CHAMPAIGN, ILL. — Coldwell Banker Commercial has brokered the $8.2 million sale of an industrial building in Champaign. The 153,030-square-foot property is located at 4105 Fieldstone Road and is fully leased to FedEx Corp. Originally built in 1988 and renovated in 2006, the property includes 21 loading doors and two drive-in doors. Tim Harrington and Zach Wetherell of Coldwell Banker Commercial Devonshire Realty represented the seller. Buyer and seller information were not disclosed.
LAPEER, MICH. — The Jonna Group of Colliers International Detroit has arranged the sale of a 9,002-square-foot retail building occupied by Dollar General in Lapeer, about 20 miles east of Flint. The sales price was not disclosed. The property is located at 15 S. Elba Road. Dollar General has 12 years remaining on its triple-net lease. Simon Jonna of Colliers represented the seller, an undisclosed family, and the buyer, a California-based private investment fund.
HOUSTON — Host Hotels & Resorts Inc., a Maryland-based hospitality REIT, has purchased the former Hotel Alessandra, a 223-room shuttered property in downtown Houston, for $65 million. According to the Houston Chronicle, locally based firm Midway originally developed the hotel and completed it in 2017. Prior to closing, Hotel Alessandra featured a pool, spa and food and beverage concepts. Host Hotels & Resorts disclosed the purchase as part of its second-quarter earnings report but did not share plans for the future of the property.
OKLAHOMA CITY — Tulsa-based investment firm Vesta Capital has acquired Esplanade by the Lake, Mansion West, Salem West and Wedgewood Village in Oklahoma City. The four multifamily properties total approximately 550 units. According to Apartments.com, Esplanade by the Lake was built in 1976 and totals 136 units; Mansion West was completed in 1984 and offers 78 units; Salem West was constructed in 1970 and consists of 34 units; and Wedgewood Village was built in 1974 and features 301 units. The sellers were not disclosed.
ADDISON, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Addison Station, a 12-story office building that will be located on the northern outskirts of Dallas. The transit-served building will span between 250,000 and 350,000 square feet and will feature an 8,000-square-foot rooftop amenity deck, an indoor/outdoor tenant lounge, fitness center and a conference center. Construction is scheduled to begin later this year. Colliers International is marketing the project for lease.
SAN ANTONIO — The University of Texas at San Antonio (UTSA) has opened the Roadrunner Athletics Center of Excellence, a $40.4 million facility that occupies more than 10 acres on the school’s main campus. The facility, named for the school mascot, features multiple practice fields, academic study spaces, a sports medicine center, strength and conditioning rooms, a lounge and office space for coaches and administrators. Kansas City-based Populous and locally based firm Marmon Mok Architecture led the design of the 95,000-square-foot facility. Joeris General Contractors and Project Control handled construction.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Uptown at Cole Park, a 179-unit apartment community in Uptown Dallas. Built in 2016, the property features one- and two-bedroom units that are furnished with quartz countertops, custom cabinets, stainless steel appliances and private balconies. Amenities include a pool, fitness center, dog park and package lockers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of IPA represented the seller, The Ergas Group, and procured the buyer, Heritage Capital Group.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $148 million loan for the refinancing of 1410 Broadway, a 387,265-square-foot office building in Midtown Manhattan. Designed by Ely Jacques Kahn and originally constructed in 1930, the property is located in the Garment District and was 78 percent leased at the time of the loan closing. The borrower, New York City-based L.H. Charney Associates, has owned and managed the property since 1981. Between 2013 and 2020, the company implemented a $14.2 million capital improvement program that included a façade restoration and full renovation of the lobby, corridors, elevators and bathrooms.
WHITE PLAINS, N.Y. — Houlihan-Parnes Properties has arranged a $7.5 million loan for the refinancing of a 56-unit multifamily building located at 177 Grand St. in White Plains, a northern suburb of New York City. The five-story building also houses nine retail units. Jeremiah Houlihan and James Coleman of Houlihan-Parnes placed the loan, which was structured with a five-year term and a 30-year amortization schedule, though Westchester Savings Bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
RUTHERFORD, N.J. — Colliers International has negotiated the sale of 71 Union Avenue, a 32,226-square-foot, transit-served office and healthcare property in the Northern New Jersey community of Rutherford. The seller was an affiliate of Aspen Advisors, and the buyer was undisclosed. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
