NEW YORK CITY — Avison Young has negotiated the $8.9 million sale of 356 Bowery, a 6,500-square-foot, mixed-use building in the NoHo neighborhood of Manhattan. The five-story residential and retail property is currently vacant. James Nelson and Brandon Polakoff of Avison Young represented the seller, Ultimate Realty LLC, in the transaction. The buyer was undisclosed.
PROVINCETOWN, MASS. — HFF has arranged an $11.7 million acquisition loan for the 129-room Harbor Hotel Provincetown in Massachusetts. Located at 698 Commercial St., the three-building seasonal boutique hotel includes an outdoor pool, patio, fire pit, cabana bar and pet-friendly rooms as well as an onsite lounge and restaurant. The hotel is less than two miles from the ferry port, which delivers tourists from Boston. Provincetown attracts more than 60,000 tourists each summer. Greg LaBine and Martha Nay of HFF secured a seven-year, fixed-rate acquisition loan on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corp. The lender was HarborOne Bank.
BOSTON — KS Partners LLC has acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. The sales price was undisclosed. The 82,000-square-foot property, which is also known as 15 Pi Alley, includes an on-site tailor, 24-hour maintenance and an ATM. At the time of sale, 15 Court Square was 98 percent leased. KS Partners acquired the building from Brickpoint Properties, which had owned the property since 1978. KS Partners plans to fully renovate the lobby and common areas of the property and add amenities such as a lounge, conference room, fitness center and bike room.
NORTH CHARLESTON, S.C. — Soft-Tex International Inc., a global pillow and bedding supplier, has expanded its lease in North Charleston to fully occupy a 236,843-square-foot warehouse at 3191 Ashley Phosphate Road, about 15 miles north of the Port of Charleston. This is the fourth expansion in North Charleston for the Waterford, N.Y.-based company since 2013, when it occupied just 25,000 square feet of industrial space. Alan Bolduc, Courtney Marous, and Kathleen Isola of Avison Young represented the tenant in the lease agreement. Colliers International represented the undisclosed building owner.
ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.
MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.
ELKINS, W.VA. — Busy Beaver, a home improvement store, will open a location in Elkins, West Virginia on April 10. The 33,000-square-foot store will be its fourth in the state. It will be situated at 731 Beverly Pike and will feature a lumber yard and farm and ranch departments. The new site will house 20 full-time and 10 to 15 part-time employees. This is Busy Beaver’s 22nd location, with three stores in Ohio and 15 in western Pennsylvania.
ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.
HOUSTON — Hines will develop The Preston, a 46-story residential tower in downtown Houston that will feature 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. Amenities will include a pool, cabanas, yoga lawn, fitness center, co-working office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. Construction is slated to begin in March and wrap up during the third quarter of 2022.
HOUSTON — Wood Partners, a local multifamily development and management firm, has broken ground on Alta Washington Avenue, a 204-unit apartment community in Houston. The property will be located near several employment hubs, including the CBD and Greenway Plaza, and will offer one- and two-bedroom floorplans. Amenities will include a pool, fitness center, outdoor grilling areas, game room, business center, dog park and sky lounge. Alta Washington Avenue is expected to open in winter 2020.
