WASHINGTON, D.C. — Park Hotels & Resorts Inc. has sold the Embassy Suites by Hilton Washington DC Georgetown, a 197-room hotel in Washington, D.C., for $90.4 million. The property is situated at 1250 22nd St. NW in Georgetown, one mile west of downtown D.C. The hotel offers an indoor pool, fitness center, arcade, complimentary breakfast, baggage storage and a business center. The buyer was EOS Investors LLC.
FORT WORTH, TEXAS — Ascendant Commercial, a Dallas-based investment and development firm, has purchased land at the northwest corner of Interstate 35 and State Highway 1187 in south Fort Worth for a 2.2 million-square-foot industrial project. Construction of Phase I of the project is expected to commence this summer and to feature an 850,000-square-foot speculative distribution center. Delivery is slated for May 2021. CBRE is handling leasing of the new facility.
HOUSTON — Cushman & Wakefield has acquired Colvill Office Properties, a Houston-based provider of office agency leasing services. The company currently oversees marketing and leasing efforts for roughly 17 million square feet of Class A office space throughout the Houston area. The Colvill portfolio includes more than 30 individual properties in the central business district, Energy Corridor/Katy Freeway, Galleria/Uptown, Westchase, West Belt, Springwoods and Inner Loop submarkets. Colvill CEO and president Chip Colvill will join Cushman & Wakefield as executive vice chairman.
FRISCO, TEXAS — KWA Construction has topped out Kilby, a 258-unit apartment community located within the $600 million Frisco Square mixed-use development north of Dallas. Designed by BGO Architects and developed by Toll Brothers Apartments, the property will offer a clubroom, conference lounge, gaming lounge, two-story fitness center with a yoga deck, pet spa and an outdoor patio with grills surrounding a resort-style pool. Completion is scheduled for late 2020.
CINCINNATI — KTGY Architecture + Planning has unveiled the design for Artistry Cincinnati, a 344-unit apartment project located along the Ohio River in downtown Cincinnati. The seven-story building, located at 601 E. Pete Rose Way, is currently under construction and is scheduled for completion in late 2021. Milhaus is the developer. Features of the property include a second-floor amenity space offering direct access to an exterior courtyard, a 2,500-square-foot outdoor gallery that will house large-scale art installations, and access to the river and adjacent park. Amenities will include a rooftop pool, fitness center, yoga studio, pet spa, community garden, coworking spaces and bike storage. Plans also call for 390 parking spaces and 8,000 square feet of commercial space. Floor plans will range from studios to three-bedroom units. The project is situated at 601 E. Pete Rose Way.
ANN ARBOR, MICH. — Trinitas Ventures is set to break ground on The One, a 682-bed student housing community located near the University of Michigan campus in Ann Arbor. The development will offer one-, two-, three-, four- and five-bedroom, cottage-style units. Shared amenities will include a fitness center, business center, game room, resort-style swimming pool, fire pit, private study lounges, basketball and volleyball courts and a shuttle service to campus. A Trinitas-managed investment entity has provided equity financing for the project, and PNC Bank is providing construction financing. A timeline for the development, located at 2601 Pontiac Trail, has yet to be announced.
DUBLIN, OHIO — Tremont Mortgage Trust has provided a $22.8 million first-mortgage bridge loan for the refinancing of The Blazer Plaza, a three-building office and lab campus in Dublin, a northwest suburb of Columbus. The property spans 519,000 square feet on 54 acres. The floating-rate loan includes initial funding of $12.1 million and a future funding allowance of approximately $10.7 million for tenant improvements. The loan is structured with a two-year initial term and a one-year extension option. The borrower was undisclosed.
LIBERTYVILLE, ILL. — EVBox has signed a 60,000-square-foot lease for its first North American headquarters and production facility located in Libertyville, about 40 miles north of Chicago. EVBox, which is a manufacturer of electric vehicle charging stations and charging management software, will occupy the space within the Innovation Park campus. The facility is expected to create between 80 and 120 new jobs in the immediate region. Operations will commence this summer. Based in Amsterdam, EVBox currently maintains U.S. offices in New York City, San Francisco and Los Angeles.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of a Regency Inn hotel in Naperville for $3.3 million. The buyer, Northbrook-based MZ Capital Partners, plans to redevelop the property and convert it into 112 micro apartments. The hotel was not well-occupied and had significant deferred maintenance, according to Ebrahim Valliani of Marcus & Millichap. Valliani, along with colleagues Michael Klar, Chris Gomes and Allan Miller, represented MZ Capital as well as the seller, Prime Motel Inc. The two-story, 122-room hotel is located at 1350 E. Ogden Ave.
CONROE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of West Creek Apartment Homes, a 228-unit community located about 25 miles north of Houston in Conroe. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a resident clubhouse. Will Balthrope, Drew Kile, Jennifer Campbell and Will Griffin of IPA represented the seller, Partin Real Estate Management, in the transaction. The team also procured the buyer, Southstar Capital Group.
