Property Type

Gettys Group Breaks Ground on $45M Hotel Renovation in Downtown Fort Worth

by Taylor Williams January 19, 2023

FORT WORTH, TEXAS — The Gettys Group Cos., a Chicago-based hotel design and development firm, has broken ground on the $45 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel. The hotel originally opened in 1974 and also offers 25 suites. The capital improvement program will upgrade all the bedding, furniture and bathrooms of all guestrooms and expand the number of suites to 37. In addition, the project team will upgrade the entryway, lobby and amenity spaces, which include private and conference-style workspaces and 30,000 square feet of event space. Lastly, ownership will introduce a revamped lineup of food-and-beverage offerings. Completion is slated for the fall. Dallas-based HKS Architects designed the renovation, and an entity doing business as 1701 Commerce Acquisitions owns the property.

January 19, 2023

Development Office Texas

Alvarez & Marsal Capital Underway on 204,000 SF Office Redevelopment Project in Plano

by Taylor Williams January 19, 2023

PLANO, TEXAS — California-based Alvarez & Marsal Capital Real Estate is underway on construction of a four-building, 204,000-square-foot office redevelopment project in Plano. Southern Methodist University (SMU) previously occupied the 16-acre site at 5228-5240 Tennyson Parkway, which can support a single or multiple users. Amenities at the new campus, which will be known as ELEVAR, will include a fitness center, conference center and a bistro lounge. Construction is slated for a third-quarter completion. Cushman & Wakefield is marketing the development for lease.

January 19, 2023

Courtyard-by-Marriott-Dallas-Grand-Prairie

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 120-Room Marriott-Branded Hotel in Grand Prairie, Texas

by Taylor Williams January 19, 2023

GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Grand Prairie, a 120-room hotel located roughly midway between Dallas and Fort Worth. The four-story hotel was completed in 2021 and features a pool, fitness center, onsite restaurant and 2,000 square feet of meeting and event space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Anderson Cos., in the transaction and procured the buyer, MCR Hotels. Pete Felhman of Marcus & Millichap Capital Corp. arranged an undisclosed amount of acquisition financing for the deal.

January 19, 2023

Industrial Loans Northmarq Office Texas

Northmarq Arranges $5.5M Acquisition Loan for Industrial Flex Property in Houston

by Taylor Williams January 19, 2023

HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.

January 19, 2023

Development New York Northeast Office

Piedmont Launches Capital Improvement Program at 39-Story Office Tower in Manhattan

by Taylor Williams January 19, 2023

NEW YORK CITY — Piedmont Office Realty Trust Inc. (NYSE: PDM), an Atlanta-based REIT, has launched a capital improvement program at 60 Broad Street, a 39-story office tower in Manhattan’s Financial District. Designed by local firm MA | Morris Adjmi Architects, which is also a tenant at the 1 million-square-foot building, the value-add program will primarily upgrade the entryway, lobby, elevators and amenity spaces. Completion is slated for this summer. JLL serves as the building’s leasing agent.

January 19, 2023

Acquisitions Development Industrial New Jersey Northeast

D2 Organization Acquires 48-Acre Industrial Development Site in Carneys Point, New Jersey

by Taylor Williams January 19, 2023

CARNEYS POINT, N.J. — An affiliate of regional investment firm D2 Organization has acquired a 48-acre industrial development site in Carneys Point, about 30 miles south of Philadelphia. The site, which was formerly known as Salem Business Center, comprises three vacant parcels totaling 35 acres, a 10-acre tract that houses a 78,000-square-foot building and an adjacent three-acre outparcel. Prior to closing, D2 Organization fully entitled the vacant land for the development of three buildings totaling 586,000 square feet. American Dream Realty represented D2 Organization in the land acquisition. The seller was The Delaware River & Bay Authority.

January 19, 2023

Leasing Activity New York Northeast Office

CI US Holdings Signs 50,000 SF Office Lease at 101 Park Avenue in Manhattan

by Taylor Williams January 19, 2023

NEW YORK CITY — CI US Holdings, a Canadian wealth management firm, has signed a 50,000-square-foot office lease at 101 Park Avenue, a 1.3 million-square-foot building in Midtown Manhattan. John Cefaly and Nicholas Dysenchuck of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Mark Robbins and Evan Foley of Avison Young, along with Mitti Liebersohn of Savills, represented the tenant. Other users that have recently committed to 101 Park Avenue include Incline Equity Partners (18,000 square feet) and Five Iron Golf (30,000 square feet).

January 19, 2023

Loans Mixed-Use New York Northeast

Axiom Capital Corp. Arranges $3.8M in Financing for Mixed-Use Redevelopment in Troy, New York

by Taylor Williams January 19, 2023

TROY, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $3.8 million in construction and permanent financing for a mixed-use redevelopment project in Troy, a northern suburb of Albany. The project will convert a 21,235-square-foot historic building into a 14-unit multifamily complex with 6,048 square feet of commercial space. A local bank provided the loan to the borrower and developer, with both parties requesting anonymity. Construction is expected to last about 18 months.

January 19, 2023

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 33,000 SF Industrial Building in Hasbrouck Heights, New Jersey

by Taylor Williams January 19, 2023

HASBROUCK HEIGHTS, N.J. — NAI James E. Hanson has brokered the sale of a 33,000-square-foot industrial building located in the Northern New Jersey community of Hasbrouck Heights. The building sits on a 1.5-acre site at 60 Railroad Ave. and features clear heights of 16 to 35 feet, as well as six drive-in doors. Andrew Somple and Justin Allessio of NAI Hanson represented the buyer and seller, both of which requested anonymity, in the transaction.

January 19, 2023

Affordable Housing Development Loans Multifamily North Carolina Southeast

Urban Atlantic, Inlivian Secure $84M in Debt and Public Financing for Mixed-Income Project in Uptown Charlotte

by John Nelson January 19, 2023

CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category. Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant. Other capital …

January 19, 2023

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