QUAKERTOWN, PA. — Optimum Hotel Brokerage has closed the sale of the Best Western Quakertown, a select-service hotel in Quakertown, a northern suburb of Philadelphia. Joe McCann of Optimum represented the seller, a family that owned and operated the 44-room hotel for more than 30 years. The buyers of the hotel were local hotel investors. There were more than 20 offers on the property, according to McCann. The purchase price was undisclosed.
READINGTON, N.J.— Weichert Commercial Brokerage Inc. has been hired to serve as exclusive marketing agent for two industrial buildings located at 61 County Line Road in Readington, about 30 miles west of Edison. Mark Calabro, senior vice president, and Philip MacLaren, vice president, of Weichert Commercial Brokerage are handling the marketing of the property. The two buildings total approximately 31,600 square feet. The main building on the 10-acre site includes 13 drive-in doors with drive-thru capabilities.
HOUSTON — The Royal Sonesta Hotel Houston will soon undergo a $25 million renovation, featuring upgrades to the lobby, all 485 guestrooms, its restaurant and bar and its 50,000 square feet of event space. Existing amenities such as the rooftop swimming pool will be enhanced as well. Looney & Associates is designing the hotel renovations. The hotel is located in Houston's Uptown District, adjacent to the Houston Galleria. A majority of the work is slated for completion this fall.
FORT WORTH, TEXAS — Homewood Suites by Hilton has opened a new 112-suite hotel in Fort Worth, known as Homewood Suites — Fort Worth Medical Center. Fort Worth Midtown Lodging Partners ES owns the property and Raymond Management Co. manages it. The new hotel is located at 2200 Charlie Ave. and features an amenity package consisting of a fitness center, pool, sports court, 24-hour business center and meeting space.
DALLAS — The CBRE retail brokerage and project management team in Dallas has arranged the expansion of Seattle's Best Coffee to 10 locations throughout the Dallas/Fort Worth Metroplex. Daniel Taylor, Chris Sacks and Andrew Wiley provided market evaluation, mapping and demographic analysis, site selection and lease negotiations for the coffee retailer. Sean Goff and April Desabrais of CBRE's project management team established a cost efficient approach to construction. The 10 sites are located in Dallas, Fort Worth, Burleson, Lancaster, McKinney and Rockwall.
ARLINGTON, TEXAS — Pie Five Pizza Co. has opened its 10th corporate-owned location in the Dallas/Fort Worth area and its 11th store overall. The new Pie Five restaurant will located at 2151 N. Collins St., Suite 105 in Arlington. The restaurant is nearly 2,000 square feet and can accommodate approximately 70 patrons. Pie Five has awarded agreements for another 37 restaurants to-date in Utah, Charlotte, North Carolina, Florida and Kansas City.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of a 7,164-square-foot Macaroni Grill restaurant in Tulsa. The restaurant is located at 6603 S. Memorial Drive. Jason Vitorino and Jared Aubrey of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Vitorino and Aubrey procured the buyer, also a limited liability company. Tim Speck of Marcus & Millichap's Dallas office assisted in closing the transaction.
SAN DIEGO — Four Points Business Park, a 124,712-square-foot business park in San Diego, has sold to Brookwood Financial Partners for an undisclosed sum. The three-building business park is located at the intersection of Ruffin Road and Chesapeake Drive in the submarket of Kearny Mesa. It was 84 percent occupied at the time of sale. Brookwood is planning to make significant renovations to the property. This is the firm’s third San Diego-area acquisition in the past 20 months. Brookwood represented itself in this transaction. The seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle. CB Richard Ellis will act as the center’s leasing agent.
LITTLETON, COLO. – A 4,820-square-foot retail and industrial building in Littleton has sold to an unnamed buyer for $1.2 million. The three-tenant, triple-net-leased property is located at 231-251 West County Line Road. The building is anchored by an Allstate drive-thru claims center. The seller, Advanced Property Services, was represented by Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide.
SEATTLE — In a move to increase its presence in the United States, Canada-based Ivanhoe Cambridge Inc. has acquired the Wells Fargo Center, a 47-story, Class A office tower in downtown Seattle, for $390 million. Boston-based Beacon Capital Partners LLC was the seller. The transaction marks the region’s largest office sale so far this year, according to the Puget Sound Business Journal. Built in 1983, the office property at Third Avenue and Madison Street includes 983,600 rentable square feet. Of that, nearly 298,900 square feet are available for lease, according to OfficeSpace.com. The skyscraper, which has views of Elliott Bay and downtown Seattle, brings the Canadian investor’s share of Class A space in city’s financial district to almost 8 percent, according to a statement released by Ivanhoe Cambridge. The company has a 50 percent stake in the 943,600-square-foot U.S. Bank Centre, also in the district. Located at 999 Third Ave., Wells Fargo Center is one of Seattle’s tallest skyscrapers. The tower features energy-management and environmental systems, with LEED Gold certification. Ivanhoe Cambridge is the real estate arm of Canadian institutional fund manager Caisse de dépôt et placement du Québec. The real estate manager owns CAN$35 billion in assets in more …
