NORWOOD, MASS. — Summit Hotel Properties Inc. has acquired the Hampton Inn Boston-Norwood, a 139-room hotel located at 434 Providence Hwy. in Norwood for $24 million. The company plans to spend $2.3 million on capital improvements, which will include a conversion to a Hampton Inn & Suites by Hilton, at the property during the second half of 2016. Additionally, the company has entered into a management agreement with Interstate Hotels & Resorts to manage the property. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 9020-9024 Fifth Ave. in Brooklyn. The 24,829-square-foot property sold for $7.5 million. Mark Zarrella and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer, both individual/personal trusts, in the transaction.
PEACHTREE CORNERS, GA. — Glenfield Capital has inked a long-term office lease with global tech firm Concentrix Corp. for 55,000 square feet. The technology business solutions provider will occupy office space at 3795 Data Drive in Peachtree Corners, a northeast suburb of Atlanta. The building is part of the Lakeside at Spalding Triangle campus, which Glenfield Capital purchased in March 2014. Formerly an Avaya call center, the building is outfitted with Georgia Power’s Hi-Reli system that runs underground. Clint Glover of CBRE represented Glenfield Capital in the lease transaction.
STAFFORD, VA. — Coldwell Banker Commercial Elite has brokered the $3.6 million sale of a multi-tenant retail strip center located at 125 Corporate Drive in Stafford. The 8,000-square-foot building was built in 2013 at the entrance to Quantico Corporate Center, an 85-acre mixed-use campus that is home to global defense corporations, universities and U.S. government offices. The retail strip center was fully leased at the time of sale to retailers such as Subway, I Luv Teriyaki, Pancho Villa, Dream Nails and a barber shop. A group of Northern Virginia investors based out of Fairfax Station purchased the retail property. Donny Self of Coldwell Banker Commercial Elite represented the seller, Quantico Retail Building LLC, in the transaction.
GLENDALE, CALIF. – College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.
STREAMWOOD, ILL. — The Opus Group and USAA Real Estate Co. have unveiled plans for a 423,725-square-foot speculative industrial building located at 10 Falcon Court in Streamwood, approximately 35 miles northwest of Chicago. Located on 35 acres just off the Elgin O’Hare Expressway, the cross-docked warehouse will offer 32-foot clear heights, up to 88 exterior truck docks, up to 117 trailer parking stalls and 193 parking spaces with room for expansion. The site also offers quick access to O’Hare International Airport. Construction is expected to start this month and be completed by the end of this year.
DENVER — Baceline Investments LLC has acquired 10 neighborhood retail centers totaling 418,000 square feet in the Midwest and Mid-South for $33.3 million. It is the largest transaction in the history of the Denver-based private equity real estate firm. The portfolio will be part of Baceline’s high-yield income strategy designed to produce substantial income through the ownership of stable, cash-flowing commercial real estate. The acquired properties include: • Park Center, a 105,032-square-foot center in Memphis, Tenn.; • Shoppes of Loveland, a 64,607-square-foot center in Loveland, Ohio, near Cincinnati; • Towne Square, a 55,168-square-foot center in Florence, Ky., near Cincinnati; • Mainline Plaza, a 42,182-square-foot center in Belleville, Ill., near St. Louis; • Fort Plaza, a 39,994-square-foot center in Omaha, Neb.; • Weber Place, a 38,802-square-foot center in Omaha, Neb. • Midway Plaza, a 27,200-square-foot center in Fairview Heights, Ill. near St. Louis; • Noland View, an 18,480-square-foot center in Independence, Mo. near Kansas City; • Holly Hills, a 16,847-square-foot center in St. Louis; • Eagle Creek, a 9,239-square-foot center in Indianapolis.
PARAMUS, N.J. — NAI James E. Hanson has arranged the sale of two retail buildings, totaling 7,700 square feet, located in Paramus. Situated on a 34,023-square-foot lot at 144 and 148 Route 4 East, the properties are fully leased to Cleopatra Tile & Bath and Paramus Furniture and Dinettes. Dominic Fittizzi of NAI Hanson represented the seller, Meyn Trust, and the buyer, Urban Edge Properties, in the transaction. The buyer plans to use the buildings as a short-term investment. The acquisition price was not disclosed.
CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Frankford Point Plaza, a 31,686-square-foot retail property located in Carrollton. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Chad Knibbe of the firm’s San Antonio office secured the buyer, a private investor. Frankford Point Plaza is located at 1837 W. Frankford Road. The center is 94 percent occupied, and all leases are triple-net. Tenants include Villa Mediterranean Grill, Carrollton PMT Center, Corporate Caterers, Allstate Insurance, Two Men Music, US Healthworks, The Daiquiri Shoppe, Big Slick Poker Academy and Renegade Classics DFW. The building was constructed in 2002 and sits on 4.3 acres.
BENTONVILLE, ARK. — Newmark Grubb Arkansas has brokered the $6 million sale of two office buildings located at 700 and 702 S.E. 5th St. in Bentonville. The properties are situated on a 3.2-acre lot and span roughly 59,000 square feet. Bentonville-based Food Hub NWA LLC purchased the buildings from Dixieland Inc., which is also based in Bentonville. Paul Esterer of Newmark Grubb Arkansas represented Food Hub in the transaction. Steve Fineberg and Amy Mills of Steve Fineberg & Associates represented Dixieland.