CHICAGO — J.C. Anderson Inc. has been selected to complete a 9,000-square-foot build-out to DePaul University’s Chartwells Cafeteria on the Loop Campus located at 1 E. Jackson St. Renovations on the 11th floor cafeteria space include an all new dining area, new equipment and food prep stations. Construction is scheduled for completion in September. Nvironment Architecture is providing the architectural services. Katrina Latendorf from DePaul University is coordinating construction management responsibilities.
SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.
TENAFLY, N.J. — HREC Investment Advisors has arranged the sale of the Clinton Inn Hotel & Event Center located at 145 Dean Drive in Tenafly. The buyer, 145 Dean Drive LLC, acquired the 119-room property for an undisclosed sum. Ketan Patel and Geoff Davis of HREC represented the seller, Concord Hospitality Enterprises, in the transaction.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Motel 6 Fort Worth South, a 146-room hospitality property located in Fort Worth. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s Marcus & Millichap’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper sourced the buyer, a local investment group and an experienced Motel 6 operator. Motel 6 Fort Worth South is located at 6600 S. Freeway in Fort Worth, directly off I-35 and just south of Altamesa Boulevard. Constructed in 1981, the asset is situated on 3.3 acres. The two-story property features a guest laundry facility, new televisions, updated guest room flooring, new bedding and desks with seating areas. At the time of listing, Motel 6 Fort Worth South was in the process of implementing a new design concept.
MURRAY, UTAH — A new 5,000-square-foot Starbucks location has debuted in Murray. It is located at 5141 South State St. The building is situated across from Intermountain Medical Center. Wadsworth Development Group developed the center.
GULF BREEZE, FLA. — Westwood Financial Corp. (WFC) has purchased Tiger Point Shopping Center, a 147,400-square-foot shopping center located at 3303 and 3371 Gulf Breeze Parkway in Gulf Breeze near Pensacola. WFC purchased the Winn-Dixie-anchored shopping center from Moulton Properties for an undisclosed price. Built in 1984, the retail property was 87 percent leased at the time of sale. WFC plans to construct 9,000 square feet of new retail shop space at Tiger Point. In addition to Winn-Dixie, the shopping center’s tenant roster includes Beall’s, Papa Murphy’s Pizza and The UPS Store. WFC represented itself in the transaction, and Fain Hicks of DTZ represented the seller.
ATLANTA — Atlanta-based Regent Partners has arranged 80,000 square feet of new leases at Concourse Corporate Center, a 64-acre, 2.2 million-square-foot office campus in Atlanta’s Central Perimeter submarket. The owner, Building and Land Technology (BLT), tapped Regent Partners to manage and lease the campus, which includes the famous “King and Queen” buildings. The center’s new tenants include 35,000 square feet for Amtrak for its North American IT headquarters. Since purchasing Concourse in April, BLT has made capital improvements to the property, including enhancements to restrooms, common areas, lobbies and public spaces, as well as additional capital for spec suites and tenant improvements.
ATHENS, GA. — The Elrod Group, a division of Coldwell Banker Commercial Upchurch Realty, has brokered the $2.9 million sale of Franklin House, a 21,000-square-foot mixed-use building located at 480 E. Broad St. in Athens. Built in 1845, the Franklin House encompasses 3,100 square feet of retail space, 5,700 square feet of office space and seven apartment residences. Brian Elrod and Daniel Bennett of The Elrod Group represented both the seller and the buyer in the transaction.
AUSTIN, TEXAS — Velocis, a private equity real estate manager, has sold two Class A Austin office buildings to Wedge Group, a Houston-based private equity firm. Totaling more than 170,000 square feet, the assets are Arboretum Atrium and Las Cimas I. They were purchased by Velocis in 2013 from Moore & Associates, an investor, owner and operator of commercial office properties. Arboretum Atrium is a 91,083-square-foot, Class A office building. Located in the Arboretum area in northwest Austin, the area serves as a hub for companies including Apple, Cisco, HP, Microsoft and Google. The building is located near restaurants, shops, hotels and other amenities and is one block from Hwy 183, MoPac and Loop 360. The asset is 100 percent leased. Las Cimas I is an 82,787-square-foot, three-story office building located in the center of the four-building Las Cimas office park. Built in 1999, the limestone building includes views of downtown Austin, on-site amenities and proximity to the Village of West Lake shopping center. The asset is 100 percent leased. Hale Umstattd and Leah Gallagher of Transwestern represented the seller in the transaction. Dallas-based Velocis has been active in real estate investment since 2011, purchasing 17 assets located in markets …