NEEDHAM, MASS. — Ultima Hospitality has acquired the Sheraton Needham Hotel, located at 100 Cabot St. in Needham, for an undisclosed price. The 247-room hotel recently underwent an extensive renovation. The new guest rooms feature Sheraton Sweet Sleeper beds, complimentary WiFi, individual climate control and 37-inch LCD televisions. Additionally, the hotel features a fitness center, heated indoor pool, Link Café and Bar, and 15,000 square feet of flexible meeting and event space. The name of the seller was not released.
BALDWINSVILLE, N.Y. — CBRE/New England, along with CBRE Syracuse, has brokered the sale of River Mall Shopping Center in Baldwinsville. Phillips Edison & Co. sold the 165,000-square-foot property for an undisclosed price to RMSC Holdings. The property is anchored by Tops Market and fully leased to a roster of national and regional credit tenants. Nat Heald, Bill Moylan, Chris Angelone and Michael Finn of CBRE represented the seller and procured the buyer in the deal.
EAST FISHKILL, N.Y. — Marcus & Millichap has arranged the sale of Heritage Square, a mixed-use property located in East Fishkill. The 72,423-square-foot property sold for $6.5 million. Nathan Pealer of Marcus & Millichap represented the seller, a subsidiary of a financial institution, in the transaction. The name of the buyer was not released.
ST. CHARLES, ILL. — CBRE has brokered the sales of two multifamily properties in St. Charles totaling $38.2 million. In the first transaction, Shodeen Group sold Wessel Court to Axiom Properties Inc. for $20.8 million. Located at 1820 Wessel Court, the property includes 228 apartment units. In the second transaction, Kinzie Realty Corp. sold Fox Run to Windy City RE LLC for $17.4 million. Located at 145 Walnut Drive, the property features 220 apartment units. John Jaeger, Dan Cohen and MJ Zaring represented the sellers in both transactions.
CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.
SOUTHFIELD, MICH. — Axilla Capital has arranged a $3.7 million loan for the refinancing of Shoppes at Park Place in Southfield. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. The 18,373-square-foot retail property is 93 percent occupied by several national tenants, including Fuddruckers, Tim Hortons, Subway and Qdoba. Joel Mazur of Axilla Capital originated the transaction and secured the financing for the undisclosed borrower.
BROOKFIELD AND GREENFIELD, WIS. — NorthMarq Capital has arranged $6 million in refinancing for two retail properties, both occupied by Office Depot and Petco, in Wisconsin. Totaling 86,274 square feet, the properties are located at 16085-95 W. Bluemound Road in Brookfield and 4940-50 S. 76th St. in Greenfield. Jeff Frankel of NorthMarq’s Chicago office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.
PLAINFIELD, ILL. — Quantum Real Estate Advisors has arranged the sale of Plainfield Marketplace, a retail building located at 11850 S Route 59 in Plainfield. An Illinois-based private investor acquired the 8,010-square-foot retail center for $1.8 million from a Minnesota-based developer. At the time of sale, the property was 100 percent occupied by Sherwin Williams, Edward Jones, Kumon and EDO Cleaners. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
TEMECULA, CALIF. – A 36,911-square-foot office property in Temecula has sold to the Stewart Group for $3.3 million. The two-building property is located at 28999 and 28991 Old Town Front Street. It is 75 percent occupied by 15 tenants. The space was built in 1986 and 1988. The Stewart Group was represented by Coldwell Banker Commercial. The seller, Plaza Del Rio LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
TEMPE, ARIZ. – Held Properties has acquired Crossroads of Tempe, a 96,691-square-foot office complex, for $17.1 million. The Class A complex is located at 303 and 309 West Elliot Road in Tempe. Both buildings were constructed in 2008. Chris Tocci and Chad Littell of Cushman & Wakefield represented both the buyer and seller, Via West Properties and Southwest Value Partners, in this transaction.