NEW YORK CITY — CBCS Equities and Barone Management have developed EVEN Hotel Brooklyn, a 13-story hotel located at 46 Nevins St. in downtown Brooklyn. Designed by Gene Kaufman Architect, the 83,000-square-foot hotel features 202 rooms, a 1,300-square-foot fitness center, in-room fitness zones with cork flooring and personal exercise equipment, and Cork & Kale Market and Bar. The project team included HVS Design, Andrew Myers Interior Design and Ambius. EVEN Hotel Brooklyn is an IHG hotel.
ALLENTOWN, PA. — Equus Investment Partnership X, an affiliate of Equus Capital Partners, has acquired The Lakes Apartments, a multifamily property located in the West End neighborhood of Allentown, for an undisclosed price. The 235-unit property was 95 percent occupied at the time of closing. The property features a mix of one-, two-, three-bedroom flat and townhome units, an outdoor swimming pool, tennis court and walking trail. Equus plans to invest $2.5 million to improve the common areas and amenities, as well as to complete unit upgrades that were begun under prior ownership. Madison Apartment Group will manage the community.
HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.
SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.
LOS ANGELES — US OCG Inc., a subsidiary of China-based Esong Group, has purchased the 405-room Holiday Inn near Los Angeles International Airport (LAX) for $52 million. The hotel is located at 9901 S. La Cienega Blvd. The Holiday Inn was built in 1973 and renovated in 2008. It has maintained an occupancy rate of more than 90 percent in 2016, according to Infinity Realty Advisors, which represented the buyer. LAX is currently undergoing an $8 billion modernization. This is the subsidiary’s first U.S.-based hotel acquisition. The seller was the CIM Group. Eddy Chao, Karin Chao and Richard Alter represented the buyer.
PHOENIX — Walmart has broken ground on a 148,000-square-foot Walmart Supercenter located at Metrocenter Mall in Phoenix. The new Supercenter will feature a full-service pharmacy and a complete line of groceries, including organic selections, fresh dairy and meat departments. Walmart will construct the supercenter with LED lighting, high-efficiency HVAC units and drought-tolerant landscaping, irrigated with a low-flow and drip water system. The Supercenter is scheduled for completion in spring 2017, and will employ an estimated 250 associates. Metrocenter Mall, owned by Carlyle Development Group, opened in 1973.
CHINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 3,900-square-foot, multi-tenant pad building located at Stater Bros. Plaza in Chino. Starbucks Coffee anchors the property, which is located at 7055 Schaefer Ave. The site contained one vacant unit at the time of sale. Ed Hanley and Bill Asher represented the seller, Euclid Pad II LLC, and Michelle Chen of RE/MAX Premier Properties represented the buyer, a Southern California-based private investor, in the transaction.
ARROYO GRANDE, CALIF. — PAQ Inc. has acquired a 63,737-square-foot vacant building located in Five Cities Center, a 467,000-square-foot power center located in the California Central Coast community of Arroyo Grande, with the intention of opening a new Food 4 Less location. Haggen Food & Pharmacy Store formerly occupied the building. Nick Foster and Jonathan Metcalf of HFF represented the seller, Haggen Property Holdings LLC, in the transaction. Tenants at Five Cities Center include Walmart, Trader Joe’s, Regal Cinemas and Pier 1 Imports.
TULSA, OKLA. — CBRE has brokered the sale of 21 Lewis Plaza, a 58,934-square-foot office building in Tulsa. 21 LP LLC purchased the asset from Acron 21 Lewis Plaza LP for an undisclosed price. Mary Martin and Leslie Kirkpatrick of CBRE’s Tulsa office represented the seller. Kelly McKoy with McKoy Co. in Tulsa represented the buyer. Tulsa Retina Consultants PLLC will be occupying the entire second floor of 21 Lewis Plaza. The building is located at 2424 E. 21st St. near its intersection with South Lewis Avenue. 21 Lewis Plaza was 70 percent occupied at the time of sale to tenants including Oklahoma National Bank, G4s Secure Solutions Inc., River Parks Authority and Gilbert Audiology & Hearing.
KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.
