Property Type

McDonald’s to Relocate Headquarters to Downtown Chicago

by Christina Cannon June 13, 2016

CHICAGO — McDonald’s will relocate its corporate headquarters from Oak Brook to downtown Chicago by the spring of 2018. The fast food giant has signed a lease at 1045 W. Randolph St. in the West Loop neighborhood. McDonald’s was headquartered in Chicago from 1955 to 1971. The new location will provide offices, as well as house Hamburger University, one of seven worldwide training centers. According to Crain’s Chicago, McDonald’s will likely lease over 300,000 square feet at the building, which formerly served as Oprah Winfrey’s Harpo Studios. McDonald’s currently operates over 36,000 locations in over 100 countries.

June 13, 2016

Hospitality Texas

NewcrestImage Acquires Hyatt Place Hotel in Metro Dallas

by Haisten Willis June 13, 2016

GRAPEVINE, TEXAS — NewcrestImage has purchased the 125-room, six-floor Hyatt Place hotel in the Dallas suburb of Grapevine. This is the company’s fourth Hyatt Place, joining hotels owned and operated in San Antonio, Lubbock and Plano. The new property features two meeting rooms spanning 1,100 square feet and 400 square feet, a breakfast area, outdoor pool, cocktail and coffee bar, fitness center and a business center. The hotel is located near Legoland Discovery Center and the Grapevine Mills Mall. Dallas-based NewcrestImage now owns and operates 22 properties, with another 11 hotels under construction or in development. The company’s three divisions include real estate development, construction and hotel management.

June 13, 2016

Restaurant Retail Texas

Developers Sell Phase II of Willow Bend Commons in Plano

by Haisten Willis June 13, 2016

PLANO, TEXAS — A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC has sold Phase II of Willow Bend Commons. The retail property is located at 1885 Dallas Parkway in Plano, and was sold to an undisclosed buyer. The newly constructed, 6,000-square-foot building is leased to Verts Mediterranean Restaurant and Ideal Dental. The partners purchased a 5.2-acre site from Costco two years ago for the development. Phase I was a 14,000-square-foot retail center that was 100 percent leased upon completion, and subsequently sold in 2015. Phase I tenants include Torchy’s Tacos, Shell Shack, Jersey Mike’s Subs, LA Bikini, Wok Box and Salada. In addition to the retail center, one pad site was sold to Randolph-Brooks Federal Credit Union, whose facility also opened in 2015.

June 13, 2016

Hospitality Texas

Weis Builders Breaks Ground on Downtown Fort Worth Hotel

by Haisten Willis June 13, 2016

FORT WORTH, TEXAS — Weis Builders has begun construction on a Hampton Inn & Suites in downtown Fort Worth at the former site of the Fort Worth United Way. Located across from Fort Worth Convention Center, the 245-key hotel will feature an indoor fitness area, swimming pool, business meeting and conference areas and a lounge with a bar.

June 13, 2016

Industrial Texas

Colliers Arranges Sale of Two Land Tracts in Metro Houston for Warehouse Facilities

by Haisten Willis June 13, 2016

TOMBALL and PASADENA, TEXAS — Colliers International has arranged the sale of two land tracts for the expansion of Restaurant Depot, a wholesale grocery and foodservice supplier, in metro Houston. Restaurant Depot is a division of Jetro Holdings LLC, headquartered in College Point, N.Y. Each tract will house a 60,000-square-foot distribution warehouse store. One of the new locations is a 5-acre site on the west side of SH 249 north of Spring Cypress Road in Tomball. The other location is a 5.4-acre site on the northeast side of Preston Road between East Beltway 8 and Crenshaw Road in Pasadena. The new stores are expected to break ground in the fourth quarter and will be open for business by summer 2017. Marshall Clinkscales of Colliers’ Houston office and Tom Condon Jr. of The Woodlands office represented the buyers, JMDH Real Estate of Tomball LLC and Preston Park LLC, respectively. Keith Edwards with Caldwell Cos. represented the seller of the Tomball location. Alix Fox with Qualified Properties represented Mattie Faye Properties LLC, the seller of the Pasadena location. Kerry Wakefield with Alamo Title Co. coordinated both closings.

June 13, 2016

Retail Texas

M&M Arranges Sale of 8,500 SF Net Leased Retail Property in McAllen

by Haisten Willis June 13, 2016

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of an 8,500-square-foot retail building net leased to Mattress Firm in McAllen. Vincent Knipp of the firm’s Dallas office procured the private buyer, which utilized a 1031 tax-deferred exchange. Mattress Firm is situated on 1.3 acres at 1304 E. Expressway 83 northeast of Jackson Avenue.

June 13, 2016

Loans Multifamily New York Northeast

Alchemy Properties to Convert Upper Floors of Landmark Woolworth Building into Luxury Condos

by Amy Works June 13, 2016

NEW YORK CITY — Alchemy Properties Inc. has received $220 million in financing for the conversion of the upper floors of the landmark Woolworth Building into luxury condominiums called The Woolworth Tower Residences. Reed Smith LLP represented the lender, United Overseas Bank Limited, New York Agency, in the financing. The luxury condominium conversion will be designed by Thierry Despont. Built in 1913, the Neo-Gothic tower was commissioned by Frank W. Woolworth and designed by Cass Gilbert. The Reed Smith LLP team included Joseph Sarcinella, Gerard Hefner, Crystal Persaud, Konstantinos Melitsanopoulos and Rose Plager-Unger.

June 13, 2016

New Jersey Northeast Office

Bergman Real Estate Sells 112,260 SF Office Building in New Jersey

by Amy Works June 13, 2016

NEW PROVIDENCE, N.J. — Bergman Real Estate Group has completed the sale of its four-story office building located at 121 Chanlon Road in New Providence. A private entity acquired the property for an undisclosed sum. Situated on 6.5 acres, the 112,260-square-foot office building is 85 percent leased by a variety of companies in industries such as publishing, technology and healthcare. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

June 13, 2016

Multifamily New York Northeast

Big City Realty Acquires 25-Unit Apartment Building in Manhattan for $7.6M

by Amy Works June 13, 2016

NEW YORK CITY — Big City Realty has acquired an apartment building located at 605 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. Waterbury Realty Management sold the six-story, 31,000-square-foot property for $7.6 million. Built in 1920, the property features 25 apartment units and 14,136 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Group represented the buyer and the seller in the deal.

June 13, 2016

Multifamily New York Northeast

GFI Realty Services Brokers $6.6M Sale of Two Multifamily Buildings in Brooklyn

by Amy Works June 13, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a pair of five-story, walk-up apartment buildings in Brooklyn’s Prospect Heights neighborhood. CSG Equities acquired the properties, which are located at 218-220 Park Place, for $6.6 million. The buyer plans to convert the buildings, which total 7,300 square feet, into luxury condominiums. Isaac Moskowitz and Yosef Katz of GFI Realty represented the seller, while Sasha Berg, also of GFI Realty, represented the buyer.

June 13, 2016

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