NEW YORK CITY AND NEWARK, DEL. — PM Hospitality Strategies has closed the second quarter with two hotel additions to its third-party management portfolio. The company entered the Manhattan market with the addition of Homewood Suites New York Midtown Manhattan Times Square South, which is located at 312 West 37th St. The 22-story property is the brand’s largest hotel featuring 293 over-sized suites, a two-story lobby waterfall and a seasonal rootftop deck and garden terrace. West 37th Street Operator LLC, a joint venture between The Buccini/Pollin Group, Albanese Development Corp. and Rockwood Capital, owns the property. Additionally, PM Hospitality added the 136-room Hampton Inn & Suites Wilmington Christiana to its portfolio. Located at 1008 Old Churchmans Road in Newark, the hotel is the company’s second new build to open in Delaware in the second quarter of 2014 and its first Hampton Inn & Suites property in the market. Both hotels are owned by The Buccini/Pollin Group.
Property Type
WEST CALDWELL, N.J. — HFF has arranged $12.2 million in financing for Five Henderson Drive, a 210,530-square-foot industrial print facility and warehouse in West Caldwell. The single-tenant property is leased to R.R. Donnelley and serves as the company’s Mid-Atlantic digital print facility. The long-term tenant recently executed a 10-year lease extension on the property. HFF secured the five-year, fixed-rate financing for the borrower, The Hampshire Companies, through Lakeland Bank. Jon Mikula and Michael Klein led the HFF team representing the borrower.
ALLEGHENY COUNTY, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has acquired two manufactured home communities totaling 283 pads in Allegheny County. The acquisition includes the 170-pad 51 Estates and 113-pad New Colony communities, which are located 20 minutes from each other and within 20 miles of downtown Pittsburgh. These acquisitions expand the company’s portfolio to 21 communities with approximately 3,200 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 11 communities representing approximately $60 million in value.
MANCHESTER, CONN. — Marcus & Millichap has arranged the leasehold sale of a two-tenant shopping center in Manchester. The 49,905-square-foot asset sold for $2.8 million. Dean Zang, Mark Taylor, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company related to Skyline Pacific Properties of California. A Hartford County, Conn.-based buyer purchased the property.
THE WOODLANDS, TEXAS — Starwood Hotels & Resorts Worldwide Inc. and The Howard Hughes Corp. have announced the Westin brand will open a fifth hotel in the Houston area. The Westin, The Woodlands will open in late 2015 inside The Woodlands, a master planned community 27 miles north of downtown Houston. The hotel will have 302 rooms, more than 15,000 square feet of meeting and pre-function space, an outdoor pool, gym, restaurant, lobby bar, pool and business center. It will be located in The Woodlands’ Waterway Development Square.
LEWISVILLE, TEXAS — City Office REIT has acquired Lake Vista Pointe in metro Dallas for a purchase price of $28.4 million. Lake Vista Pointe is a 163,000-square-foot office property in Lewisville. The property was built in 2007 and is fully leased to Ally Financial Inc. through 2021. The acquisition is expected to generate a full-year cash net operating income yield of 7.8 percent. The deal was financed with an $18.5 million mortgage with a fixed 4.3 percent interest rate for 10 years.
HOUSTON — Westcreek HTX Partners LLC has closed on the final three parcels of the 30-acre Westcreek at River Oaks apartment complex in Houston. Austin-based Cypress Real Estate Advisors has been selling pieces of the property, which is located at West Loop 610 between Westheimer and San Felipe. The tracts sit next to the River Oaks District project being developed by San Diego-based OliverMcMillan. Clinton Sayers and Paul Byars with Sayers & Associates Commercial in Austin represented the buyer. CBRE represented the seller.
HOUSTON — Peska, a seafood restaurant, will open a 6,000-square-foot store at Phase II of BLVD Place, a new mixed-use development under construction in Houston’s Uptown/Galleria. Ed Wulfe, chairman and CEO of Wulfe & Co., is managing partner of the development. Stockbridge Capital Group of San Francisco serves as equity advisor in the transaction. Peska is owned by the Mexico-based Ysita family, which runs four restaurants in Mexico under the La Trainera brand. BLVD Place is located on the southwest corner of Post Oak Boulevard and San Felipe Street in Houston. The complex is 80 percent leased, with a 52,000-square-foot Whole Foods Market and a 55,000-square-foot regional headquarters for Frost Bank serving as the major tenants.
SAN DIEGO — AMN Healthcare Services has renewed its lease for 175,000 square feet of office space in San Diego. The long-term lease renewal is valued at $120 million. The space is located at 12400 High Bluff Drive in Del Mar Heights. The healthcare workforce solutions and staffing services provider has resided at this Class A property since it was constructed in 2003. The company currently houses 800 employees at the center, with room to expand to 1,000 employees. AMN was represented by Douglas Lozier of Savills Studley’s San Diego office. The landlord was Kilroy Realty Corporation.
DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.