DENTON, TEXAS — Marcus & Millichap has arranged the sale of two hospitality properties in Denton. The properties are the 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based company. A Dallas-based private individual purchased the property. La Quinta is located at 4465 I-35. Holiday Inn is located at 4485 N. I-35.
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ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has acquired a 21-story trophy office tower located at 171 17th St. in Atlanta’s Midtown submarket for $132.5 million. The tower is part of the larger 5.6 million-square-foot Atlantic Station mixed-use development. KBS REIT III purchased the Class A asset from JP Morgan. The 509,237-square-foot property was 89 percent leased at the time of the sale and was the world’s first LEED Silver Core & Shell-certified high-rise building, according to KBS.
PLANTATION, FLA. — A pension fund advised by LPC Realty Advisors I LP, an affiliate of Lincoln Property Co., has purchased the Royal Palm office complex in Plantation from Duke Realty for $128 million. The Class A property consists of two buildings totaling 465,592 square feet. Lincoln Property has been retained to manage Royal Palm, which features amenities such as an on-site café, conference training center and a gym with locker room facilities. The site has two, four-level parking garages and 400 surface parking spaces. Lincoln Property has selected Blanca Commercial Real Estate to lease the project.
SUMMERVILLE, S.C. — Charlotte-based Ferncroft Capital has acquired North Main Market, a 455,000-square-foot shopping center located at the corner of I-26 and Highway 17 in Summerville, a suburb of Charleston, for $23.5 million. The property is 98 leased to tenants such as Belk, Walmart and Lowes Home Improvement. Ferncroft plans to make capital improvements to the property, such as new signage, lighting, facades and landscaping. The seller, Childress Klein Properties, was self-represented in the transaction and will continue to provide leasing and management services for the property. Bank of North Carolina provided debt financing on behalf of Ferncroft.
BESSEMER, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of 59 West Shopping Center, a 39,500-square-foot shopping center in Bessemer, a suburb of Birmingham. The center is fully leased to Burkes Outlet, Hibbett Sports and Shoe Dept., and 59’s shadow anchors include Walmart, Dollar Tree, Big Lots and Aldi. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, a private investment group based in Atlanta, in the transaction. Cooper also procured the buyer, a private investment group based in Texas, which purchased the property at an 8.66 percent cap rate.
KENNESAW AND ACWORTH, GA. — Lee & Associates has brokered two industrial leases totaling 207,000 square feet in the Northwest Atlanta submarket. Tommy Hiles and Billy Snowden of Lee & Associates represented the landlord of 2850 Barrett Lakes Blvd. in Kennesaw in the leasing of 150,000 square feet. Jack Haden and Mike Chambers of NAI Brannen Goddard represented the tenant, Atlanta Bonded Warehouse Corp. Hiles and Snowden also represented PrologicITS in the leasing of 57,000 square feet at 106 Northpoint Parkway in Acworth. The landlord, Majestic Realty Co., was represented internally by Will Lombard.
BOSTON — HFF (NYSE: HF) has secured financing totaling $240 million for One Channel Center and the Channel Center Garage, a 501,650-square-foot, newly built office building and 967-space parking garage in Boston’s Seaport District. HFF represented the borrower, a venture between affiliates of Ares Management LLC and CV Properties LLC. The financing was structured as a $190 million first mortgage loan and a $50 million mezzanine loan. The loans will be used to refinance the construction loan on the property. One Channel Center, designed by the architectural firm of ADD Inc. in collaboration with Spalding Tougias Architects, was completed in June 2014. HFF also arranged the $170 million construction loan for the property in 2012. The 11-story One Channel Center is leased entirely to State Street Corp., an international financial services company. One Channel Center and the Channel Center Garage are located within the larger Channel Center master-plan area, a 2.1 million-square-foot mixed-use neighborhood combining office, luxury residential and street-front retail and restaurants. Channel Center is anchored by a series of landscaped parks that include the 1.7-acre Channel Center Park. Anthony Cutone, managing director, and Brett Paulsrud, senior real estate analyst, led the HFF debt placement team.
WESTBOROUGH, MASS. — W. P. Carey Inc. has acquired a facility within Westborough Technology Park in Westborough, a suburb 30 miles west of Boston. The 250,813-square-foot office property sold for $47 million. The property is currently leased to Bose Corp. for a period of 11 years. The seller was Columbia Property Trust. W. P. Carey is a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.
NEW YORK CITY — Servcorp, a global provider of equipped executive offices and virtual office space, has signed a 15-year lease for 34,775 square feet at One World Trade Center. The Australia-based company will occupy the entire 85th floor of the 3 million-square-foot office tower. Founded in 1978, Servcorp currently has 140 locations in North America, Europe, Asia and Australia. The company’s One World Trade Center location is scheduled to open in first quarter 2015. One World Trade Center, which will celebrate its official opening later this year, is being developed as a joint venture of The Port Authority of New York and New Jersey and The Durst Organization.