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.
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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.
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.
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.