CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
PIGEON FORGE, TENN. — Colliers International has arranged the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge. A private investor based in Tennessee purchased the property for approximately $5.2 million, or $13 per square foot. The shopping center, located at 2655 Teaster Lane, includes tenants such as Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Atlanta office, along with Tony Vaughn in the firm’s Nashville office, represented the seller, a subsidiary of Horsham, Pa.-based Capmark Financial Group, in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer.
RALEIGH, N.C. — Rockbridge Partners has acquired the Raleigh Marriott Crabtree Valley, a six-story, 375-room hotel located in Raleigh. The hotel is located directly across from Crabtree Valley Mall. Rockbridge is planning a $23 million renovation to the hotel, which will involve improvements to guestrooms and bathrooms, a new 10,000-square-foot ballroom, a new patio terrace and pool and reconfigurations to the existing lobby and restaurant. Concord Hospitality will manage the hotel.
JACKSONVILLE, FLA. — Franklin Street Real Estate Services has arranged the $1.1 million sale of Lem Turner Shopping Center, a Walmart- and The Home Depot-anchored shopping center located at 3200 Armsdale Road in northwest Jacksonville. Jonathan Graber, Rafeal Wright and Nicolas Prevolos of Franklin Real Estate Services represented the seller, a national investment firm based in the Midwest, in the transaction. The buyer, also a national investment firm based in the Midwest, plans to make capital improvements to the property, which is currently 50 percent leased.
MEMPHIS, TENN. — Thorofare Capital Inc. has closed a $3.3 million senior bridge loan to refinance The Clarion Hotel Airport/Graceland Area in Memphis. The 245-room, four-story hotel is located at 1471 E. Brooks Road. The hotel features two restaurants and two bars. The borrower, Cedar Street Co., is using proceeds from the loan to retire a portion of a mezzanine portfolio loan used for several of its assets. In 2011-2012, Cedar Street associated the hotel with Choice Hotels International under the Clarion brand and implemented a $3.5 million renovation.
ATLANTA — Cushman & Wakefield has closed a 61,000-square-foot, 15-year office lease with marketing firm Career Sports & Entertainment Inc. The company will lease office space at 150 Interstate North, located in the Interstate North Office Park in Atlanta’s Northwest submarket. Caroline Nolen and Porter Henritze of Cushman & Wakefield’s Atlanta office represented the landlord, Interstate North Office Park LP, in the lease deal. Jimmy Sanders and Mitch Kahlert of ICON Commercial Interests represented the tenant.
CHICAGO — CBRE Global Investors’ U.S. Managed Accounts Group has acquired 161 N. Clark St., a 49-story office building in Chicago, on behalf of a consortium of Korean investors led by the South Korean Postal Service. The tower sold for approximately $348 million, according to Crain’s Chicago Business. Speyer sold the 1.1 million-square-foot, trophy-quality building, which is located in the Central Loop submarket of downtown Chicago. The U.S. Managed Accounts team plans to implement a $14 million capital improvement campaign to upgrade existing amenities and building systems and to maintain the property’s existing LEED Silver certification. The property is 93 percent leased to a diverse roster of tenants with limited rollover. Vic Bucchere, Gary Jaye and Brian Cosentino of CBRE represented the buyer in the transaction.
SAUK RAPIDS, MINN. — The Mansour Group has arranged the $10.9 million sale of a Walgreens property in Sauk Rapids, a small city in central Minnesota. Alvin Mansour of The Mansour Group marketed the property on behalf of the seller, a Houston-based developer. A 1031 tax-deferred exchange investor based in California purchased the property. The property is located near a new four-lane bridge that connects the downtown area of Sauk Rapids to St. Cloud.
EDINA, MINN. — Marcus & Millichap has arranged the $3.2 million sale of Willow Greens, a 20-unit apartment property in Edina, a southwest suburb of Minneapolis. Josh Talberg, an investment specialist in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a limited liability company. Constructed in 1968 and purchased by the seller in 2006, Willow Greens is located at 4350-4380 Parklawn Ave.
SARATOGA SPRINGS, N.Y. — Axiom Capital has closed $28.5 million in permanent financing for a 188-unit apartment complex in Saratoga Springs, located about 35 miles north of Albany. A life insurance company provided the non-recourse, 15-year loan, which includes a fixed interest rate and a 64 percent loan-to-value ratio. The loan amortizes in 30 years. The luxury multifamily community spans 166,743 square feet and includes 22,948 square feet of ground-floor retail space. Amenities at the property include secure access, covered parking, open floor plans and cable and wireless Internet. Each unit features a washer and dryer, stainless steel appliances, granite countertops and hardwood and tile flooring.