WILMINGTON, MASS. — Locally based developer The Procopio Cos. is nearing completion of The Alice, a 50-unit multifamily project located north of Boston in Wilmington. The Alice is one of three buildings within a larger mixed-use development, with the others being an 8,050-square-foot retail and office building and a 2,488-square-foot retail building that is now leased to Starbucks. Procopio Cos. expects to open The Alice this fall and to complete the office/retail building in early 2025. Vertical construction on the Starbucks building, which also features a drive-thru, will begin in April.
Property Type
WOBURN, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.5 million sale of a 26,960-square-foot office building in Woburn, a northern suburb of Boston. The building at 110 Winn St. was constructed in the 1990s in the downtown area and houses 17 suites. Francis Saenz, Drew Kirkland and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $2 million sale of a 29-unit apartment building located at 407 W. 205th St. in Manhattan’s Inwood neighborhood. The five-story building was originally constructed in 1911. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer, Gilman Management, and the seller, family office Ramer & Saperstein, in the transaction. The deal traded at a cap rate of 7.8 percent.
NEW YORK CITY — Cushman & Wakefield has secured a 47,000-square-foot office lease at 277 Park Avenue in Midtown Manhattan. The tenant, private equity firm Arsenal Capital Management, will occupy the entire 33rd and 34th floors of the 1.8 million-square-foot building. Mark Boisi, Bryan Boisi and Stephen Bellwood of Cushman & Wakefield represented the landlord, The Stahl Organization, in the lease negotiations. Josh Friedman and Neil Goldmacher of Newmark represented the tenant.
NEW YORK CITY — LIFT Inc. has signed a five-year, 3,500-square-foot office lease in The Bronx. The nonprofit organization will cut the ribbon on its custom-built space at the building at 412-424 E. 147th St. later this month. Alexander Smith and Kendall Elliott of OPEN Impact Real Estate represented the tenant in the lease negotiations. Jesse Rubens of JLR Realty Inc. represented the landlord.
ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …
Songy Highroads, Matthews Southwest to Develop 400-Room Savannah Convention Center Hotel
by John Nelson
SAVANNAH, GA. — The Savannah Georgia Convention Center Authority has selected a joint venture between Songy Highroads and Matthews Southwest Hospitality to develop a 400-room hotel at The Savannah Convention Center. The authority also named Atlanta-based Cooper Carry as the lead architect for the project. Songy Highroads is starting a one-year design, engineering and pricing period for the hotel’s development, and will assist the Savannah Georgia Convention Center Authority with the financing for the hotel. The Savannah Convention Center is undergoing a $271 million expansion that will double the current exhibit hall space to 200,000 square feet, add a 40,000-square-foot ballroom and create 15 new meeting rooms. The new hotel is a direct result of the expansion and will double the number of hotel rooms at the Savannah Convention Center.
Concord Hospitality to Open 348-Room Westin Atlanta Gwinnett Hotel at Gas South District
by John Nelson
DULUTH, GA. — Concord Hospitality plans to open The Westin Atlanta Gwinnett, a 348-room hotel in the Atlanta suburb of Duluth, on Thursday, March 21. The hotel will serve as the flagship lodging option for Gas South District, a 118-acre multipurpose campus off Sugarloaf Parkway that is anchored by the Gas South Convention Center and Arena (formerly known as Infinite Energy Center). The Westin Atlanta Gwinnett features 27,000 square feet of meeting space with 16 event facilities, as well as a signature restaurant, SweetSong Kitchen & Bar, and a rooftop bar known as Overstory. The hotel also offers a presidential suite featuring a private terrace, two hospitality suites with outdoor terraces and four executive level and six standard suites. In July 2022, ACRES Capital Corp. originated a $74.8 million construction loan for Raleigh-based Concord Hospitality.
MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.
Berkadia Arranges $21.2M Acquisition Loan for Two Multifamily Communities in Jacksonville
by John Nelson
JACKSONVILLE, FLA. — Berkadia has arranged a $21.2 million acquisition loan for two garden-style apartment communities in Jacksonville. The properties, which total 328 units combined, include Colonial Forest at 5928 Firestone Road and Northwood Apartments at 1601 Dunn Ave. Matthew Robbins, Wesley Moczul, Mitch Sinberg, Scott Wadler and Brad Williamson of Berkadia arranged the bridge loan through The Bancorp on behalf of the borrower, Fort Lauderdale, Fla.-based Southeast Property Group. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. The seller of Colonial Forest and Northwood Apartments was not disclosed.