IRVING, TEXAS — Transwestern has negotiated the sale of an office building located at 4001 W. Airport Freeway in Irving. MLMT 2005-LC1 Freeway Offices LLC sold the 85,900-square-foot property for an undisclosed price. Steven Simon and Matt Hurlbut of Transwestern represented the seller. The name of the buyer and acquisition price were not released.
SEGUIN, TEXAS — Marcus & Millichap has arranged the sale of a restaurant property located at 498 N. Highway 123 Bypass in Seguin. Wendy’s net leases the 2,864-square-foot property, which was built in 2003. Geoff Ficke and Collin Kraft of Marcus & Millichap represented the undisclosed seller. The name of the buyer and acquisition price were not released.
HOLLY, MICH. — Signature Associates has arranged the sale of a 27,420-square-foot industrial building in Holly, south of Flint. The sales price was not disclosed. The building is located at 4101 E. Baldwin Road. Zito Construction, a local construction company, was the buyer. Paul Saad and Joe Banyai of Signature Associates represented the seller, LN Real Estate LLC.
KING OF PRUSSIA, PA. — A joint venture between Ayer Capital Advisors, Ashwin Pandya and The Wankawala Organization has acquired a Holiday Inn Express & Suites in King of Prussia for an undisclosed price. The hotel features 155 guest rooms. Chatham, N.J.-based Cronheim Hotel Capital secured financing for the acquisition. The name of the seller was not released.
EAST HAVEN, CONN. — O,R&L Commercial has arranged a long-term lease for 26,460 square feet of retail space at Foxhaven Plaza, located on Foxon Road in East Haven. Flippin Out, dba Rockin’ Jump Trampoline Park, will open a location at the shopping center in early February. Rich Guralnick of O,R&L Commercial represented the landlord, Foxhaven Plaza LLC, while David Gorback of Colonial Properties represented the tenant in the deal.
PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).
LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.
SAN RAFAEL, CALIF., AND BURLINGTON, WASH. — Macerich has completed the disposition of two retail centers in California and Washington. Merlone Geier Partners acquired the properties — Northgate Mall in San Rafael and Cascade Mall in Burlington — for $170 million. The transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate Mall.
WEST HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sale of a mixed-use development site located at 431 N. La Cienega Blvd. in West Hollywood. A group of local and national developers acquired the 32,574-square-foot site for $21.2 million. At the time of sale, the property was occupied by Royal Car Wash and other local retailers. The property also features multifamily units. Brandon Michaels and Lonnie McDermott of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.