sales_and_leases

Peachtree Hotel Group Sells AC Hotel by Marriott in Downtown Atlanta for $57.5M

by Camren Skelton August 11, 2017

ATLANTA — Atlanta-based Peachtree Hotel Group has sold the AC Hotel by Marriott in downtown Atlanta to Austin, Texas-based Summit Hotel Properties Inc. for $57.5 million. The 255-room hotel — a redevelopment of a former Holiday Inn — opened in May 2017 after undergoing approximately $20 million in renovations. The hotel features a health and fitness studio, outdoor patio, swimming pool and an enclosed Zen garden with greenery walls. Interstate Hotels & Resorts will manage the property. Situated at 101 Andrew Young International Blvd. in the heart of downtown Atlanta, the hotel is within walking distance to CNN Studios, Centennial Olympic Park, the Georgia Aquarium, the College Football Hall of Fame and the World of Coca-Cola.

August 11, 2017

Georgia Office Southeast

Wealth Management Firm to Relocate Headquarters to Three Alliance Center in Buckhead

by Camren Skelton August 11, 2017

ATLANTA — Homrich Berg, an Atlanta-based wealth management firm, will relocate its headquarters to Three Alliance Center in Atlanta’s Buckhead district. Andy Ghertner and Carla Williams of Cushman & Wakefield represented the tenant, and Chris Ahrenkiel represented the landlord, Tishman Speyer, internally in the lease transaction. Homrich Berg will lease 26,126 square feet in the 30-story tower. Constructed in 2016, Three Alliance Center is the final phase of the Alliance Center office complex and features an on-site fitness center, conference center, 24-hour security, covered parking, a glass curtain wall system and 360-degree, floor-to-ceiling windows.

August 11, 2017

Office Texas

CBRE Arranges Sale of Preston Plaza in North Dallas

by Taylor Williams August 11, 2017

DALLAS — CBRE has arranged the sale of Preston Plaza, a 250,009-square-foot office property located at the intersection of Preston and Frankford roads in North Dallas. Built in 1986 and renovated in 2015, the property was 91 percent leased at the time of sale. Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill of CBRE represented the seller, Caddo Holdings, in the transaction. Houston-based Tanglewood Property Group purchased the asset for an undisclosed price.

August 11, 2017

Office Texas

HFF Negotiates Sale of 251,143 SF Office Building in Austin

by Taylor Williams August 11, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 3900 San Clemente, a 251,143-square-foot office property situated on 9.9 acres at 3900 N. Capital of Texas Highway in Austin. Completed in 2008, the property was 91 percent leased at the time of sale and anchored by Samsung, VMWare and Maxim Integrated. Amenities include a fitness center, curbside food truck service and a connected parking garage. HFF represented the seller, a partnership between a global real estate investment manager and Austin-based HPI Real Estate, and procured the buyer, California-based investment firm Menlo Equities. The company secured an undisclosed amount of acquisition financing for the buyer through a national bank.

August 11, 2017

Retail Texas

EDGE Brokers Sale of Retail Center in Conroe, Texas

by Taylor Williams August 11, 2017

CONROE, TEXAS — EDGE Capital Markets has brokered the sale of Montgomery Crossing, a retail property consisting of 69,000 square feet of inline space, three pad sites and a 2.3-acre development parcel. The property is located near the intersection of Interstate 45 and State Highway 105 in Conroe, about 40 miles north of Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed seller in the transaction. Montgomery Crossing LLC/ShinMac Management purchased the asset for an undisclosed price.

August 11, 2017

Industrial Texas

Lee & Associates Negotiates 40,576 SF Industrial Lease Renewal in Arlington

by Taylor Williams August 11, 2017

ARLINGTON, TEXAS — Lee & Associates has negotiated a 40,576-square-foot industrial lease renewal at 417 113th St. in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, Global Logistics Property, in the lease negotiations. Jim Ferris of Bradford Cos. represented the tenant, JTM Ventures Inc., an Arlington-based defense contractor. The length of the lease renewal was not disclosed.

August 11, 2017

California Office Retail Western

Avison Young Facilitates $3.7M Sale of Retail, Office Property in Hollywood

by Nellie Day August 11, 2017

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a retail and office property located at 6501 Hollywood Blvd. in Hollywood. A Los Angeles-based private investor sold the 7,000-square-foot property for $3.7 million. At the time of sale, the two-story property was fully leased. John Tronson and Steven Tronson of Avision Young represented the seller and buyer, a private investor from New York City, in the deal.

August 11, 2017

California Multifamily Western

Progressive Real Estate Arranges 9,776 SF in Leases at Metro at Main in Corona

by Nellie Day August 11, 2017

CORONA, CALIF. — Progressive Real Estate Partners has arranged 9,776 square feet in retail leases at Metro at Main, a mixed-use community located at the corner of North Main and Rincon streets in Corona. Metro at Main features 60,000 square feet of retail space and 868 luxury high-rise residential units. The new tenants include a 1,845-square-foot Coffee Bean & Tea Leaf, a 3,138-square-foot America’s Best Vision, a 1,398-square-foot Poki Cat, an 859-square-foot Organic Junkie, a 1,337-square-foot Meraki Salon and a 1,199-square-foot Union Barber & Beer Lodge. Paul Galmarini and Gretchen Lastra of Progressive Real Estate represented the landlord internally in the lease transactions.

August 11, 2017

Illinois Midwest Office

Northern Trust Signs 462,000 SF Office Lease in Chicago

by Kristin Harlow August 11, 2017

CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …

August 11, 2017

Midwest Ohio Retail

Colliers Brokers $2.4M Sale of Shopping Center in Bellbrook, Ohio

by Kristin Harlow August 11, 2017

DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.

August 11, 2017

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