HUMBLE, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites IAH Bush Airport East, a 61-room hotel located in the northern Houston suburb of Humble. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
FRISCO, TEXAS — Interior Logic Group, a provider of interior design and finish solutions for the building industry, has signed a 17,681-square-foot office lease at The Offices Three at Frisco Station, a 210,000-square-foot speculative office building located on the northern outskirts of Dallas. The newly built property is the third of five office buildings within the 242-acre Frisco Station mixed-use development. Amenities include a fitness center, conference center and upgraded tenant lounge.
CONCORD, N.H. — New Hampshire-based investment firm Brady Sullivan Properties has acquired One Granite Place, an office park that consists of two interconnected mid-rise buildings that are situated on a 181-acre wooded campus. The new ownership plans to implement a value-add program at the 114,000-square-foot South Tower, which was vacant at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $52.5 million sale of a 65,000-square-foot office building located at 260 Fifth Ave. in between 28th and 29th streets in Manhattan’s NoMad District. The 12-story building was mostly vacant at the time of sale. Michael Ferrara of Brax Realty represented the seller in the transaction. Andrew Zang and Greg Albert of Savills represented the buyer. Both parties requested anonymity.
MARYLAND HEIGHTS, MO. — Monument Capital Management, an A-Rod Corp. subsidiary founded by Alex Rodriguez and Ramon Corona in 2012, has acquired Haven on the Lake in Maryland Heights for $67.3 million. Built in 1974, the 528-unit apartment community is located at 2050 Lakerun Court in suburban St. Louis. Amenities include a fitness center, business center, newly renovated clubhouse and indoor and outdoor tennis courts. Brad Williamson and Wesley Moczul of Berkadia originated $52 million in acquisition financing through Freddie Mac. The six-year loan features a fixed interest rate. Matt Bukhshtaber of CBRE represented the seller, FPA5 Pheasant Run LLC. The acquisition marks Monument’s entry into the Missouri market. Monument plans to implement a capital improvements program throughout the property’s unit interiors as well as the exteriors and community amenities.
ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.
EVANSVILLE, IND. — Savills has brokered the sale of Graham Packaging’s plastics manufacturing plant in Evansville for $24.7 million. The 266,720-square-foot, net-leased facility is located at 5504 Foundation Drive within Vanderburgh Industrial Park. Graham Packaging produces 300 million food and beverage containers annually at the property, which was built in 2002 and expanded in 2008. Maurice Nieman of Savills represented the undisclosed seller. SomeraRoad was the buyer.
INDIANAPOLIS — Asia Capital Real Estate (ACRE) has provided a $21 million loan for the renovation of Williamsburg North in Indianapolis. The 318-unit multifamily property, located at 4430 Brookline Court, was built in the 1960s. Amenities include a clubhouse, dog park, fitness center, pool and picnic areas. At the time of loan closing, the asset was 97 percent leased. The three-year loan features a loan-to-value ratio of 71 percent. Real estate investor David Shemano was the borrower.
WARREN, MICH. — Cushman & Wakefield has arranged the $2.6 million sale of the Regal Court medical office property in Warren, a suburb just north of Detroit. The property includes two buildings totaling 40,181 square feet. The anchor tenant is Ascension, which occupies 41 percent. Gino Lollio, Scott Niedergang, Travis Ives and Garrett Keais of Cushman & Wakefield represented the seller, Promanas, an Ann Arbor-based commercial real estate private equity firm. The team also procured the local buyer, CMG Realty Group.