NEW YORK CITY — Posh Group Inc. has signed a 11,436-square-foot office lease expansion in Manhattan’s SoHo district. The event manager and brand promoter has effectively doubled its footprint to 22,637 square feet across two full floors at 40 Crosby, a five-story building. KPG Funds owns 40 Crosby, which offers 34,229 square feet of office space and 18,000 square feet of retail space on the ground floor.
MIAMI BEACH, FLA. — Terra and Turnberry have received $392 million in financing for the construction of Grand Hyatt Miami Beach, an 800-room hotel situated adjacent to the Miami Beach Convention Center. TYKO Capital, a New York City-based private equity and private credit investment management platform, provided the financing to the South Florida-based developers. Grand Hyatt Miami Beach will rise 17 stories at 17th Street and Convention Center Drive. The property will offer 12 floors of guest rooms, including 52 suites with views of Miami Beach. Additionally, four floors will feature meeting and ballroom spaces. Guests will have access to a pool deck with panoramic city views, a restaurant, lobby lounge and bar, as well as street-level retail space. The hotel will feature direct access to the Miami Beach Convention Center via a climate-controlled sky bridge. Plans for the development also call for new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit. According to sources familiar with the transaction, Eastdil Secured was involved in arranging the debt on behalf of Terra and Turnberry. Arquitectonica designed the hotel, and Balfour Beatty is serving as the general contractor. The Miami Beach Redevelopment Agency awarded a $75 million grant for the project in 2024. Grand …
DALLAS AND HOUSTON — Blackstone Real Estate (NYSE: BX), the largest owner of commercial real estate globally, has agreed for its Core+ funds business affiliate to acquire a 95 percent stake in an industrial portfolio in Texas totaling 6 million square feet. The purchase price is $718 million. Crow Holdings, the Dallas-based real estate and development firm that developed the properties, is the seller and will retain a 5 percent ownership stake. The transaction is expected to close in the second quarter of 2025. The portfolio comprises 25 Class A buildings located predominantly in submarkets of Dallas and Houston. According to Blackstone, the metros are two of the top-performing logistics markets in the country. “We are thrilled to acquire this high-quality portfolio located in some of the best performing U.S. industrial markets,” says David Levine, co-head of Americas acquisitions for Blackstone. “With limited vacancy and new construction starts down over 80 percent from the 2022 peak, logistics remains a high conviction theme for us; we are proud owners of more than $90 billion of warehouses in North America and nearly $170 billion in total around the world.” Founded in 1991, Blackstone currently has $315 billion of investor capital under management …
FREDERICKSBURG, TEXAS — A partnership between Hilton (NYSE: H) and Wine Country Hospitality Partners LLC will develop a hotel and residential property in the Central Texas city of Fredericksburg that will be operated under the Waldorf Astoria brand. The Waldorf Astoria Texas Hill Country and Waldorf Astoria Residences Texas Hill Country will consist of 60 dedicated hotel guest rooms and suites, 37 resort villas and 50 private residences. The resort will also offer five food-and-beverage concepts, an 11,000-square-foot spa and fitness center and two resort-style pools. The opening is scheduled for 2027. Wine Country Hospitality Partners is a partnership between Mark Harmon, founder of Auberge Resorts Collection; Robert Radovan, founder of luxury hospitality developer Criswell Radovan; and Tim Sparapani, co-founder of Blue Run Spirits and an experienced investor in hospitality startups.
RICHLAND HILLS, TEXAS — Truck parts manufacturer Gulf Highway Equipment has signed a 46,023-square-foot industrial lease at 7204 Burns St. in Richland Hills, a northeastern suburb of Fort Worth. According to LoopNet Inc., the single-tenant building was originally constructed in 1960. Luke Clardy of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the undisclosed landlord.
GARLAND, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of the 34,704-square-foot LBJ East Shopping Center in Garland, a northeastern suburb of Dallas. According to LoopNet Inc., the center was built on 4.7 acres in 1984. Tenants include Farmers Insurance, Northwest Street Tacos and Towngate Dental, per LoopNet. Jack Hicks and Hudson Lambert of STRIVE represented the seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.
PFLUGERVILLE, TEXAS — Takoro Sports, a Taiwanese entertainment concept centered on baseball, will open a 20,000-square-foot venue in the northern Austin suburb of Pflugerville. The facility will be constructed via ground lease within Stone Hill Town Center and will feature high-tech batting and pitching cages, various simulators, arcade games and food-and-beverage options. NewQuest owns Stone Hill Town Center. A tentative opening date was not disclosed.
HOUSTON — Locally based brokerage firm Finial Group has negotiated the sale of two industrial buildings totaling 20,000 square feet in northwest Houston. The buildings are located on 1.4 acres at 12111-12113 Taylor Road and have 21-foot clear heights. One building also includes 1,400 square feet of office space. Chase Tucker and Andrew Bischoff of Finial Group brokered the deal. The buyer and seller were not disclosed.
CHAPPAQUA, N.Y. — A partnership between two New Jersey-based firms, Atkins Cos. and Denholtz, has completed Phase I of the renovation of Medical Offices at Chappaqua Crossing, a 490,000-square-foot office and healthcare complex located about 30 miles north of Manhattan. Northwell Health’s Northern Westchester Hospital anchors the 59-acre facility, which is located within a larger mixed-use development that formerly housed the headquarters of Reader’s Digest and is known as Chappaqua Crossing. The renovation upgraded the property’s common areas with new LED lighting, ceilings, flooring, lobby furniture, paint/wallpaper and moss wall coverings. In addition, a $6 million upgrade of HVAC systems is currently underway. The partnership acquired the property in April 2023 for $40 million.
FAYETTEVILLE, ARK. — Endeavor Real Estate Group has acquired a development site near the University of Arkansas campus in Fayetteville for a new student housing development. Details on the project have not been announced. The Austin, Texas-based firm also recently hired Chuck Carroll as principal to assist with growing the company’s student housing platform. Carroll previously spent over 20 years with American Campus Communities. He will be joining Jake Newman, principal of Endeavor, who will be spearheading the firm’s new student housing division.