NEW YORK CITY — MediaMath, a global technology company, has signed a 15-year lease for 106,000 square feet of office space at Four World Trade Center. The company plans to consolidate its more than 300 New York-based employees from three Midtown locations into the 44th, 45th and 46th floors of the 72-story tower. MediaMath plans to take occupancy in early 2015. With this lease, 70 percent of the 7.4 million square feet of newly built space at One, Four and Seven World Trade Center is now leased. Harly Stevens and Mike Rizzo of CBRE represented the tenant, while Mary Ann Tighe, Steven Siegel, Ken Meyerson and Even Haskell, also of CBRE, represented the landlord, Silverstein Properties, in the transaction.
Property Type
CHICAGO — Sonnenblick-Eichner Co. has arranged a $265 million first mortgage loan for the refinancing of the 610-room JW Marriott Chicago hotel. The property is located at 151 W. Adams St.The hotel is part of a 1.1 million square-foot mixed-use property, which occupies a full city block in the financial district of downtown Chicago. A Wall Street investment bank provided a non-recourse, LIBOR-based floating-rate loan. The hotel occupies the lower floors of an iconic Daniel Burnham designed building, originally completed in 1914. The building is designated as a historic landmark and on the National Register of Historic Places. In 2008, the lower 12 floors were fully renovated and converted into the 610-room JW Marriott Chicago. Marriott International operates the hotel.
MT. VERNON, ILL. — A new 32,022-square-foot Big Lots department store has opened at the Times Square Mall shopping center in Mt. Vernon, 80 miles east of St. Louis. The Sansone Group and Pine Tree Commercial Realty LLC own the 269,328-square-foot shopping center in partnership with Elgin, Ill.-based Wanxiang America Real Estate Group. Times Square Mall is located on the southeast corner of Broadway Street (State Route 15) and 42nd St. JC Penney, Dunham Sports and Peebles anchor the center. Other tenants at the center include rue21, Ross Dress for Less, GNC, Maurices, Claire’s, Bath & Body Works, Glik’s, Shoe Sensation, Subway and Wendy’s.
MONONA, WIS. — Dougherty Funding LLC has arranged an $18.5 million new construction loan for Treysta on the Water Apartments. The 124-unit apartment complex is located on the Yahara River in Monona, an eastern suburb of Madison. Dougherty Funding arranged the loan for Treysta Holdings LLC. The mixed-use property will include apartments with one-, two- and three-bedroom units, a restaurant and commercial space.
MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Fresenius Medical Care Dialysis Clinic, a 7,990-square-foot, net-leased property in Minneapolis. The facility, located at 4310 Nicollet Ave., is situated on nearly a half acre. Gino Lollio and Scott Niedergang of Marcus & Millichap’s Chicago downtown office represented the seller, an individual/personal trust. Brian Munn and James Rea of Marcus & Millichap’s Atlanta office represented the buyer, a private investor. Dan Linnell of Marcus & Millichap’s Minneapolis office assisted in closing the transaction.
HARWOOD HEIGHTS, ILL. — Xcel Med LLC has acquired a 60,000-square-foot office building in Harwood Heights, approximately 12 miles northwest of Chicago, for an undisclosed price. The medical coding and billing company will use the building as its headquarters. The property is located at 7444 W. Wilson Ave. John Joyce, Ryan Phillips and Chris Rickett of Transwestern represented the seller, Bluebird Harwood Heights LLC, in the transaction. Eric Tresslar of NAI Hiffman represented the buyer, Harwood Heights. This was the final sale in a three-property portfolio disposition completed by the Transwestern team. The portfolio consisted of approximately 91,492 square feet on approximately 4.2 acres.
FREMONT, OHIO — Marcus & Millichap has brokered the $1.8 million sale of Clarion Inn and Conference Center, a 157-room hospitality property located in Fremont, approximately 40 miles southeast of Toledo. The hotel is located at 3422 Port Clinton Road. The hotel sits alongside I-80/I-90, just two miles from downtown Fremont. Nearby attractions include the Fremont Speedway, the Sandusky County Fairgrounds and the Rutherford B. Hayes Presidential Center, which are all less than five miles from the hotel. Scott Brash of Marcus & Millichap’s Chicago downtown office represented the seller, a bank/financial institution. Lili Gewargis and Justin Westad of Marcus & Millichap’s Chicago downtown office represented the buyer, an Ohio-based private investor. Michael Glass of Marcus & Millichap’s Ohio office assisted in closing the transaction.
CHICAGO — NelsonHill has arranged the $1.2 million sale of a 21,000-square-foot industrial building in Chicago. The heavy timber loft building is located at 1845 W. Hubbard St. The building features 12-foot clear heights and 7,000 square feet per floor. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Mufid Saleh. Robert Woods of Spectrum represented the buyer, Busy Bee Promotions, a marketing and advertising firm. Busy Bee Promotions is relocating from another building in the neighborhood where it was leasing.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 25,444-square-foot light industrial facility in Farmington Hills, 23 miles northwest of Detroit. The property is located at 24470 Indoplex Circle. Gary Glotzhober of Colliers International represented the buyer, Efficient Office Solutions, and the seller, Floor Source, which used the space as a showroom and warehouse facility for the distribution of floor covering products. Upon renovation, Efficient Office Solutions will use the warehouse to store refurbished office furniture, and will use the showroom to display its products.
PHILADELPHIA — Federal Capital Partners has provided a $20 million mezzanine loan to finance the development of The Dalian on Fairmont, a 293-unit multifamily building in Philadelphia’s Museum District. Slated to break ground this fall, the nine-story property will be situated above the future Whole Foods in Rodin Square. The property will feature a second-level, 12,000-square-foot glass lobby, a 35,000-square-foot Sky Park outdoor amenity space, garage parking and views of downtown Philadelphia. Dalian Development is leading development and construction of the property. Property Capital LLC arranged the financing.