HOUSTON — Arizona-based investment banking firm Arriba Capital has provided a $37.4 million construction loan for a dual-branded hotel that will be located at 1514 Leeland St. in downtown Houston. The hotel will total 221 rooms under the Home2 Suites by Hilton and Tru by Hilton brands and offer shared amenities such as a lobby bar, breakfast dining areas, meeting space, an outdoor pool, fitness room, laundry facilities and a market pantry. Completion is slated for the third quarter of 2024. The borrower and developer is Houston-based PA Hospitality, which will also manage the property. Hall Structured Finance provided the loan.
MARLOW, OKLA. — Partners, the Houston-based firm formerly known as NAI Partners, has negotiated the sale of a 40,000-square-foot industrial building in Marlow, about 70 miles south of Oklahoma City. The sale included 8.6 acres of undeveloped land. Jon Silberman and Pierce Beyer of Partners represented the seller, Cimarron Energy, in the transaction. Steve Fithian and Trent Herrera of SVN Trinity Advisors represented the undisclosed buyer.
DENTON, TEXAS — Weitzman has arranged the sale of a 13,562-square-foot retail strip center in the North Texas city of Denton. The centers sits on 1.1 acres at 111 E. University Drive. Tenants include The UPS Store, Taqueria Monterrey and Sangam Indian Restaurant. A local investor sold the property to a California-based limited liability company for an undisclosed price, with both parties requesting anonymity. David Zoller of Weitzman brokered the deal.
BRAINTREE, MASS. — Virginia-based investment firm Anchor Health Properties has acquired a 47,530-square-foot medical office building in the southern Boston suburb of Braintree for $15.1 million. Robert Griffin, Frank Nelson, Michael Greeley and Blake McLaughlin of Newmark represented the seller, Foxfield LLC, in the transaction and procured Anchor Health as the buyer. The building was 94 percent leased to 16 tenants at the time of sale.
FLORHAM PARK, N.J. — Colliers has arranged the $13.2 million sale of Westminster Corporate Center, a 158,583-square-foot office campus in the Northern New Jersey community of Florham Park. The campus, which was 57 percent leased at the time of sale, comprises two three-story buildings on a 15.3-acre site. Jacklene Chesler, Patrick Norris and Joe Lane of Colliers brokered the deal. The buyer, Pentaurus, plans to implement a value-add program that will upgrade the lobby and existing fitness facilities, as well as add pickleball and basketball courts.
CLIFTON, N.J. — Summit Health has opened a 100,000-square-foot medical office building at 1255 Broad St. in the Northern New Jersey community of Clifton. Among the specialty practices housed within the facility are primary care, family medicine, dermatology, orthopedics, urology, breast care, imaging and lab services and comprehensive cancer care. Gensler designed the facility, which also features 118 exam rooms and an urgent care clinic operated by CityMD.
PITTSBURGH — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller, both of which were New York-based firms that requested anonymity, in the transaction.
BOSTON — Urban Edge, in partnership with the Massachusetts Department of Housing & Community Development (MDHCD), will develop a 65-unit affordable housing project at 1599 Columbus Ave. in Boston. The property will house one-, two- and three-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income, as well as 3,200 square feet of retail space. Utile Inc. is the project architect, and Bald Hill Builders is the general contractor. Completion is slated for spring 2024. MassHousing provided financing for the project.
CHICAGO — Mansueto Office Inc. is reimagining the 100-year-old building at 2300 N. Lincoln Park West in Chicago into a luxury apartment community. Named the Belden-Stratford, the renovated 16-story property will be home to 209 units with floor plans that range from studios to three-bedroom penthouses. Pre-leasing is underway, with first move-ins anticipated in winter 2023. Amenities will include onsite restaurant Mon Ami Gabi, a rooftop deck, fitness center, yoga studio, pet spa, wine storage, resident lounge, Luxer package service and valet and concierge services. The building first opened in 1923 as a hotel. Solomon Cordwell Buenz is the project architect, Vinci Hamp Architects Inc. is the historic architect, Bulley & Andrews is the general contractor and Waterton is the property manager.
ROSEMONT, ILL. — Colliers has brokered the $13 million sale of Rosemont Corporate Center in the Chicago suburb of Rosemont. Jon Connor and Francis Prock of Colliers represented the seller, KORE Investments. The Village of Rosemont purchased the 121,000-square-foot office building with plans to renovate it before moving municipal employees to the property in 2023. KORE acquired the building in 2021 from the original developer, Ryan Cos., for $6.5 million. Mark Offit of Braden Real Estate represented the Village of Rosemont.