Property Type

CBRE Negotiates $174.5M Sale of 973,000 SF Office Complex in Newark, New Jersey

by Amy Works October 4, 2016

NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.

October 4, 2016

Hospitality New York Northeast

HREC Facilitates Sale of Inn at The Finger Lakes in Auburn, New York

by Amy Works October 4, 2016

AUBURN, N.Y. — HREC Investment Advisors has arranged the sale of Inn at The Finger Lakes, located at 12 Seminary Ave. in Auburn. TJ Hospitality acquired the 77-room property for an undisclosed price. Mark von Dwingelo and Pat Culligan of HREC represented the seller, FLH Development, in the deal.

October 4, 2016

New York Northeast Retail

The Boulder Group Arranges $3.8M Sale of Single-Tenant Retail Property in New York

by Amy Works October 4, 2016

MANLIUS, N.Y. — The Boulder Group has brokered the sale of a single-tenant net-leased Rite Aid property located at 8230 Cazenovia Road in Manlius. An East Coast-based investor acquired the property from a partnership of high-net-worth individuals for $3.8 million in a 1031 exchange. There are more than 10 years remaining on the lease of the 12,795-square-foot property.

October 4, 2016

Northeast Office Vermont

Nedde Real Estate Signs New Office Tenant in Williston, Vermont

by Amy Works October 4, 2016

WILLISTON, VT. — ASIC North has signed a lease for 10,829 square feet of office space at 291 Hurricane Lane in Williston. The company is expanding its location and relocating from 310 Hurricane Lane. ASIC North provides comprehensive VLSI design services to the semi-conductor industry. The landlords are Doug Nedde and Fernando Cresta. Duncan Harris of The Kingsland Company represented the tenant, while Cresta represented the landlords in the deal.

October 4, 2016

Hospitality Texas

CBRE Hotels Brokers Sale of Homewood Suites by Hilton in San Antonio

by Haisten Willis October 4, 2016

SAN ANTONIO — CBRE Hotels has brokered the sale of a 109-room Homewood Suites by Hilton at 215 Richland Hills Drive in San Antonio. Good Day Properties LLC purchased the limited-service hotel from SAT Westlakes LLC for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE Hotels represented the seller and the buyer. Homewood Suites by Hilton Lackland AFB/SeaWorld was built in 2013 and features studio and one-bedroom suites.

October 4, 2016

Industrial Texas

NXT Capital Finances Acquisition of Seven Multi-Tenant Warehouse Buildings in Austin

by Haisten Willis October 4, 2016

AUSTIN, TEXAS — NXT Capital has financed the acquisition of seven multi-tenant warehouse/distribution buildings in Austin. The buildings total 460,000 square feet. The properties offer access to metro Austin via I-35, Highway 290, Highway 183 and Loop 1. All are within a 30-minute drive to Austin-Bergstrom International Airport. Seth Parker in the Dallas office of NorthMarq Capital brought the loan to NXT Capital.

October 4, 2016

Industrial Texas

Waterman Steele Negotiates Sale of 30 Acres to Galveston Bay Foundation

by Haisten Willis October 4, 2016

KEMAH, TEXAS — Waterman Steele Real Estate Advisors has negotiated the sale of 30 acres in Kemah. Zircon Properties Inc., a Maryland corporation, and Beethoven Realty Associates, a Maryland limited liability company, were the sellers. The Galveston Bay Foundation, a Texas nonprofit corporation, was the buyer. The land is located on the east side of State Highway 146 near its intersection with State Highway 96. Waterman Steele’s Lance Gilliam and Adrian Ramirez represented the seller. Doug Nicholson with Newmark Grubb Knight Frank represented the buyer. The Galveston Bay Foundation was established in 1987 to address issues and concerns related to Galveston Bay. The foundation’s mission is to preserve, protect and enhance the natural resources of the Galveston Bay estuarine system and its tributaries for the community.

October 4, 2016

Hospitality Loans Texas

Aries Capital Arranges $6.3M CMBS Loan for Comfort Suites in Waco

by Haisten Willis October 4, 2016

WACO, TEXAS — Rushi Shah of Aries Capital’s Chicago office has secured a $6.3 million non-recourse CMBS loan for a 94-key Comfort Suites in Waco. The loan was secured on behalf of the borrower, TJ Patel of Pavansut Hotels LLC. The borrower used the 10-year, fixed-rate loan to pay off an existing full-recourse SBA loan.

October 4, 2016

Industrial Multifamily Office Retail Texas

Engvest Commercial Realty Becomes First Dallas Affiliate for Sperry Commercial

by Haisten Willis October 4, 2016

DALLAS — Sperry Commercial Global Affiliates has announced a new franchise affiliate, Dallas-based Engvest Commercial Realty LLC. The first Dallas/Fort Worth affiliate to join Sperry Commercial, Engvest was founded by Daniel Eng to serve its clients as a full-service commercial real estate investment firm. Eng and his business partner Calvin Wong will provide leasing, acquisitions, disposition and property management services under the Sperry Commercial Global Affiliates brand. Engvest brings more than 1 million square feet of retail center listings to the platform.

October 4, 2016

California Industrial Western

Westcore Properties Buys Industrial Portfolio in San Diego for $75M

by Nellie Day October 4, 2016

SAN DIEGO — Westcore Properties has purchased a four-property industrial portfolio in San Diego for $75 million. The portfolio contains a total of 514,169 square feet spread over 22 buildings. The portfolio includes 16990 Goldentop Road in Rancho Bernardo; 500-938 S. Andreasen Drive in Escondido; and 133-155 Mata Way and 540-550 Pacific St. in San Marcos. Westcore will perform cosmetic improvements at each property, which will include landscaping and painting, as well as maintenance and upgrades for HVAC systems, asphalt and roofs. Rick Reeder and Brad Tecca of Cushman & Wakefield were the brokers of record for this transaction. The seller was TA Realty.

October 4, 2016

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