HILLSIDE, ILL. — Metro Commons Hospitality has sold a 135-room hotel property to a private buyer for an undisclosed price. The Holiday Inn Express & Suites Chicago West is located at 200 S. Mannheim Road in Hillside, approximately 15 miles west of Chicago. The buyer plans to renovate the property to meet the new InterContinental Hotel Group standards. Nate Sahn, Brian Silberman, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.
LAWRENCEVILLE, GA. — Avison Young’s Atlanta office has arranged a 91,000-square-foot office lease at 1715 N. Brown Road in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Sage Software, an accounting and business management software firm, will lease the space for five years. Chet Koenig of Avison Young represented the landlord, Clarion Partners, in the lease transaction.
HEBRON, MD. — CannaMed Pharmaceuticals LLC, a prospective licensee for one of only 15 medical cannabis growing licenses to be issued in Maryland, has purchased an industrial facility in Hebron. The 47,226-square-foot property is located at 27120 Ocean Gateway and was previously leased to Matech. John McClellan of SVN | Miller Commercial Real Estate brokered the transaction. The state of Maryland is expected to issue CannaMed’s license this summer. The business plans to use 35,000 square feet of the property to house its growing facility and the remaining square footage for research and development of medical cannabis.
NEW YORK CITY — Hubb NYC has purchased a mixed-use property located at 99 Suffolk St. in Manhattan’s Lower East Side. The 40-unit asset sold for $24.5 million, or $830 per square foot. Built in 2004, the 29,600-square-foot building features 35 residential units and five commercial units, currently occupied by Elements Preschool. The residential portion includes three studios, 30 one-bedroom and two two-bedroom units. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
RED HOOK, N.Y. — Sperry Van Ness | Realty Three Advisors has arranged the sale of a retail property located along North Broadway in Red Hook. Allef Main St Partners LLC purchased the building from MC Red Hook NY Landlord LLC for $6.7 million. The free-standing property is net leased to CVS/pharmacy. Patricia Posillico, Lorriane O’Hara and Aric Schachner of Sperry Van Ness | Realty Three Advisors represented the buyer, while Marcus & Millichap represented the seller in the transaction.
LOS ANGELES, NORTH HOLLYWOOD AND SANTA CLARITA, CALIF. — illi Commercial Real Estate has arranged three leases totaling 3,264 square feet. In Los Angeles, Wing Factory leased 1,234 square feet of space at 2454 W. Pico Blvd. Gregg Offsay and Dimas Rangel of illi Commercial arranged the leased. In North Hollywood, Kids & Teens Medical Group signed a lease for 1,440 square feet of space at 7544 Laurel Canyon Blvd. Mike Payne of illi represented the tenant, while Sunil Felician De Silva represented the undisclosed landlord in the transaction. In Santa Clarita, Farmers Insurance leased 590 square feet of space at 26256 Bouquet Canyon Road. Jonathan Daniels of illi represented the tenant, while Realty Executives Valencia represented the undisclosed landlord in the deal.
NORCO AND WESTMINSTER, CALIF. — Coldwell Banker Commercial Alliance has brokered the sales of two retail properties located in Norco and Westminster. In the first transaction, a private investor acquired a 2,474-square-foot Carl’s Jr. property with Vandermolen Center on Hamner Avenue in Norco. The single-tenant asset sold for $1.2 million. In the second deal, a private 1031 exchange buyer acquired single-tenant Taco Bell property at the intersection of Magnolia Street and Edinger Avenue in Westminster. The 760-square-foot asset, which sits on a 13,681-square-foot parcel, sold for $1 million. Daniel Tyner and Scott Hook of Coldwell Banker Commercial Alliance brokered the transactions.
JERSEY CITY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 215 14th St. in Jersey City. Adithya Bathena acquired the 30,000-square-foot building from MIS for an undisclosed price. MIS plans to lease back space within the four-story building. The property also features ground-floor retail space that is currently leased to Dunkin’ Donuts. Russell Verducci and Eric Demmers of NAI Hanson represented the buyer, while Dan DePalma of JLL represented the seller in the transaction.
AUSTIN, TEXAS — American Realty Advisors has sold two Class A multifamily apartment communities in Austin. The two properties, known as ALARA Cantebrea Crossing and ALARA Canyon Creek, feature a total of 732 units and were packaged as a single portfolio. Both properties are low-density residential communities located along FM 620 North in Austin’s Northwest submarket. American acquired ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007. At the time of sale, both properties were the only multifamily luxury rental complexes within a two-mile radius. The portfolio was 95 percent occupied at the time of sale. CBRE represented the seller in the transaction.
CAPE CORAL, FLA. — Stiles Realty has signed Starbucks Coffee and Chipotle Mexican Grill to lease outparcel space at Coralwood Center, a 349,205-square-foot retail center located at 2301 S. Del Prado Blvd. in Cape Coral. The two tenants will open at the 6,038-square-foot outparcel this fall. The retail center is currently 73 percent leased to tenants such as Ulta Beauty, LA Fitness, Bealls Outlet, JC Penney, Lenny’s Sub Shop and the newly opened HomeGoods. Jill Gull of Stiles Realty represented the landlord, Siles and GRE Coralwood LP, in the two lease transactions. Michael Daly of LandQwest Commercial represented Starbucks, and Michael Weiss of SRS Real Estate Partners represented Chipotle.