SEATTLE — Create World America has acquired an 8,748-square-foot residential development site near Pike Place Market in Seattle for $17.1 million. The space is located at 1613 2nd Ave. The acquisition includes air rights that allow for a large floor plate and protected views from the 14th floor and above. Create World America, an international construction management firm based out of Hong Kong, plans to erect a high-rise residential tower on the site. Jim Klinger and Ross Klinger of Kidder Mathews represented the seller, MJA Building, an affiliate of Principal Real Estate Investors, in this transaction.
PLANO, TEXAS — Ascent has opened a 43,330-square-foot data center known as Ascent DAL1 in Plano. The property is designed to withstand tornadoes with winds up to 360 miles per hour. DAL1 spans 4.3 acres and includes 2.7 megawatts of power, with the ability to expand to up to 7.2 megawatts. The building has three paths for fiber access.
FRISCO, TEXAS — A 38,000-square-foot LA Fitness has opened in Frisco Market Center, a 100-acre mixed-use development located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Earlier this year, a grocery store chain purchased 19 acres along the eastern portion of Frisco Market Center for a future 100,000-square-foot store. Hermansen Development is the owner and developer for Frisco Market Center. The LA Fitness building, located at 5080 Main St., is situated on 5.1 acres. Ridgemont was the general contractor for the project and LegacyTexas was the lender. Chief Partners LP, a real estate investment firm based in Dallas, is the capital partner for Frisco Market Center. Upon completion, Frisco Market Center will include nearly 500,000 square feet of entertainment space, restaurants and retail, 250 hotel rooms and over 1,500 residences. Anchored by Main Event Entertainment and LA Fitness, the project also includes The Emerson, a 410-unit apartment community, and several restaurants. Other developments located at the intersection include Toyota Stadium and Soccer Center, a 145-acre multipurpose sports and entertainment facility consisting of the soon-to-open National Soccer Hall of Fame plus a 20,500-seat pro soccer stadium and 17 fields.
COPPELL and ADDISON, TEXAS — Metropolitan Capital Advisors has arranged a $14.4 million loan for a portfolio of two office properties in metro Dallas. Rainier Asset Management Co., a subsidiary of Dallas-based Rainer Cos., owns the portfolio. The ownership is structured as a tenant-in-common. The five-year loan includes a 65 percent loan-to-value ratio and a fixed 4.95 percent interest rate. The portfolio includes Lakeview Center in Coppell and Sojourn Medical and Office Center in Addison. Lakeview Center is a 101,426-square-foot, single-story office building built in 1999. The property is 100 percent leased to six tenants, including Beacon Health Options, Circle K Stores and Caliber Home Loans. Sojourn Medical and Office Center was built in 2000 and is 87 percent leased to three tenants including the U.S. Oncology Center.
DALLAS — Corvette Warehouse LLC is expanding its headquarters, sales center and showroom in Northwest Crossing, signging a long-term lease for 19,639 square feet in north Dallas. The business is adding 6,450 square feet of showroom space in Building Four at 2158 W. Northwest Highway in Dallas’s Stemmons Corridor. The four-building, 126,894-square-foot property is 90 percent occupied. Corvette Warehouse occupies end cap space, which is visible from the freeway. The 6.6-acre Northwest Crossing is located near I-35W and I-635. The company negotiated its new lease directly with the landlord’s brokerage team. Jason Miller and Brian Pafford of Dallas-based Bradford Commercial Real Estate Services represented the landlord, AF-1 Northwest Crossing LLC, in the transaction.
HOUSTON — G&A Partners, a professional employer organization and HR services provider, has relocated its corporate headquarters to Houston’s energy corridor. The new office, located in the Westgate complex at 17220 Katy Freeway, will allow the company to increase its operational capacity by providing additional square footage and modern amenities. With many of its more than 150 Houston-based employees living on the north and west sides of the city, G&A decided that moving to the energy corridor would decrease commute times for its employees. G&A partnered with CBRE’s Kevin Kushner for tenant representation services, including site selection and lease negotiations. The building’s layout, designed by Ziegler Cooper Architects, features breakout and conference rooms and an open floor plan. The company moved into the new space this month.
NEW YORK CITY — Five Mile Capital and Centurion Group have completed the development of River & Warren, a condominium project located at 212 Warren St. in Lower Manhattan. The project included the renovation and conversion of a 27-story, 324-unit apartment building into a 162-unit condominium building feature two- to five-bedroom layouts. Condos include white oak flooring, kitchens with custom oak and marbled islands, custom floor-to-ceiling millwork cabinetry with white Italian marble countertops, and high-end appliances. On-site amenities include a fitness center, playroom and rooftop park. CetraRuddy Architecture designed the property, while Mc Gowan served as construction manager.
NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.
NEW YORK CITY — Gotham Organization is converting a schoolhouse into a condominium property called Inkwell in the Hell’s Kitchen neighborhood of Manhattan. Located at 520 W. 45th St., the five-story building will feature 18 residences and is the first New York City condominium project designed by AvroKO. The design incorporates features of the former elementary school with blackboards in the kitchens and powder rooms. Additionally, the property features AvroKO-designed custom lighting and furniture throughout, a custom cage light fixture in the gym, entry closets in each unit, and bespoke light fixtures in the kitchens and bathrooms. Slated for completion this fall, the building will feature 16 two-bedroom residences ranging in size from 1,200 square feet to 1,400 square feet and starting at $1.78 million, and two three-bedroom, 1,900-square-foot residences with private gardens starting at $2.75 million. On-site amenities will include a gym with an outdoor lounge, and bike and tenant storage.
NEW YORK CITY — American Realty Capital New York City REIT has closed on the previously announced $180 million acquisition of 1140 Avenue of the Americas, an institutional-quality office property in Midtown Manhattan. The seller was an affiliate of Blackstone Real Estate Partners VI LP. The 22-story building features 250,000 rentable square feet of office space. The acquisition was funded by a combination of cash and mortgage financing.