TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.
PHOENIX — Cushman & Wakefield has arranged the $8 million sale of Rancho Encanto, a 70,859-square-foot, grocery-anchored shopping center in Phoenix. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Weingarten Nostat Inc., in the transaction. Massco Investments LLC acquired the property, which was 75.3 percent leased at the time of sale to tenants including Smart & Final, UFC Gym/LA Boxing, Springleaf Financial, Tandy Leather, Little Caesar’s Pizza and Southwest Title.
GLENDALE, ARIZ. — Brixmor Property Group is set to open a new LA Fitness anchor and begin renovations at Glendale Galleria, a shopping center in Glendale. LA Fitness will occupy 36,894 square feet formerly occupied by Food City, and will open in the fourth quarter of 2016. Renovations at the center will include a contemporary façade, new signage and lighting, parking lot improvements and decorative landscaping.
CERRITOS, CALIF. — Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, has sold to a private exchange buyer for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.
LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.
UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an industrial property located at 58-44 Maurice Ave. in the Maspeth area of Queens. The former baking facility of Junior’s Cheesecakes of Flatbush Avenue sold for $4.5 million. The building is split into 14,000 square feet on the ground level, a 1,500-square-foot mezzanine storage area and 1,500 square feet of office space on the mezzanine. The buyer, Quality Installation NY Inc., plans to use the space for the warehousing and manufacturing of furniture and workstation products and repairs. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin represented the seller, Let it Be Realty LLC, while DY Realty represented the buyer, Quality Installation NY Inc.
NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Shaw Industries, a carpet manufacturer, has signed a long-term lease to occupy 7,963 square feet of retail space at 853 Broadway in Union Square. The company will take occupancy of the entire third floor at the end of this year to use as a showroom. The third floor is the first of three floors that were recently renovated with a glass curtain wall. The 21-story, 212,000-square-foot office building is owned and managed by The Feil Organization. Robert Fisher provided in-house representation for the landlord, while Nicholas Weld and Michael Affronti of CBRE represented Shaw Industries in the transaction.
