GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.
DECATUR, ILL. — Block & Co. has brokered the $4.6 million sale of a 45,114-square-foot retail strip center in Decatur. The property is located at 4202-4298 N. Prospect at the southeast corner of I-72 and 51 Highway. A Walmart Supercenter and Sam’s Club anchor the center. Other tenants at the center include Jo-Ann Fabric and Craft, RadioShack and Sally Beauty Supply. David Block and Max DiCarlo of Block & Co. represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC.
PARSIPPANY, N.J. — Securitas Security Services USA has signed a new 15-year lease for 81,282 square feet of space at 9 Campus Drive within Mack-Cali Business Center in Parsippany. The company’s new location, which will serve as its North American headquarters and Eastern Operations Center, will house a data center and 24/7 call center and approximately 225 employees. With this lease, the four-story, 156,495-square-foot office building is now 89.2 percent leased. Joseph Messina, formerly of Savills Studley, along with Daniel Foley and Christopher Marx of Savills Studley, represented the tenant, while Diane Chayes and Brian Decillis provided in-house representation for Mack-Cali Realty Corp.
DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.
CHICAGO — Tokyo-based restaurant chain Gyu-Kaku will open its second Chicago location after signing a 10-year lease for 2,800 square feet at 1364 W. Randolph St. in the West Loop. Lee Ffrench of @properties Commercial represented Gyu-Kaku in the transaction. Elan Rasansky of RKF represented the landlord, Harrison Jones. The Japanese barbecue restaurant has more than 700 locations worldwide, including more than two-dozen in North America. In 2011, the company opened its first Chicago location at 210 E. Ohio St., just off the Magnificent Mile. Gyu Kaku’s new location is at the northeast corner of Randolph and Ada Streets, in an area of the West Loop known as Restaurant Row.
AUSTIN, TEXAS — Baceline Investments LLC, a private equity real estate investment and management company, has acquired Dakota Plaza, a retail center in Austin. Baceline purchased Dakota Plaza, a 21,700-square-foot retail center constructed in 2006, from Colorado-based Western Dakota LLC. Located at 8516 Anderson Mill Road, Dakota Plaza serves as the only neighborhood shopping center in the immediate area.
FRISCO, TEXAS — Paycor Inc. has signed a new, 11,878-square-foot lease at 3001 Dallas Pkwy in the Hall Office Park development in Frisco. Craig Wilson and Travis Boothe of DTZ, an international commercial real estate services firm, handled lease negotiations on behalf of Paycor.
DUNCANVILLE, TEXAS — Hospitality Lodging Systems (HLS) has signed an agreement with RevMax Management of Carrollton, Texas to open Haven Hotel in the Dallas suburb of Duncanville. The two-floor property, which is set to open April 1, features 123 rooms, including six suites. Amenities at the property include an outdoor pool, 24-hour fitness center, onsite restaurant and a 6,000-square-foot ballroom with another 700 square feet of meeting room space. The Haven brand was introduced in December as a “soft” companion to HLS’s Budgetel brand. The hotel, formerly a Ramada Inn, is located along I-20. It is 12 miles from downtown Dallas and midway between DFW International Airport and Love Field. HLS, which currently manages a system of 22 Budgetel properties, expects to double its portfolio within six months.
TAMPA, FLA. — Feldman Equities LLC and Tower Realty Partners have reacquired an interest in Wells Fargo Center, a 22-story, 390,000-square-foot office tower located in downtown Tampa. The two firms purchased the equity position in a joint venture partnership with an institutional investor that purchased the building in 2014. Feldman Equities and Tower Realty originally acquired Wells Fargo Center at the end of 2012 in a joint venture partnership with another institutional investor. As part of the agreement, Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight. Jeff Lanning and Brian Breeding of Cushman & Wakefield have been retained to represent the ownership group in leasing the building. Current tenants include Wells Fargo & Co., Phelps Dunbar and UBS.