FRISCO, TEXAS — MOOYAH Burgers, Fries & Shakes, a fast-casual burger chain based in Plano, has partnered with KidZania USA, an interactive 85,000-square-foot indoor “city” for kids ages 6 to 14, to be one of the featured restaurant experiences within KidZania’s first North America location. The indoor family entertainment center, which now has 29 locations in 22 countries, opened at Stonebriar Centre in Frisco. Brookfield Properties owns the mall. Guests at Mooyah can be their own chefs by creating their own hand-cut fries and real ice cream shakes. According to the Brookfield website, there are more than 100 occupations that children can utilize at the KidZania USA location.
CAMBRIDGE, MASS. — Newmark Knight Frank has brokered the sale of The ARC, a 225,305-square-foot life sciences building in Cambridge, a northern suburb of Boston. The property is 100 percent leased to five biopharmaceutical and biotechnology companies complemented by a burger restaurant. Amenities include a fitness center, indoor solarium and outdoor green space. An NKF team including Robert Griffin, Edward Mahar and Matthew Pullen represented the seller, a partnership of The Davis Cos. and Invesco. The team also procured the buyer, Healthpeak Properties Inc.
LYNN, MASS. — Callahan Construction Managers has broken ground on Breakwater, a 331-unit apartment complex in Lynn, a northern suburb of Boston. A joint venture of The Dolben Co. and Minco Corp. is developing the two-building waterfront apartment complex on the site of the former Beacon-Bel Chevrolet lot, which had stood vacant for 35 years. Amenities will include a fitness center, game room, pet wash, outdoor firepit and direct access to the waterfront. HDS Architecture is designing the complex.
NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.
ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.
DELTONA, FLA. — Amazon has unveiled plans for a new fulfillment center in Deltona, a city situated nearly 30 miles northeast of Orlando. Atlanta-based Seefried Industrial Properties will develop the more than 1 million-square-foot fulfillment center near Interstate 4, where large items will be picked packaged and shipped. Items will include sports equipment, patio furniture, pet food and large household goods. Amazon is expected to create more than 500 new jobs in Deltona. A timeline for construction of the Deltona facility was not disclosed. Currently, Amazon operates facilities in and around Orlando, Miami, Tampa and Jacksonville.
NEW ORLEANS — Park Hotels & Resorts Inc. has sold the 410-room Le Meridien New Orleans for $84 million, or $205,000 per key, to an undisclosed buyer. Located near the French Quarter and less than one mile from the Mississippi River, the 23-story hotel features a fitness center and rooftop pool. Proceeds from the sale of the hotel will be used to repay a portion of Park’s unsecured debt. According to Canal Street Beat, Park Hotels purchased the former W Hotel in 2013 for $65 million before reopening the hotel as Le Meridian in 2014. Park Hotels has sold and/or disposed 22 assets it has deemed “non-core” for $1 billion since its spin off from Hilton Worldwide, according to Thomas Baltimore Jr., chairman and CEO of Park Hotels.
ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.
ATLANTA — The Dilweg Cos. has signed new leases or extensions with CIM Group and nine other companies at 101 Marietta Street, a 36-story downtown Atlanta office tower adjacent to The Gulch district. California-based CIM will occupy two of the new spec suites in the office building. Formerly known as Centennial Tower, the well-known chevron-marked building overlooks CIM’s future Centennial Yards, a mixed-use development in The Gulch. Existing office tower tenants DeLong, Caldwell, Bridgers, Fitzpatrick, & Benjamin LLC; Atlanta Dream; Amadeus and The VGM Group have all renewed their respective leases. Softgiving Inc, The Dennis Law Firm LLC, Volkert Inc., IVITA and BlackiNation have signed new leases. Located near Mercedes-Benz Stadium, State Farm Arena, Centennial Olympic Park, Georgia Aquarium, the CNN Center and three MARTA stations, 101 Marietta Street offers 650,000 square feet of space, as well as a conference center with training rooms, fitness center, Revelator Coffee in the lobby and tenant lounge with TVs, pool tables and a kitchen. Construction for another round of spec suites at 101 Marietta Street will commence this month. CBRE is handling the leasing assignment on behalf of Dilweg.
COLUMBIA, MD. — Costello Construction has entered the construction phase of the $25 million Sheraton Columbia Town Center Hotel renovation and redevelopment project. The 290-room hotel is located on the shores of Lake Kittamaqundi in downtown Columbia. Locally based Costello Construction has owned the property since December 2017. The renovation plans include a complete exterior improvement, two new structural additions to add 76 guest rooms, remodeling of all tower rooms and the addition of terraces to lakefront units. Once complete, the hotel will comprise 212 modern guest rooms and join Marriott’s Autograph Collection. The hotel will feature rooftop pool, restaurant, café, fitness center, rooftop bar and lounge and more than 10,000 square feet of indoor/outdoor event space. Costello Construction will self-perform the site work and concrete work on the project.