BRADENTON, FLA. — Calkain Cos. has brokered the $1.4 million sale of a single-tenant, 4,186-square-foot Wells Fargo Bank branch in Bradenton, roughly 45 miles south of Tampa. Built more than 35 years ago, the bank is located at 6285 14th St. W. Wells Fargo extended its lease this past April by five years. Stephen Counts and David Sobelman of Calkain Cos. represented the seller, Bersam Development, in the transaction. The property sold for a record low cap rate for a Wells Fargo branch with less than five years remaining on its lease term, according to Calkain Cos.
TACOMA, WASH. — Hamilton Zanze & Co. has purchased the 450-unit Lakeside Landing in Tacoma for an undisclosed sum. The community is located at 1414 South Mildred St., near Washington State Route 16. Lakeside Landing was built in 1969. It features one- and two-bedroom units. The property was 95 percent occupied at the time of sale. Kenny Dudunakis and Jim Jensen of Berkadia executed the sale. The seller was not named.
MORENO VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building occupied by Smart & Final Extra! and Dollar Tree, which sold for just over $7 million. Ed Hanley and Bill Asher of Hanley represented the seller, Brad Becker of Becker Properties. The property was sold to GBF Investment LLC, represented by Bob Bonanomi of CBRE.
SAN DIMAS, CALIF. — Crunch Franchise, a New York-based gym chain, has opened a new location in San Dimas. It is located in Foothill Village Shopping Center. Chris Eyre is the franchisee. General manager Spencer Rich is the operator.
NEW YORK CITY — Meridian Capital Group has arranged a $95 million mortgage for the refinancing of an office property located on lower Broadway in Manhattan’s Financial District. The 12-year loan, provided by a life insurance company, features a 3.78 percent fixed rate and six years of interest-only payments followed by a 30-year amortization schedule. Constructed in 1983, the 32-story property offers 403,800 square feet of Class A office space. Abe Hirsch and Daniel Jacob Meridian negotiated the financing for the undisclosed borrower.
DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.
NEW YORK CITY — Cushman & Wakefield has arranged an $8.1 million construction/rehab loan for a corner retail property located in Brooklyn’s Prospect Park South. The loan features a three-year term, with extensions, at an interest rate of LIBOR (London Interbank Offered Rate) plus 4.25 basis points. The loan will cover 100 percent of the project costs, which include significant renovations to the existing building. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.
STORRS, CONN. — HREC Investment Advisors has arranged the sale of the Nathan Hale Inn & Conference Center in Storrs. The University of Connecticut (UCONN) purchased the property for an undisclosed sum. Situated on the campus of UCONN, the property features 98 guestrooms. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 137 Frost St. in Brooklyn. The 7,500-square-foot parcel sold for $5.3 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — A joint venture between Fisher Brothers, Witkoff and New Valley has broken ground on 111 Murray Street, an 800-foot residential tower in Tribeca. Designed by Kohn, Pederson Fox, the property will feature more than 300,000 square feet of condominiums, ranging from one-bedroom to five-bedroom units priced between $2 million and more than $17.5 million. The 157-residence tower will feature a 24/7 doorman and concierge, lobby, private dining room with fully equipped demonstration kitchen, landscaped private garden, 75-foot lap pool, children’s splash pool, fitness center, hair salon, teen arcade, children’s playroom and media room. Completion is slated for early 2018.