NEW YORK CITY —Cushman & Wakefield has negotiated the $1.3 million sale of a two-story, mixed-use building in the Claremont neighborhood of the South Bronx. Located at 500-502 E. 167th St., the 4,751-square-foot property includes four commercial units as well as a full basement. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.
SAVANNAH, GA. — Boston-based Wayfair will open a new 1.1 million-square-foot facility in Savannah, creating 1,000 jobs. New jobs will include supervisory, administrative and warehouse positions. The company and the undisclosed landlord plan to invest about $45 million in the site over the next five years. Wayfair, founded in 2002, is an e-commerce company that sells more than 10 million home goods items. This is Wayfair’s second Georgia location, joining a warehouse and distribution center in McDonough, located about 32 miles south of downtown Atlanta. Wayfair’s new facility will be situated within Savannah River International Trade Park, according to Savannah Morning News. The park is already home to distribution centers for IKEA and Target.
ATLANTA — Massachusetts-based Aspen Square Management has sold West Eleven Apartments in southwest Atlanta to an undisclosed buyer for $31.3 million. The 224-unit apartment community is located about 15 miles from downtown Atlanta and features one-, two- and three-bedroom floor plans. Amenities include a business center, pool, tennis court, fitness center, playground and a courtyard. Paul Vetter, Andrew Mays, Russ Hardy, Judy MacManus and Matthew White of Berkadia represented the seller in the transaction.
HIALEAH, FLA. — Miller Construction has delivered CGI Doors and Windows’ office and manufacturing facility in Hialeah’s Countyline Corporate Park. CGI Windows and Doors moved into the new 325,000-square-foot building at 3780 W. 104th St. from a smaller location in nearby Miami. Flagler Global Logistics was the developer and Ware Malcomb designed the facility. Ware Malcomb offers integrated design services including architecture, planning, interior design, civil engineering and branding to diverse clients in both the private and public sectors.
MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.
IRVING, TEXAS — Multifamily developer JPI has sold Jefferson Riverside, a 371-unit multifamily community located in the Las Colinas district in Irving. Built in 2017, the property is situated within walking distance of a DART rail station, as well as the Toyota Music Factory. Amenities at the property include a pool, fitness center, game lounge, package locker and an Uber pickup lounge. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer was not disclosed.
FORT WORTH, TEXAS — JLL has negotiated the sale of 714 Main, a 185,000-square-foot office building in downtown Fort Worth. Built in 1921 and renovated in 2010, the 24-story property is located near Sundance Square and the Fort Worth Convention Center. Ryan Matthews of JLL represented the seller, XTO Energy Inc., in the transaction. The buyer was Tennessee-based Development Service Group Inc. The deal marks the sixth disposition by JLL of XTO’s downtown Fort Worth office assets.
HOUSTON — Full-service real estate firm Finial Group will develop Independence Business Park, a 145,185-square-foot industrial project in southwest Houston. The property will be situated on roughly 19 acres near Beltway 8 and State Highway 288 and will comprise seven buildings ranging in size from 17,025 to 27,030 square feet. Buildings will feature 10 percent office buildouts and grade-level doors. Completion of Phase I of the project is slated for the third quarter of 2019.
AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the project.