MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of Powerhouse Business Complex, a 49,883-square-foot industrial building located in the northern Dallas suburb of McKinney. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — CIT Group has arranged a $45 million construction loan for a nine-story, mixed-use condominium project in the Tribeca neighborhood of Manhattan. The project will be called The Cast Iron House and will consist of 13 condominium units as well as ground-floor retail. The financing will fund the development and restoration of the property. CIT arranged financing for the borrower, 361 Broadway Associates Holdings LLC, through and undisclosed lender.
HARRISBURG, PA. — Hotel owner-operator MCR has acquired the 107-room TownePlace Suites Harrisburg Hersey in Harrisburg. The price was undisclosed. The property is 10 miles from the 121-acre Hersheypark theme park in Hershey. Located at 450 Friendship Road, the hotel features free daily buffet-style breakfast, 24-hour fitness center, on-site laundry service and an indoor pool as well as a whirlpool.
NEW YORK CITY — Natixis has provided a $30 million loan for the acquisition of a five-story self-storage facility in the Ft. Greene neighborhood of Brooklyn. The property is located at 202-208 Tillary St. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing on behalf of borrowers Joy Construction and Maddd Equities. The new owners plan to continue self-storage operations while they evaluate potential redevelopment opportunities.
BOOTHWYN, PA. — CBRE has negotiated the $8.9 million sale of a two-property flex portfolio in Boothwyn. The portfolio consists of a two-story office building and a single-story industrial facility totaling 50,028 square feet, as well as an adjacent 3.2-acre land parcel. Steve Marzullo and Adam Silverman of CBRE represented the seller, affiliates of RedGo Development. The buyer was an affiliate of SSH Real Estate. Both properties are fully occupied by Pentec Health Inc. The two-story office building was built in 2008 and contains 17,668 square feet of office space. The single-story industrial facility was built in 2006 and contains 32,360 square feet of office, pharmacy, lab and warehouse space.
PROVIDENCE, R.I. — The Boulder Group has brokered the $3.2 million sale of a net-leased 7-Eleven in Providence. The 2,958-square-foot property is located at 270 Broad St. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund, in the transaction. The buyer was an investment group based in Arizona. 7-Eleven is signed to the property through August of 2030.
ATLANTA — TriBridge Residential, in partnership with Sefira Capital, has acquired Ivy Hall Apartments, a 110-unit multifamily community located at 625 Piedmont Ave. N.E. in Atlanta’s Midtown district. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports Ivy Hall Apartments of Atlanta LP sold the asset for $35.8 million. Constructed in 2010, Ivy Hall includes a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings, crown molding, granite countertops, stainless steel appliances and private balconies. Atlanta-based TriBridge and Miami-based Sefira plan to immediately upgrade the community’s two dog parks, poolside fitness center and all indoor and outdoor amenity spaces.
SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out construction on Solaire 8250 Georgia Avenue, a 338-unit apartment community in Silver Spring. The community is located two blocks from the Silver Spring Metro station and roughly six miles north of Washington, D.C. The 20-story building will offer a mix of studio to two-bedroom units averaging 760 square feet. The building will also include three levels of below-ground parking and 15,000 square feet of ground-floor retail space. Individual units at Solaire 8520 will include quartz countertops, stainless steel appliances, wood flooring and private balconies. Community amenities will include a rooftop swimming pool, cyber café, grilling areas, fitness center, private courtyard and a game room. Lendlease is the general contractor for the project, and Baltimore-based Design Collective is the architect. Streetsense is handling the leasing assignment for the retail portion of the project. Slated to open in spring 2019, Solaire 8520 is WPC’s fourth Solaire-branded apartment community and its second in Silver Spring’s Ripley District, a former light industrial area-turned transit-oriented neighborhood. At full build-out, the Ripley District will include 2 million square feet of mixed-use development and house up to 3,000 people.
SHOREWOOD, ILL. — Developers HSA Commercial and Clarion Partners LLC have broken ground on Heartland Corporate Center in Shorewood, located just west of Joliet. The 757,880-square-foot distribution center will be located on a 46-acre site near the I-55 and I-80 interchange. The speculative project will feature a clear height of 36 feet, 108 truck docks and 240 car parking spaces. Tenant occupancy is slated for early 2019. Meridian Design Build is the general contractor. David Bercu and Matthew Stauber of Colliers International are handling lease-up of the property.
CHICAGO — Summit Design + Build LLC has completed the renovation and rebranding of the former Hotel Indigo Chicago Downtown. The 13-story property is now known as Claridge House Hotel. The building, originally constructed in 1923, had operated as Hotel Indigo since 2005. Interwest Capital purchased the asset in 2016 with plans to rebrand. Summit updated the lobby and restaurant and installed a new bar. The hotel’s 165 guest rooms received upgrades including new paint, carpet, light fixtures, shower fixtures and lighted mirrors. The renovation project totaled 59,000 square feet. Hirsch Associates served as the project architect and The Gettys Group served as interior designer. Oxford Capital Group operates the hotel.
