BERLIN, CONN. — O,R&L Commercial has facilitated the lease of 18,000 square feet of warehouse distribution and office space at 24 New Park Drive in Berlin. FSB leased the space from The Cariati Family LP. The tenant plans to use the space for its U.S. headquarters. Frank Hird of O,R&L represented the tenant, while James Neckerman of Commercial Real Estate Group represented the landlord in the lease transaction.
WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.
CHICAGO — ESD, a global engineering firm, has signed a 46,884-square-foot office lease at Willis Tower in Chicago. The firm plans to move its Chicago operations from 175 W. Jackson Blvd. to the tower in June 2018. ESD will occupy the entire 53rd floor and half of the 54th floor. Blackstone acquired Willis Tower in 2015, and unveiled plans for a $500 million renovation to the building earlier this year in conjunction with Equity Office, the U.S. office portfolio company wholly owned by Blackstone’s real estate funds. Jamey Dix, Maggie Brophy and Joy Jordan of the Telos Group represented Equity Office in the lease transaction. Gregg Witt of CBRE and Steve Stratton and Jeff Liljeberg of JLL represented ESD.
LONG BEACH, CALIF. — Rexford Industrial Realty has purchased a build-to-suit facility at Douglas Park in Long Beach for $30.6 million. The 136,965-square-foot building is occupied by Universal Technical Institute, which signed a 15-year lease. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the buyer and seller, Sares Regis Group, in this transaction. CBRE’s John Schumacher, Brian DeRevere and J.B. Green were the local market experts on the deal.
CHARLOTTE, N.C. — Starlight U.S. Multifamily (No.5) Core Fund has sold Belle Haven, a 176-unit, Class A apartment complex located at 9005 Post Canyon Lane in the University of North Carolina-Charlotte submarket, for $28.3 million. Belle Haven Acquisition LLC, an indirect, wholly owned subsidiary of the fund, sold the property to an undisclosed buyer. Proceeds from the sale will be used to pay the outstanding mortgage balance of approximately $17.8 million, with the remainder expected to be utilized on a tax-deferred basis to acquire a multifamily property with a greater number of units. Property amenities at Belle Haven include a fitness center, yoga room, pool, clubhouse and a neighborhood pet park.
STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.
EAST NORTHPORT, N.Y. — Island Associates has arranged the sale of a retail property located at 295 Larkfield Road in East Northport. An undisclosed buyer acquired the 12,000-square-foot property for $2.5 million. Roger Delisle of Island Associates was the sole broker in the transaction. The name of the seller was not released.
YARDLEY, PA. — TriGate Capital has completed the disposition of Lower Makefield Shopping Center, a shopping center located at 700 Stony Hill Road in Yardley. Inland Institutional acquired the 74,953-square-foot property for an undisclosed price. Giant Food Store, Rite Aid Pharmacy and First Choice Bank occupy the property. Brad Nathanson and John Colussi of CBRE represented both the seller and buyer in the transaction.
KATY, TEXAS — PCL Industrial Construction will relocate its headquarters to a 36,596-square-foot office space within the Grandway West development in Katy. The company will occupy the second floor of Building 4, a 72,045-square-foot, Class A property, which is located at 2322 W. Grand Parkway. Eugene Terry and David Bale of JLL represented PCL in the lease negotiations. Parker Burkett of Transwestern represented the landlord, Insite Realty.
MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.
