OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged a lease renewal between landlord Bigs Mortgage LLC and tenant AIM Distribution Services for a 112,140-square-foot industrial space in Oak Creek. The building is located at 525 W Marquette Ave. Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.
HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged three new office leases in Troy. L. Mason represented the landlord in two transactions including the lease of 4,332 square feet to Padgett Business Services at 1120 E. Long Lake Road and 6,576 square feet to Liberty Union Life Assurance Company at 560 Kirts Boulevard. L. Mason also represented Car.com in its 5,449-square-foot lease renewal at 888 W. Big Beaver Road.
PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.
BOULDER, COLO. — Marcus & Millichap has arranged the sale of Plaza on Broadway, a 39-unit, 152-bed multifamily student housing community in Boulder. The $24.05 million sales price equates to $616,667 per unit, $158,224 per bed and approximately $474 per square foot. Built in 2013, the property is situated on 1.44 acres, located directly across from the University of Colorado-Boulder campus at 17th Street and Broadway. The property sits on a 60-year ground lease. Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, facilitated the sale on behalf of equity members. Plaza on Broadway is a community built with emphasis on sustainable living through high-efficiency mechanical systems for reduced water and energy consumption, natural ventilation and a location that allows residents ease of access to public transportation. Community amenities include bike storage, fitness center, laundry facilities, interior study spaces, television rooms, exterior courtyards and underground parking. The unit mix features mostly four-bedroom apartments with private bathrooms for each bedroom.
SAN DIEGO — The Quad, a privately owned, mixed-use student housing structure designed by Safdie Rabines Architects and located in San Diego’s 204-acre North City master plan, has been completed. Located directly across the street from California State University San Marcos Campus (CSUSM), The Quad is a five-story, 230,600-square-foot building designed to achieve LEED Gold certification. It includes 591 dorm rooms housing 889 student beds, 12,000 square feet of academic, student life and event spaces, and 20,000 square feet of retail/commercial space. The ground floor retail is oriented along North City’s main entrance road and features cafes, restaurants and outdoor dining. A parking arrangement allows all parking spaces to be located on the campus, encouraging students to walk or bike across the road to the campus. The Quad is comprised of six separate buildings organized around a series of outdoor spaces including a large central courtyard. Exterior bridges and stair towers link the buildings. The courtyard includes a pool and barbecue area, with student classrooms and lounges along the perimeter activating the central quad. The units are designed with central bathroom and kitchen cores, stacking the utilities to maximize efficiency within buildings.
ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
CARTERET, N.J. — The Hampshire Cos. has announced the sale of PortSouth Milik, a 232,134-square-foot industrial building located at 200 Milik St. in Carteret, to TIAA-CREF. Hampshire acquired the former Pathmark office headquarters site in June 2011 and transformed the space into a LEED-certified warehouse and industrial logistical center before signing FedEx Ground as a tenant. The building is located within easy access of the New Jersey Turnpike at exit 12, near Port Newark/Elizabeth and Newark Liberty Airport. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the transaction.
RALEIGH, N.C. — Concord Hospitality has sold the Renaissance and Hyatt House Raleigh North Hills hotels in Raleigh for a combined $109 million. Companies owned by an unnamed global investment fund acquired the two hotels through cash and an assumption of debt. The two properties anchor North Hills, a 1 million-square-foot mixed-use development that serves as a live-work-play destination for Raleigh residents and businesses. Concord will continue to manage the two assets under a long-term management agreement. Mark Elliott of Hodges Ward Elliott and Tom Ives of CBRE Hotels represented the seller in the transaction.
CHICAGO — MB Real Estate Services Inc. has arranged a 9,306-square-foot lease renewal on behalf of A+E Networks, a joint venture of Disney-ABC Television Group and Hearst Corp. The property is located at 111 East Wacker Drive in the East Loop of Chicago. Nikki Kern of JLL represented building ownership, and Boris Yelyashov and Christine Torres of MB represented A+E Networks in the transaction.
