PLEASANTON, CALIF. — Peet’s Coffee & Tea has inked a deal for 1,400 square feet of retail space at 349 Main St., Suite 110, in Pleasanton. The company will use the space to serve coffee, tea and baked goods. Craig Semmelmeyer of Main Street Property Services Inc. represented the landlord, Main Street Pleasanton LLC, while Andrew Lindsey of SRS Real Estate Partners represented the tenant in the transaction.
WEST HOLLYWOOD, CALIF. — BRC Advisors has brokered a 10-year, five-month lease for 1,584 square feet of restaurant space at a newly developed mixed-use building at 7141 Santa Monica Blvd. in West Hollywood. Yummy.com will occupy the space, which is located at Domain, a residential and retail development. Shane Murphy and Evan Weiss of BRC Advisors represented the tenant and landlord, Domain Wello, in the $3.8 million lease transaction.
MADERA, HANFORD AND FARMERSVILLE, CALIF. — Retail California, a division of Pearson Realty, has brokered three retail leases totaling 12,400 square feet. In Madera, Total PCS Solutions Inc. leased 900 square feet of space at 422 S. Gateway from Mark Knox. Nick Frechou of Retail California arranged the deal. In Hanford, EECU signed a deal for 1,000 square feet of retail space at Fargo Crossing Shopping Center from Blackheart Capital LLC. John Lee and Mike Kennedy of Retail California represented the landlord, while Troy McKenney of Newmark Grubb Pearson Commercial represented the tenant in the transaction. In Farmersville, Rite Aid signed a deal for 10,500 square feet of space at the corner of Farmersville Boulevard and Walnut Avenue from Halferty Development Co. Lewis Smith and John Lee of Retail California brokered the transaction.
NEW YORK CITY — Mission Capital Advisors has arranged $35.9 million in financing for the renovation and conversion of 396 Broadway, a 10-story commercial property in Lower Manhattan. The borrower, Bridgeton Hotels, is converting the office property into the Walker Hotel Tribeca, a 171-key boutique hotel. The hotel will include nine floors of guestrooms and suites and ground-floor and rooftop space dedicated to food and beverage vendors. Bridgeton, an owner, developer and manager of commercial and residential real estate, acquired the property in an all-cash transaction in 2014.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous multifamily properties located at 916-920 and 926 Southern Blvd. in the Longwood section of the Bronx. A1 Equities acquired the assets from 922 Southern LLC for $16.1 million. Built in 1911, the buildings total 100,704 square feet with 66 apartments and nine vacant commercial units. One of the buildings, which was delivered vacant, is slated to undergo a gut renovation; while the other building, with 15 tenants, is scheduled for a partial renovation. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Jungreis and Jonathan Brody, also of Rosewood, represented the seller in transaction.
REVERE, MASS. — Linchris Hotel Corp. has completed the sale of the Hampton Inn Boston-Logan Airport, located at 230 Lee Burbank Highway in Revere. The 227-room property was sold for an undisclosed sum. Built in 2001, the seven-story hotel features 672 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and breakfast, an airline crew lounge and dining options at the Two Doors Down Bar & Restaurant. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer was not released.
NEWTON, MASS. — Integrated Builders, on behalf of Two Wells Avenue LLC, has broken ground on an expansion at an office building located at Two Wells Ave. in Newton. The new three-story addition will require extensive demolition on the north and west portions of the existing facility and will increase the building’s total size from 69,000 square feet to 127,000 square feet. The updated facility will feature a modern design with a glass exterior, an expanded parking lot, new utilities and an underground storm water infiltration system. Additionally, a 3,162-square-foot common corridor will connect the new and existing buildings. Spagnolo Gisness & Associates is providing architectural services for the project, which is slated for completion in December.
NEW YORK CITY — Meridian Investment Sales has arranged the sale of a mixed-use property located at 600 E. 178th St. in the Bronx. The six-story, elevator-serviced building sold for $8.8 million, equivalent to a 5.5 percent cap rate. Located in the Tremont neighborhood, the 47,200-square-foot property features 45 residential units and six retail units. Mark Steinmetz of Meridian Investment Sales represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — W. P. Carey Inc. (NYSE: WPC) has acquired a 4 million-square-foot industrial portfolio for $217 million. The portfolio consists of 43 assets in the United States totaling 3.5 million square feet and six properties in Canada totaling 500,000 square feet. The buildings were purchased in a sale-leaseback transaction with wholly owned subsidiaries of Forterra Building Products, a manufacturer of concrete and clay building products. The properties each feature a 20-year triple net lease that includes fixed annual rent escalations of 2 percent. The facilities include offices, concrete manufacturing, concrete quality control testing and storage facilities. “Providing steady, predictable cash flows, compelling returns and annual rent escalations, the investment is also supported by the long-term lease and the strength of Forterra’s guarantee,” says Gino Sabatini, managing director and head of net lease investments for W. P. Carey. “Consistent with our established investment criteria, we believe the acquisition is a sound addition for W. P. Carey Inc.’s portfolio, which extends its weighted average lease-term and is accretive to cash flow.” Brian Scott and Andrew Sandquist of CBRE represented Forterra in the transaction. New York-based W. P. Carey Inc. is an internally managed net lease REIT specializing in corporate sale-leaseback, …
FORT COLLINS, COLO. — Marcus & Millichap has arranged the $24.6 million sale of Lokal CSU, a 194-bed student housing property located one block away from the Colorado State University (CSU) campus in Fort Collins. Robert Kaplan of M&M represented the seller, Scott’s Plaza LLC, and procured the buyer in the transaction. The property is located in CSU’s west campus area at 1201 West Plum St., near the site of the university’s new football stadium and one block away from the Fort Collins Elizabeth Street entertainment area. Community amenities at the property — fully leased for the current school year — include outdoor hot tubs, an indoor/outdoor bar and grill lounge, Zipcars, reserved covered parking, bike parking, security cameras and restricted building access with 24/7 emergency maintenance services. Units include bed-to-bath parity, full-size washers and dryers, 55-inch televisions and free satellite television service.