SAN ANTONIO — Somervell Commercial Realty has begun construction on GM Financial Servicing Center in San Antonio. The 100,000-square-foot, two-story facility is located on 13.8 acres in the Westover area at the intersection of North Ellison Drive and Westover Link. Somervell plans to complete the building in one year, after which the building will host 500 employees. The project received tax abatements from Bexar County and the city of San Antonio, as well as a $2.5 million grant from the Texas Enterprise Fund. The facility’s exterior walls will display a stone pattern created by reveals and at least two colors. Tinted green glass curtain walls will be located at two-story entry atriums on the north and south sides of the property.
SAN ANTONIO — Marcus & Millichap has arranged the sale of AT&T Distribution Center, a 131,755-square-foot industrial property located in San Antonio. Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Jon Danklefs of Marcus & Millichap’s San Antonio office secured and represented the buyer, an individual/personal trust. AT&T Distribution Center is located at 827-829 AT&T Center Parkway. Built in 1975 on five acres, the property is adjacent to the AT&T Center in the northeast San Antonio industrial submarket.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.
NEW YORK CITY — InterContinental Hotels Group (IHG) has opened Holiday Inn Brooklyn Nevins Station at 300 Schermerhorn St. in downtown Brooklyn. The 81,000-square-foot hotel was developed by K.K. and Sanjeev Mehta. Designed by Gene Kaufman Architect, the 15-story property features 246 guest rooms, including a 400-square-foot Presidential Suite and a 250-square-foot Junior Suite. On-site amenities include entertainment and meeting facilities; a 1,200-square-foot outdoor terrace; 4,000 square feet of dining, bar and lounge options; an indoor pool; and fitness center.
STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms. The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal. “There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.” At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.
HARTSDALE, N.Y. — Northeast Private Client Group has brokered the sale of a retail property located at 150-152 S. Central Ave. in Hartsdale. A family trust sold the property to a New York-based investor for $8.8 million, or $420 per square foot. Situated on 1.7 acres, the multi-tenant property comprises 21,000 square feet and is currently occupied by Ethan Allen and Blinds to Go, each on 10-year leases with rent escalations and option periods. Edward Jordan of Northeast Private Client Group represented the seller, while Vijay Raghavan of Vijay Realtors represented the buyer in the transaction.
ALBANY, N.Y. — Eastern Union Funding has arranged construction financing for UP REALTY LLC for the conversion of 20 Park Street in Albany from office to residential use. Motti Blau of Eastern Union negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920-square-foot former office building is being redeveloped into 73 rental units. On-site amenities will include a rooftop deck, gym and parking. The property is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking and the future convention center via a covered pedestrian walkway. Construction is slated for completion by early summer.
CONCORD, FAIRFIELD AND FOLSOM, CALIF. — A partnership between Birtcher Anderson Realty and Merced Capital has acquired a three-property industrial portfolio in Northern California for $63.4 million. The portfolio boasts a total of 533,700 square feet. The acquisition includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio contains 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Terry Daly of Cushman & Wakefield placed the debt for the buyer. The firm’s Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger represented the seller, Garaventa Properties, in this transaction. Pedder and Binswanger will continue to serve as the properties’ leasing agents. Cushman & Wakefield will also assume property management under the new ownership.
TACOMA, WASH. — Dermody Properties has announced plans to develop a 225,972-square-foot industrial facility in the Tacoma submarket of Fife. The property will be known as LogistiCenter at 167. It will be located at 7402 26th St. E. Construction will commence this spring and should be complete by September. Craft Architects is designing the building, while the general contractor is Poe Construction. Dermody is the project’s owner and developer. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews will handle leasing.
SAN CARLOS, CALIF. — R.D. Olson Development has broken ground on the 204-room Residence Inn by Marriott Silicon Valley in San Carlos. The hotel will be located at 595 Industrial Road. Residence Inn by Marriott Silicon Valley is situated immediately adjacent to the 101 Freeway, within two miles of Oracle’s headquarters. The area is home to 16 Fortune 500 companies, including Apple, Intel, Facebook and Google. The hotel will offer 1,500 square feet of meeting and pre-function space, a fitness center, full-service business center, pool, spa, and an outdoor patio with fire pits and a sports court. Deacon Corp. will build the hotel, which DLR Group will design.