sales_and_leases

NewcrestImage Acquires Two Hyatt Place Hotels in Texas

by Haisten Willis December 16, 2014

PLANO and SAN ANTONIO, TEXAS — NewcrestImage has acquired two Hyatt Place hotels in Texas. The first is a 127-room property on Dallas Parkway in Plano, and the second is a 126-room property on Hyatt Park Drive in San Antonio. Both properties span six floors with amenities including a gym, business center, outdoor pool and flexible meeting space. Hyatt Place in Plano is located in the Dallas Platinum Corridor office district. There are more than 40 million square feet of office space within five miles of the hotel, including the corporate headquarters of JC Penney, Dr Pepper Snapple Group, Frito-Lay, Pizza Hut and Mary Kay. Hyatt Place in San Antonio is located along I-10, adjacent to the 288-acre headquarters of the United States Automobile Association. Also within five miles are the headquarters of Valero Energy Corp., the University of Texas at San Antonio and the South Texas Medical Center.

December 16, 2014

The Boulder Group Arranges $7.1M Sale of Gino’s East Restaurant in Chicago

by Danielle Everson December 16, 2014

CHICAGO — The Boulder Group has arranged the $7.1 million sale of a Gino’s East restaurant property in Chicago. The asset is located at 500 N. LaSalle St. in Chicago’s River North neighborhood. The three-story, 17,400-square-foot building is constructed of brick, wood and masonry. Gino’s East recently invested $1 million for tenant improvements to the building. The property is a relocation of the restaurant’s former flagship location in the area. There are nine years remaining on the Gino’s East lease, which expires in July 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Frontline Real Estate Partners. Matthew Berres of JLL represented the buyer, an affiliate of a Midwest-based real estate investment fund.

December 16, 2014

Connecticut Northeast Office

Cushman & Wakefield Brokers Sale of Westport View Corporate Center in Connecticut

by Amy Works December 16, 2014

WESTPORT, CONN. — Cushman & Wakefield has brokered the sale of Westport View Corporate Center in downtown Westport. Marcus Partners, on behalf of Marcus Capital Partners Fund II, acquired the two-building office campus from Invesco Real Estate for an undisclosed price. Situated on 4.5 acres at 8-10 Wright St., the 84,000-square-foot property is currently 58 percent leased. The buyer plans to invest approximately $4 million to upgrade the property. Renovations will include new enlarged windows; redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage, as well as upgrades to the lobbies, elevators, restrooms and mechanical systems. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield handled the transaction.

December 16, 2014

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $55.6M Sale of High-Rise Apartment Community

by John Nelson December 16, 2014

SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.

December 16, 2014

California Retail Western

Macy’s Building in Carlsbad Sells for $13.7M

by Nellie Day December 16, 2014

CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.

December 16, 2014

Colorado Multifamily Western

Denver Apartment Building Sells for $3.4M

by Nellie Day December 16, 2014

DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.

December 16, 2014

Midwest Minnesota Office

CPA:17 – Global Acquires 182,000 SF Office Building for $34M

by John Nelson December 15, 2014

PLYMOUTH, MINN. — CPA:17 – Global, a managed non-traded REIT of W. P. Carey Inc., has acquired a 182,000 square-foot, Class A office building for $34 million. The facility is located in Plymouth and will be leased on a long-term basis to Smiths Medical beginning in February 2015. Smiths Medical is a supplier of specialist medical devices, consumables and equipment for global markets and is one of the five divisions that form Smiths Group plc, a multinational diversified engineering company. The property will serve as Smiths Medical’s headquarters as part of a broader initiative to improve productivity and collaboration and reduce costs. The facility was constructed in 1999 as part of a mixed-use development that included retail, residential and restaurant space. The building includes modern infrastructure and features large lobbies and common areas.

December 15, 2014

Industrial Nevada Western

Brookside Corporate Center in Reno Sells for $15.8M

by Nellie Day December 15, 2014

RENO, NEV. – The leasehold interest on Brookside Corporate Center, a 261,141-square-foot industrial center in Reno, has sold to Libitzky Property Companies for $15.8 million. The Class A center sits adjacent to Reno-Tahoe International Airport. The three-building center is on a ground lease owned by the airport. HFF’s Steve Golubchik, John Simerlein and Josh DiSalle represented the seller.

December 15, 2014

Hospitality Southeast Tennessee

Pebblebrook Hotel Trust Acquires Union Station Hotel in Downtown Nashville for $52.3M

by John Nelson December 15, 2014

NASHVILLE, TENN. — Pebblebrook Hotel Trust has purchased Union Station Hotel, Autograph Collection in downtown Nashville for $52.3 million. The 125-room hotel is located on Broadway in Nashville’s central business district adjacent to the Frist Center for Visual Arts and Vanderbilt University. Pebblebrook has tapped Sage Hospitality to operate the hotel. The hotel first opened in 1900 as L&N Railroad Station and was converted into a hotel in 1986. The hotel underwent an $11 million renovation in 2007 and a $1.9 million renovation to convert the property to an Autograph Collection by Marriott hotel in 2012. The hotel features 12,000 square feet of meeting space, a grand lobby with a 65-foot barrel-vaulted ceiling, Prime 108 restaurant, fitness center, business center and valet parking. Pebblebrook plans to invest $5 million to $7 million to upgrade the hotel’s guestrooms and public areas.

December 15, 2014

New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Four Shopping Centers in Northern New Jersey

by Amy Works December 15, 2014

MIDLAND PARK, POMPTON LAKES, WYCKOFF AND KINNELON, N.J. — Urstadt Biddle Properties Inc. has acquired four shopping centers, totaling 375,000 square feet, in Northern New Jersey. A New Jersey commercial real estate owner and developer sold the properties for an undisclosed price. The properties are the 130,000-square-foot Midland Park Shopping Center in Midland Park, the 125,000-square-foot Pompton Lakes Town Square in Pompton Lakes, the 43,000-square-foot Cedar Hill Shopping Center in Wyckoff, and the 77,000-square-foot Meadtown Shopping Center in Kinnelon. In total the properties are at least 92 percent leased to a variety of national, regional and local tenants, including Kings Supermarket, CVS, Petco, Starbucks, Hudson City Savings Banks, A&P supermarket, TD Bank, Wendy’s, Planet Fitness, Pet Valu, Hallmark, Walgreens, Chase Bank, Subway, Dunkin Donuts, Supercuts and Rite Aid Pharmacy. Additional terms of the transactions were not released.

December 15, 2014

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