SOUTH EUCLID, OHIO — The Cooper Commercial Investment Group has arranged the $1 million sale of a property occupied by Arby’s in South Euclid, a suburb of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owner, a private investment group based in Cleveland, in the transaction. The buyer was a California-based private investor. Arby’s has seven years remaining on its triple-net lease. The fast-food chain renewed its lease in 2010.
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NEW YORK CITY — Waterbridge Capital has purchased three properties totaling 210,220 square feet, located at the southeast corner of 125th Street and Park Avenue in East Harlem, for $36.8 million. Located at 1815 Park Ave., 1801 Park Ave. and 110 E. 125th St., the properties are currently used as a hotel, a parking lot and retail space. Waterbridge Capital plans to redevelop the properties to create a mega retail center fronting Park Avenue and 125th Street with a high-rise residential condominium building on Park Avenue and 124th Street. Lenny Sporn, Ariel Tavivian and Yair Tavivian of Douglas Elliman’s Tavivian Sporn Team represented the buyer and the seller in the transaction.
SOUTHINGTON, CONN. — Homewood Suites by Hilton has opened a four-story, 110-suite hotel in Southington, located about 18 miles southwest of Hartford. Homewood Suites Southington offers studio, one- and two-bedroom suites, with additional guest amenities including a 24-hour complimentary grocery shopping service, fitness center and a 24-hour business center. The hotel is located at 1096 West St. The Briad Group owns the hotel, which is managed by Briad Hospitality Management LLC.
NEW YORK CITY — The Feil Organization has completed a $2 million renovation at Kohl’s Plaza at 3575 Hempstead Turnpike in Levittown, a community located in Long Island. The renovation for the 28-year-old Nassau County shopping center includes a new brick façade, columns, signage and exterior lighting. The six-month construction project began in April and ended in November. Tenants at the shopping center include Kohl’s, Party City, PetSmart, Five Below, Famous Footwear, Dress Barn, GNC and GameStop. The Feil Organization acquired the Kohl’s Plaza/Nassau Mall retail site in 1984. Both centers are 97 percent leased.
DALLAS — Marcus & Millichap has brokered the sale of Dilido Warehouse, a 60,088-square-foot industrial property in Dallas. Constructed in 2003, the Class B multi-tenant facility is located at 3680 Dilido Road, in close proximity to Loop 12, Interstate 30 and Interstate 80. Roger Hendricks and Myles Ytem of Marcus & Millichap marketed the property on behalf of the seller, a partnership. The two also procured the buyer, an institutional investment firm from California, within four days of listing.
ARLINGTON, TEXAS — NorthMarq Capital has arranged a $6.3 million loan for the acquisition of The Arbors, a 200-unit multifamily property in Arlington. The complex, which offers one-, two- and three-bedroom apartments, is located at 1010 E. Arkansas Lane, in close proximity to Interstate 20, Interstate 30 and State Highway 360. Kevin Jenkins of NorthMarq’s Charlotte, N.C. office originated the three-year loan including interest-only payments.
LANCASTER, TEXAS — Colliers International has arranged a 106,333-square-foot industrial lease in Lancaster, a suburb approximately 15 miles south of downtown Dallas. iGPS Logistics, a manufacturer and distributor of plastic pallets, will occupy the space, which is located within the Prologis Park 20-35 development at 2200 Danieldale Road. Allen Gump, Allyson Gump, Robert Badgero and Steven Badgero of Colliers represented the tenant in the negotiations. Nathan Orbin of Jones Lang LaSalle represented the landlord, an entity of Prologis Inc. known as PACGWL LLC.
GRAPEVINE, TEXAS — Owner/operator NewcrestImage has opened the first “dual-branded” hotel property in the Dallas/Fort Worth Metroplex. Located in the suburb of Grapevine, the facility includes a 181-room Courtyard by Marriott and a 120-suite TownePlace Suites by Marriott. While maintaining separate branding, the hotels share the same management, sales and housekeeping staffs, as well as an outdoor swimming pool, fitness center and 13,000 square feet of meeting space. The property is the third dual-branded hotel in the state of Texas, with others in Houston and Austin. NewcrestImage now owns and operates 17 hotel properties, with five under construction and two in various stages of development.
SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
LA CAÑADA FLINTRIDGE, CALIF. — Retail Opportunity Investments Corporation has purchased Plaza De La Cañada, a 100,408-square-foot neighborhood shopping center in the San Fernando Valley submarket of La Cañada Flintridge, for $35.9 million. The plaza is located at 651-663 Foothill Blvd. The center is anchored by Gelson’s Market, which recently replaced Vons as the property’s primary anchor. Other notable tenants include T.J. Maxx and Rite Aid. The seller, the Vons Companies Inc., was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley’s Irvine office.