PORTLAND, ORE. — A joint venture between Goldman Sachs Asset Management Private Real Estate and HP Investors has acquired a two-property office portfolio in Portland for an undisclosed sum. The properties included in the transaction are Block 90 and 300 Building. The portfolio contains a total of 85,753 square feet. The assets are situated adjacent to one another. They comprise an entire block in the Pearl District and are listed on the National Historic Register. The JV plans to maintain the boutique creative office space that caters to demand from a wide range of tenants in the marketplace looking for authentic, repurposed office space.
PEMBROKE PINES, FLA. — Aztec Group Inc. has secured a $56.8 million construction loan for the development of a 387-unit apartment community at Pembroke Pines City Center, a 325,000-square-foot mixed-use project under development in Broward County. The site is located at the southwest corner of Palm Avenue and Pines Boulevard in Pembroke Pines. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the borrower and project developer, Terra City Center MF LLC. The community will feature a resort-style pool, fitness center and clubhouse. Terra is currently underway on the retail portion of Pembroke Pines City Center, which is more than 70 percent preleased to tenants including Publix, Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys. In addition, the project is located adjacent to the city’s recently completed civic center, which includes a 3,500-seat performing arts center and conference hall, outdoor plaza, 10,000-square-foot art gallery and a new city hall. Pembroke Pines City Center is expected to complete in 2019, according to the South Florida Business Journal.
ATLANTA — CBRE has arranged the sale of University Office Park, a 1.2 million-square-foot office park situated on 78 acres in Atlanta’s Northeast office submarket. Jason Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, DRA Advisors. An Atlanta-based investment group acquired the 21-building campus for an undisclosed price. The Centers for Disease Control, FEMA and the IRS anchor University Office Park. In addition, the park is home to information technology services firm WiPro Limited’s operations hub and training center. CBRE has been retained by the new ownership to lease and manage the office park.
ATLANTA — London-based GSMA, a trade organization that represents the interests of more than 800 mobile operators worldwide, has opened its new North American regional office at 165 Ottley Drive in Atlanta’s Armour Yards development. GSMA operator members in the North American region include companies such as AT&T, Bell Mobility, Digicel, Rogers Communications, Sprint, T-Mobile, Telus and Verizon. GSMA held a ribbon cutting ceremony for the grand opening on Friday, Jan. 11. The new office space features flexible work areas, open collaboration and meeting facilities and access to amenities within the Armour Yards campus. The building will house roughly 90 GSMA employees. Situated near the BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Sprit Works, Fox Bros. Bar-B-Q and East Pole Coffee Co. The loft-office portion is housed within four former industrial buildings and features creative office space.
LAKELAND AND WINTER HAVEN, FLA. — JLL has arranged the $28.8 million sale of a four-building, 426,000-square-foot industrial portfolio in Central Florida. Three of the facilities are located within Parkway Corporate Center at 4070, 4035 and 4150 S. Pipkin Road in Lakeland. The fourth building is located at 750 42nd Ave. in Winter Haven. Ryan Vaught and Robyn Hurrell of JLL arranged the transaction on behalf of the seller, Parkway Partners. Dalfen America Corp. acquired the properties as one portfolio. All of the facilities in the portfolio were built within the last 10 years and feature tilt-wall construction, ESFR sprinkler systems, rear-load facilities, oversized truck courts and on-site trailer storage. At the time of sale, the portfolio was 85 percent leased to multiple tenants, including Packaging Corp. of America, one of the largest producers of containerboard and corrugated packaging products in the country.
ALEXANDRIA, LA. — Franklin Street has arranged the $3.2 million sale of The Bulls Eye, a newly constructed, 6,400-square-foot strip retail center located at 3504 Jackson St. in Alexandria. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Nashville-based D3 Alexandria LLC. Boise, Idaho-based Latta Properties LLC acquired the asset. At the time of sale, The Bulls Eye was home to Mattress Firm and Verizon Wireless.
NEW YORK CITY — ATCO Properties & Management has closed a $72.7 million refinancing for an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. MetLife Investment Management provided the five-year, fixed-rate loan. Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank arranged the financing. ATCO acquired the 165,000-square-foot building in 2016 and has executed new leases and implemented capital improvement projects at the 18-story property. The company executed 47,000 square feet of new leases and renewals during 2017 and completed several improvement projects, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Newsday, Fidelus Technologies, Jason Wu, Carrier Enterprises Northeast, Nexguard Labs and Café Metro are tenants at the building.
WEST CONSHOHOCKEN, PA., AND QUINCY, MASS. — Sunstone Hotel Investors has completed the sale of Philadelphia Marriott West in West Conshohocken and Boston Marriott Quincy in Quincy for $139 million, or approximately $184,600 per key. Located at 111 Crawford Ave., the Philadelphia Marriott West features 289 rooms, and Boston Marriott Quincy, at 1000 Marriott Drive in Quincy, features 464 units. The name of the buyer was not released. The disposition of the two hotels furthers the company’s strategy of concentrating its portfolio in long-term relevant real estate.
NEW YORK CITY — Stonehill Taylor has designed HY36, a hotel in the Hudson Yards district, for owners LLR Holdings LLC and Intercontinental Hotel Group. Open in fall 2017, the hotel features 251 rooms; a business lounge; an outside patio with a full bar and retractable skylight roof; a full gym; two meeting rooms; and The Great American, a destination restaurant. The hotel features an industrial design that emulates the nearby transportation hubs, including Penn Station, Port Authority Bus Terminal, Lincoln Tunnel and Grand Central Station. The façade is composed of corrugated metal and glass panels arranged in a rhythmic vertical configuration. K & Co. designed the interior spaces, with Glen Cohen designing the guestrooms. Intercontinental Hotel Group operates the property.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of three contiguous mixed-use buildings on Amsterdam Avenue in Washington Heights. A private investor, 2372-2376 Amsterdam Avenue NYC, acquired the properties from 2372-2376 Amsterdam Avenue LLC for $13.2 million. The buildings, located at 2372, 2374 and 2376 Amsterdam Ave., total 41,353 square feet. The properties consist of two five-story mixed-use walk-up buildings and one six-story mixed-use building with a total of 58 apartments and eight retail stores, including a barbershop and a grocery store. The properties were built between 1906 and 1908.