PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.
SAN DIEGO – Poway Valley Center, a 25,754-square-foot retail shopping center in the San Diego submarket of Poway, has sold to Capstone Advisors for $6.2 million. The center is located at the corner of Poway and Community roads. Capstone plans to make capital improvements to the storefronts, landscaping and parking lot, among other things. John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone and the unnamed seller in this transaction.
TUCSON, ARIZ. – Shops at Desert Springs, a 20,485-square-foot neighborhood retail center in Tucson, has sold to Bastion Investments for $5.3 million. The center is located at 7250 N. La Cholla Blvd. It is shadowed anchored by Albertsons. Other notable tenants include Christie’s Appliance, Edward Jones, L’Amour Nails, Great Clips, H&R Block, Casey’s Hallmark, Edmund Marquez Insurance, Papa Murphey’s Pizza and the Arizona National Guard. The seller was La Cholla Retail II LLC. The transaction was executed by CBRE’s Pete Villaescusa, Mike Sandahl, Jesse Peron, Wyatt Campbell, Phil Voorhees and Brad Rable.
LOS ANGELES – Business management and accounting firm Wasserman Grossman & Sloan LLP has renewed at One Westwood in the Los Angeles submarket of Westwood. The building is located at 10990 Wilshire Blvd. The firm initially subleased the building’s entire eighth floor in 2010. Its new five-year lease will take Wasserman through 2020. The lease is valued at $2.8 million. The firm was represented by Mitchell Stokes of Madison Partners. The landlord, Douglas Emmett, was represented in-house by Rob Zaas.
AUSTIN, TEXAS — A new iLoveKickboxing franchise is set to open at 1700 S. Lamar Blvd. in Austin. The franchise is expected to open in the coming months, however, a firm date has not been set. Bryan McMurrey of CBRE represented the landlord, Collier Properties LLC, in the transaction. Nick Boyd of CSA Realty represented iLoveKickboxing franchisee Alejandro Acuna. The iLoveKickboxing location aims to emulate the workouts of professional fighters, while making them accessible to the average man or woman looking to engage in a healthier lifestyle.
FORT WORTH — Pacific Southwest Realty Services (PSRS), a San Diego-based commercial mortgage banking firm, has arranged a $3.3 million loan secured by a 36,000-square-foot retail property in Fort Worth. David Hamilton of the firm’s San Diego office arranged the transaction. The fixed-rate loan features a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.9 percent and resets every five years. There is no prepayment premium and the only lender fee was $2,500 for processing. Hamilton arranged the financing through a credit union that PSRS represents.
SAN ANTONIO — FelCor Lodging Trust Inc. has sold its 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. FelCor will use the proceeds from selling this hotel to repay outstanding debt. Since 2010, FelCor has sold 35 non-strategic hotels for aggregate gross proceeds of $794 million.
MAGNOLIA, TEXAS — Mr. Handyman, a home repair and maintenance company, has opened a new office in Magnolia. The new, 1,540-square-foot space is located at 32914 Tamina Road. John Wenckens and Ryan Dierker with Newcor Commercial Real Estate represented the tenant, Mr. Handyman, in the transaction. Chuck Mack represented the landlord, Monarch Property Management.
WIXOM, MICH. — Newmark Grubb Knight Frank (NGKF) has arranged the lease of a 117,709-square-foot manufacturing facility in Wixom. ATW Automation Inc. is relocating its Michigan manufacturing facility from 12841 Stark Road in Livonia, Mich., to this facility located at 31077 Durr Drive. The Ontario-based company designs and builds factory automation solutions. Anthony Avendt, Rob Renaud and Cam Graham of NGKF represented ATW in the lease. The building is situated on more than 12 acres and includes 27,800-square-feet of office and administrative space. ATW will take occupancy of the new facility immediately and is currently working with the city of Wixom to rename the street in honor of its long-term commitment to the community and its clients.
MONROE, OHIO — Monmouth Real Estate Investment Corp. has acquired a new 232,200-square-foot industrial building in Monroe for $13.4 million. The build-to-suit property is located at 201 Exploration Drive, and is net leased to UGN Inc., a supplier of parts for the Japanese automotive industry, for 15 years. The building is situated on more than 22 acres and is expandable by an additional 155,000 square feet. The Class A industrial facility is located off I-75 and is in close proximity to Honda and Toyota’s U.S. headquarters.
