Blue is the civil engineer. Todd Hanson and Jason Sell of Cushman & Wakefield will market the property for lease. Beacon Bluff Business Center will include both office and industrial space and is located near the Minneapolis-St. Paul International Airport.
FORT LAUDERDALE, FLA. — Bridge Development Partners has acquired a 10.2-acre site located at 1300 S.W. 32nd Court in Fort Lauderdale. The developer plans to build a 174,129-square-foot industrial park at the site dubbed Bridge Point FLL Logistics Center. The two-building development will be located less than five miles from the Fort Lauderdale-Hollywood International Airport (FLL). The site formerly housed a school that closed more than 20 years ago. Building 1 at the development will span 92,165 square feet, while Building 2 will total 81,964 square feet. The shallow-bay buildings will feature 32-foot clear heights, rear-dock loading and ESFR sprinkler systems. Bridge expects to wrap up construction on the project in the second quarter of 2019.
FRONTENAC, MO. — HDA Architects is designing a 36,000-square-foot office building on behalf of The Desco Group in Frontenac, a suburb of St. Louis. The property will feature underground parking, first-floor retail space and two floors of office space. The building is part of an $80 million mixed-use development that will include a Life Time Fitness and two stand-alone restaurants. The Desco Group is demolishing the Old Shriners Hospital in order to make way for the project. Completion is slated for fall 2019.