NEW YORK CITY — Marcus & Millichap has brokered the sales of three multifamily properties in Brooklyn totaling $7 million. In the first transaction, a limited liability company purchased an eight-unit apartment building, located at 371 Irving Ave. in Brooklyn, for $2.2 million. Shaun Riney, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction. In the second deal, a limited liability company purchased a six-unit apartment building, located at 235 Wyckoff Ave. in Brooklyn, for $2 million. Riney, Shihadeh and Greenblatt represented the buyer and the seller, a limited liability company, in the deal. In the final transaction, a private investor acquired a three-unit apartment property, located at 701-703 Grand St. in Brooklyn, for $2.8 million. Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the buyer and the seller, a private investor, in the transaction.
HOUSTON — CBRE and Unilev Management Corp. are now in the final phase of a multimillion-dollar renovation project at One Riverway in Houston. The 481,000-square-foot, 25-floor, Class A office building is located on the north side of the Galleria/Uptown area, directly adjacent to the Omni Hotel at Woodway Drive and South Post Oak Lane. Renovations include a new backup power generator, cooling towers, restaurant/deli, conferencing center, fitness facility, interior elevator cab upgrades and corridor upgrades. A lobby renovation will include a coffee/smoothie bar. Tenants at One Riverway include Northwestern Mutual, Texas Capital Bank, Regus Group, Thompson Coe Cousins, Wright & Close, EMC and PLS. Steve Rocher, Kristen Rabel and Parker Duffie with CBRE’s Houston office are the leasing representatives for One and Three Riverway. Unilev Management Corp. owns One and Three Riverway, provides on-site management and is also a tenant in the building.
CHATTANOOGA, TENN. — The University of Tennessee at Chattanooga has broken ground on a new 600-bed, $70 million housing complex. The 231,959-square-foot development on the west side of campus will also include classrooms, a bookstore outlet, dining facility and a demonstration kitchen to help students transition to apartment living. The structure will feature 648 new parking spaces for cars and 22 motorcycle parking spaces. Each room will be wired for gigabyte service, as well as wireless connectivity. The facility is projected to open in fall 2018.
PLANO, TEXAS — Aligned Data Centers, a division of Aligned Energy, has opened a new data center in Plano. The Aligned Plano data center, situated on a 19-acre campus at 2800 Summit Ave., offers 108,000 square feet and 12.5 megawatts of power. When complete, the site will provide 300,000 square feet and 30 megawatts.
WELLINGTON, FLA. — Federal Realty Investment Trust, a publicly traded REIT, has sold The Courtyard Shops at Wellington for $52.8 million. The grocery-anchored shopping center is located in Wellington, a town in Palm Beach County. Federal Realty acquired the 127,000-square-foot property in 2008 and since then has increased value for the property by activating formerly vacant spaces and outparcels. The shopping center’s tenant roster includes Publix, Leslie’s Swimming Pool Supply, Tijuana Flats, Bank of America and IHOP.
SMYRNA, GA. — InterContinental Hotels Group (IHG) has opened the 160-room Hotel Indigo Atlanta-Vinings, the brand’s third hotel in metro Atlanta. The new hotel is located at 2857 Paces Ferry in Smyrna’s Vinings district, roughly 20 miles from downtown Atlanta. The hotel features artwork from Nellie Mae Rowe, who previously owned the land that houses the hotel, and The Public House at Vinings, a Southern-themed restaurant and bar. Other amenities include a 24-hour fitness center, 3,200 square feet of meeting space and Neighborhood Guide, Hotel Indigo’s interactive touchscreen display. Rialto Capital Management owns the Hotel Indigo Atlanta-Vinings and Valor Hospitality Partners manages the property.
BUCKNER, KY. — Dahlem Realty Corp. has arranged Kroger’s acquisition of a 15.8-acre parcel in Buckner. Kroger plans to build a new 125,000-square-foot Kroger Marketplace at the site, located at the southeast corner of KY 393 and Commerce Parkway. The center will also feature a Kroger fuel station, two outparcels and a 3,000-square-foot Kroger liquor store, depending on pending state legislation. Dahlem Realty Corp., a Louisville-based brokerage, leasing and management services firm, represented Kroger in the acquisition.
PEARLAND, TEXAS — NAI Partners represented Tool-Flo Manufacturing in the acquisition of 15 acres to build an 80,000-square-foot metal machining facility and office located in the Spectrum Business Park in Pearland. Tool-Flo Manufacturing began operation in Houston in January 1978. The company serves the carbide threading and grooving market globally. Tool-Flo employs manufacturer’s representatives to cover the United States and to service the U.S. distributor network. The markets Tool-Flo serves include automotive, aerospace and medical and oil industry products and basic domestic manufacturers. Dan Boyles Jr. and Lane Morgan of NAI Partners represented the buyer, Tool-Flo Manufacturing, during the negations, while Justin Patchen of Urban Meridian Group represented the seller, Spectrum 86 Partners.
NEW YORK CITY — Quadrum Global is planning to construct a hotel at at 351 W. 38th St. in Manhattan, a property the firm acquired last year. Marvel Architects will design the 26-story, 500-room hotel, which is situated within the boundaries of the Hudson Yards district. In addition to the site, Quadrum has the opportunity to acquire addition air rights at the site, which would allow for increased density. The firm has hired JLL’s Hotels & Hospitality Group to advise on the selection of hotel brand and operator to align with the hotel’s lifestyle amenities and services.
FORT WORTH, TEXAS — Lee & Associates has completed a lease transaction for a 197,600-square-foot space located at 5400 Alliance Gateway Freeway in Fort Worth. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, Liberty Property Trust, and Gary Lindsey of Newmark Grubb Knight Frank represented the tenant.