OLATHE, KAN. — Block & Co. has arranged the sale of La Quinta Inn & Suites in Olathe, Kan., to Champion Hotels, an Oklahoma City-based hotel investment and development firm for an undisclosed price. The three-story hotel is located on the site of the Great Mall of the Great Plains at 20570 W. 151st St. The 106-room hotel features 58,000 square feet of space and sits on 3.5 acres. Max Kosoglad and David Block of Block & Co. represented the seller, TAO-OKSLQ LP.
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ROCKFORD, Ill. — Principle Construction Corp. has completed a 19,375-square-foot build-out for Schneider Electric of North America, a global specialist in energy management. The renovated space is located at 839 N. Perryville Road in Rockford. Principle made interior improvements to the two-story office building to accommodate Schneider’s laboratory operations and office space needs. The building has performance/testing labs. The lower level was reconfigured with individual electrical, mechanical and valve testing labs; the HVAC cooling system was increased by 33.5 tons; and the electrical service was increased to 1600 amps to handle the increased cooling and electrical loads required for testing operations. The project also included a complete redesign of Schneider’s specialized custom valve and actuator testing equipment chambers. Spring Creek Development Group, which owns the property, hired Principle to complete renovations.
BOSTON — Berkeley Investments Inc. has begun the total rehabilitation of 9 Channel Center, a seven-story office and retail building totaling 77,000 square feet in the Channel Center neighborhood of Boston’s Seaport District. JLL has been named the leasing agent for the office space. The property’s renovation will include the installation of new building systems and the addition of street-level retail. The building’s brick and beam architecture is being restored as a historic building in accordance with historic tax credit requirements of the National Park Service. The building will also feature a new atrium lobby, windows, modern lighting and finishes, elevators, open retail storefronts on the ground floor and a roof deck. The architect for 9 Channel Center is Bargmann Hendrie + Archetype Inc. The agents for retail leasing are Boston Retail Partners.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an 11-building multifamily portfolio in the Tremont section of the Bronx for $40 million. The combined 348,726 –square-foot portfolio includes 10 five-story buildings and one six-story apartment building with a total of 331 apartments. The properties are located at: 2078 and 2074 Crotona Parkway; 2132 and 2140 Daly Ave.; 1895 Belmont Ave.; 2146 Vyse Ave; 968, 984 and 990 Bronx Park South; and 2075 and 2079 Mohegan Ave. The sale also includes a vacant lot. Aaron Jungreis and Mike Kerwin of Rosewood Realty Group brokered the deal on behalf of the seller, Mohegan Crotona Associates, a private investor. Michael Guttman, also of the firm, represented the undisclosed buyer, also a private investor. The portfolio sold for 7.4 times the combined rent rolls.
FAIR LAWN, N.J. — Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a 3.9-acre residential and retail development in Fair Lawn, N.J., for $1.7 million. United Way purchased the 3.9-acre portion of a subdivided seven-acre parcel from the Borough of Fair Lawn. The site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which includes 20,000 square feet of retail space that is currently occupied by CVS/pharmacy and Advance Auto Parts. Darren Lizzack and Hal Messer of NAI Hanson represented the Borough of Fair Lawn in the transaction.
ROCKY HILL, CONN. — O,R&L Commercial has arranged the $3.8 million sale of a 43,465-square-foot office building in Rocky Hill, a southern suburb of Hartford, Conn. Jay Morris and Robert Gaucher of the firm represented the buyer, Twenty Eighty Professional Center LLC, and the seller, 2080 Realty LLC, in the transaction. The building, located at 2080 Silas Deane Hwy, was fully leased at the time of the sale.
GARDEN CITY, N.Y. — ULTA Beauty, the national retailer of prestige and mass beauty products, including cosmetics, fragrance, hair care and more, has signed a lease for a 11,400-square-foot space in the Mall at Bay Plaza. The 780,000-square-foot mall is under construction now and will open third quarter of 2014. This will be ULTA's first location in the Bronx. Sabre Real Estate Group arranged the lease.
DALLAS — Steadfast Income REIT Inc. has acquired Mapleshade Park, a 148-unit multifamily property in Dallas. Located at 6606 Mapleshade Lane, the Class A, garden-style complex is in close proximity to the President George Bush Turnpike. The community includes two-bedroom apartments in three different townhouse layouts, as well as a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue area. The property was 96 percent occupied at the time of the acquisition. Ryan Reid, Dirk Goris and Jeremy Faltys of CBRE represented both Steadfast Income REIT and the unnamed seller in the transaction. Steadfast Income REIT acquired the property, along with a 192-unit multifamily property in Chattanooga, Tenn., for approximately $42 million.
EULESS, TEXAS — Multifamily developer The NRP Group has purchased a 10-acre parcel in the Metroplex suburb of Euless for the construction of a new 300-unit apartment complex. The land, situated at the northwest corner of State Highway 183 and State Highway 360, is located within the Bear Creek Riverwalk mixed-use development. The seller, Stratford Land, originally acquired the parcel in 2011. The NRP Group will break ground on its multifamily project this summer. Andrew Prine of Stratford Group LLC brokered the transaction.
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of Marcel Crossing II, a 27,128-square-foot shopping center in The Woodlands. Located at 8000 McBeth Way, the property houses tenants including Vedas Med Spa, Boni’s Dance Studio, Kumon and The Breakfast Place. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, locally based developer Marcel Group. Hargrove and Miller also secured the buyer, an out-of-state limited liability company.