WOODWARD, OKLA. — Marcus & Millichap has arranged the sale of the Holiday Inn Express & Suites Woodward, an 89-room hotel located in the northwestern part of the state. The property was built in 2006 and offers amenities such as a pool, fitness center and a business center. Matt Omansky, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Miami-based Rialto Capital, in the transaction. The trio also secured an undisclosed private investor as the buyer.
THE WOODLANDS, TEXAS — Nashville-based Montecito Medical Real Estate has acquired a 23,731-square-foot healthcare building in The Woodlands, about 30 miles north of Houston. The property was built in 2006 and was fully leased to Northwoods Urology (13,431 square feet) and Aspire Hospital (10,300 square feet) at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — Newmark has arranged a $500 million acquisition and construction loan for the redevelopment of 111 Wall Street, a 1.2 million-square-foot office building in downtown Manhattan. The 25-story building spans a full city block. The borrower, a joint venture between Nightingale Partners and Wafra Capital Partners, will reposition the property to feature touchless and smart-building technology and add new amenities. The new suite of amenities will include a 125-seat conference center, café and barista bar, upscale food and beverage options, an event room and a fitness center. The new ownership will also install new windows and HVAC systems. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing through an undisclosed direct lender. The redevelopment is expected to take about two years to complete.
RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.
NEW YORK CITY —Global real estate advisory firm Savills Inc. has acquired T3 Advisors, which provides site selection, project management and strategic planning services for life sciences and tech users. T3 Advisors, which was founded in 2001 and has offices in Boston, New York City, San Francisco and Palo Alto, will rebrand as T3 Advisors, A Savills Company. Roy Hirshland, CEO and founder of T3 Advisors, will become a vice chairman at Savills and will continue to lead the company. In addition, T3 Managing Partners Austin Barrett, David Bergeron and Mark Cote will become executive vice presidents and continue in their leadership roles with Savills.
NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.
ATLANTA — FanDuel Group, a fantasy sports betting and entertainment company, plans to open a new technology office within Ponce City Market in Atlanta. The New York-based company selected the historic development in the city’s Old Fourth Ward neighborhood as the new technology hub for its software engineering, product development, user experience and user interface teams. The company plans to grow its Atlanta-based workforce to approximately 900 colleagues over the next five years. These staffers will be housed in a 68,000-square-foot space on the third floor. FanDuel workers will enjoy Ponce City Market’s onsite amenities, including a food court, shops, direct access to the Atlanta Beltline, proximity to an urban Kroger grocery store, furnished corporate apartments, bike storage, fitness options and child daycare. The owner/developer of Ponce City Market, Jamestown, recently unveiled new plans to include 500,000 square feet of new development and neighborhood amenities at Ponce City Market. The new uses include an office building, outdoor courtyard surrounded by 38,000 square feet of shopping and dining and more than 400 units in a new hospitality living concept.
DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.