AUSTIN — Austin-based HTH Capital has been selected to lead the development of the 62,000-square-foot Midtown Medical Tower, a mixed-use property consisting of office space, medical office space and retail, located at the intersection of 38th Street and Lamar Boulevard in Austin. The property is more than 50 percent pre-leased to tenants such as Texas Orthopedics and Texas Perinatal Group. Completion is slated for early 2013.
BOSTON — Boston-based EagleBridge Capital has arranged $4.5 million in permanent financing for a portfolio of three commercial properties in the Brighton section of Boston. The portfolio includes Brighton Heights, a 20,000-square-foot office at 167 Corey Rd.; 3 Washington St., which is leased to Brighton Auto Clinic; and 5 Washington St., which is leased to U.S. 1 Petroleum. Tenants at the Brighton office building include Medical Digital Photography and BioMedical Modeling. Brighton Auto Clinic is an auto repair shop and U.S. 1 Petroleum is a full-service gas station. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a regional financial institution.
CHICAGO — New York-based Samson Management has sold 2778 N. Milwaukee in Chicago for $2.4 million to an undisclosed buyer. The 42,000-square-foot, mixed-use property is occupied by Gap Outlet on the ground floor. The retailer recently renewed its 12,000-square-foot lease for another five years. The remaining storefront is leased to a currency exchange on a year-to-year basis. The buyer plans to redevelop the vacant top three floors into rental apartments. Michael Bennet of Newmark Knight Frank represented the seller in the deal. Matt Welke of Essex Realty represented the buyer.
SOUTH NORWALK, CONN. —South Norwalk-based Greenfield Partners, in partnership with Somerset Properties Inc., has acquired 34 office, flex and industrial buildings for $146 million. The properties total 1.9 million square feet and are located in Southern New Jersey; Milwaukee, Wis.; and Highpoint, N.C. Liberty Property Trust was the seller. The properties were approximately 86 percent leased at the time of sale.
DETROIT — Construction Partners LLC will host a preview event at Broderick Tower on Thursday, April 5, for visitors to view the ongoing $53 million restoration project at the historic, 34-story building. When complete in September, the Detroit tower will house a restaurant and lounge, three floors of office space and 125 apartments on floors 5 through 34. The Broderick, originally known as Eaton Tower, was built in 1928. The developer plans to unveil a fully finished 17th floor model unit at Thursday's event. Located in the heart of Detroit's sports and entertainment district, the Broderick event will coincide with the opening of the Tigers' 2012 MLB season at Comerica Park.
CHESTNUT HILL, MASS. — The former Macy's building is being demolished to make way for the second phase of redevelopment work at the Chestnut Hill Shopping Center. The 120,000-square-foot space will be used for a Sports Club/LA health and fitness complex, a cinema and several retail stores. The first phase of the redevelopment was completed in 2009 and included the renovation of Star Market. The third phase will begin later this year and include a new, 64,000-square-foot building located on the site that will include retail stores and restaurants. The developer, WS Development, plans to house its corporate headquarters in the building.
PORTAGE, IND. — Fronius USA has selected Holladay Properties and Holladay Construction Group to design and construct the company's new headquarters in Portage. The company develops and manufactures battery charging systems. The 399,500-square-foot project will include 20,000 square feet of office space, as well as the construction of a welding shop and service center for Fronius' products. Holladay Construction will serve as the general contractor and Holladay Properties will complete the design work. Construction is expected to wrap up this September.
NEEDHAM, MASS. — Construction has begun on a new data and office building for Digital Realty Trust, a data center provider, in Needham. The facility is located at 105 Cabot St. and will comprise 130,335 square feet. Jones Lang LaSalle will serve as the leasing agent. The project is slated for completion in the second quarter of 2013.
NEW YORK CITY — A partnership has acquired a 300,000-square-foot building located at 1775 Grand Concourse in the Bronx. The buyers include James Houlihan of Houlihan Parnes Realtors and Sam Jemal, Joseph Jemal and David Jemal of JJ Operating Corp. Recently, the property was rezoned and approved for parking on the lower level and for office use on floors 4-8. Each floor contains 40,000 square feet, and about 220,000 square feet will be available for lease. Verizon will occupy two levels of the building. The partnership plans to invest $5 million in building renovations, including new lobby elevators and retail fronts. The purchase price was undisclosed.
BOSTON — New York-based Shire Real Estate has purchased 961 Commonwealth Ave. in Boston for $4.3 million. The 15,000-square-foot property includes retail and research and development/laboratory space. Tenants include Qdoba Mexican Grill and Brigham & Woman's Hospital Inc. Bradford Spencer of Grubb & Ellis represented the seller, Commonwealth Avenue Realty Trust, in the transaction.