HOUSTON — The historic Texaco office building, originally built in 1915, will see new life after 25 years of vacancy. Dallas-based Provident Realty Advisors has acquired the downtown Houston property and will redevelop the building as high-rise apartments. The renovation plans are valued at $95 million, according to the Houston Business Journal, and include 8,000 square feet of ground-floor retail in addition to 309 multifamily units. Hnedak Bobo Group of Memphis will serve as project designer, while a subsidiary of Provident Realty will serve as general contractor.
HOUSTON — CBRE has brokered the sale of 26,937 square feet of street-level retail and office space at Houston’s Bayou Lofts. The Denver-based buyer, Byers Street Properties, acquired the first two levels of the Topek Building and Parking Garage, which was incorporated into the Bayou Lofts redevelopment. Mike Hassler and Todd Casper of CBRE represented the seller, Dallas-based Spire Realty Group.
NEW YORK CITY — GFI Realty Services Inc. has secured the sale of a four-story mixed-use building in the Park Slope section of Brooklyn for $3.5 million. The property consists of 14 apartment units and two ground-floor commercial units totaling 10,596 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Shlomo Antebi, also with GFI Realty Services, represented the buyer, a local investor. The property was built in 1921 and is located in close proximity to Prospect Park.
KANSAS CITY, MO. — Diversified Asset Management (DAMCO) has purchased Highland Tower, a 116,566-square-foot office building located at 6724 Troost Avenue in Kansas City. Formerly a hospital, the property will be repurposed for mixed use. DAMCO expects the new community to consist of approximately 300 units in studio, one- and two-bedroom layouts. Matt Ledom of Block Real Estate Services represented the buyer, while Aaron Mesmer and Bruce Johnson, also of Block, represented owner Cadles.
NEW YORK CITY — Co-developers Taconic Investment Partners and Thor Equities have topped out 837 Washington, a 55,000-square-foot commercial and retail building located in the Meatpacking District of New York City. The six-story development will include 28,000 square feet of retail space and 27,000 square feet of office space at the former site of a 1930s factory building. Morris Adjmi Architects designed the twisting structure. Thor Equities paid $55 million for a 75 percent stake in the Meatpacking District project last December, according to the New York Post.
MILFORD, CONN. — Washington Trust’s commercial real estate group has provided $4.3 million in acquisition financing to Metro 100 LLC for a mixed-use property in Milford. Located at 100-102 Lansdale Ave., 10 miles south of New Haven, the property includes 23 apartment units and 20,808 square feet of retail space. Proceeds from the loan will be used to make enhancements to the property.
NEW YORK CITY — The Praedium Group and partner NorthEnd Equities have sold the leasehold interest in 16 West 36th Street in Manhattan to Kiamie Industries Inc. In a little over a year since acquiring the asset, the partners sold the building for $12.9 million. The 13-story office and retail asset is located in the Midtown South neighborhood. Since acquiring the building in February 2012, the partnership has increased the building’s occupancy from 68 percent to 95 percent. Located between Fifth Avenue and Avenue of the Americas, the building was constructed in 1920. Neil Helman and Charles Kingsley, both principals at Avison Young’s Capital Markets Group, represented the sellers in the transaction.
NEW YORK CITY — Massey Knakal has arranged the sale of a four-story loft building located at 727 Sixth Ave. in Manhattan's Chelsea neighborhood for $8.1 million, or $1,358 per square foot. The 6,000-square-foot building includes a ground-floor retail unit, second-floor commercial space and live/work units on the third and fourth floors. This property is located between West 23rd and West 24th streets. Neighboring retailers include Best Buy, Trader Joe’s, Chase, and Staples. Long-time owner Robin Rice sold the property alongside her sister Lauren and father Sol. The Rice family owned the mixed-use property for more than 60 years. Brock Emmetsberger and Bob Knakal of Massey Knakal handled the transaction.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $13 million mortgage to refinance a mixed-use office and retail property located at 40 W. 14th St. in New York CIty. A local commercial bank provided the five-year balance sheet loan that features a 2.9 percent fixed interest rate. The five-story, 151,540-square-foot property includes 75,000 square feet of office space and 75,000 square feet of retail space, with additional space for common areas. The building is home to retail tenants including New York Sports Club, Party City and Jack Rabbit Sports. Jacob Schmuckler of Meridian Capital Group arranged the loan.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $4 million sale of 241 East 24th Street, a 7,410-square-foot mixed-use building in the Gramercy Park section of Manhattan. The five-story building includes 16 studio apartments and two commercial units. Ohad Babo and Yanni Simantov, both associates of GFI Realty Services, represented the seller and buyers, Israeli investors, in the transaction. The apartment building was built in the early 1900s and is located in close proximity to FDR Drive, Herald Square and the Flatiron District.