CELEBRATION, FLA. — Cushman & Wakefield has arranged a $17.4 million acquisition loan for 163 unsold condominium units in the 210-unit Mirasol at Celebration. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan on behalf of the buyers, affiliates of Walton Street Capital LLC and Levin Realty Associates. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield’s Orlando office represented the seller in the transaction.
STURTEVANT, WIS. — Meridian Design Build has broken ground on a 76,320-square-foot expansion to the existing Kerry Ingredients & Flavours plant in Sturtevant, a southern suburb of Milwaukee. The local plant, where dry spices are blended to make flavorings for other food-industry manufacturers, was originally 65,000 square feet in size when Kerry acquired the property. In 2008, Kerry added 30,000 square feet, according to the Journal Times, a local newspaper. The multiphase development will include a fully air-conditioned warehouse, 10 loading docks and a secure spice storage area. Meridian will also make improvements within the existing plant to accommodate increased production output at the facility. The project is slated for a mid-summer 2014 completion. Harris Architects is providing the design services. Pinnacle Engineering Group will complete the civil engineering work for the project.
CLEVELAND — Greenwood Hospitality Group has partnered with Cleveland-based GEIS Hospitality Group to manage the 156-room Metropolitan Hotel in Cleveland. The hotel will anchor The 9, a mixed-use project under development by the GEIS Cos. Scheduled to open in August 2014, the Metropolitan will occupy the former AmeriTrust tower and historic Cleveland Trust Rotunda. The Metropolitan will include 156 rooms, with some as large as 650 square feet. It will feature a lobby bar, fitness center and spa, as well as the only rooftop bar and sundeck in the city, according to Greenwood. The hotel will be part of Marriott’s Autograph Collection, a group of more than 50 independent hotels.
NEW YORK CITY — Three office buildings located at 164-168 Canal St., 40-42 Elizabeth St. and 159-165 Canal St. in Manhattan’s Chinatown neighborhood have sold for $95.5 million. The properties total 79,375 square feet. The six-story, 49,950-square-foot building located at 164-168 Canal St. was 70 percent occupied at the time of sale by tenants such as Citibank and NY Life & Co. George Comfort & Sons Inc. and ASB Real Estate Investments purchased the building for $61.9 million, or $1,239 per square foot. The five-story, 24,425-square-foot office building at 40-42 Elizabeth St. includes two ground-floor retail spaces with 16 office units above. The two-story, 5,000-square-foot office property at 159-165 Canal St. includes ground-floor retail and is anchored by First Republic Bank. Isaac and Joseph Oved of The Oved Group purchased the two buildings at 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, or $1,142 per square foot. Paul Massey Jr., Robert Burton and Nick Petkoff of Massey Knakal arranged the transactions on behalf of a family who sold the buildings.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million in financing for a 92-unit residential conversion project in the Williamsburg neighborhood of Brooklyn. MRC provided financing to the borrower to complete redevelopment of two properties — a church and the adjacent school building, formerly owned by the Roman Catholic Diocese of Brooklyn — and retire existing debt on the property. The 92-unit, 78,773-square-foot project will convert the church building into 38 residential units, while the school building will be repositioned as a 54-unit apartment complex. Rushmore Capital Partners advised on the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.4 million sale of 192 Grand St., a 5,849-square-foot multifamily property in Manhattan. Peter Von Der Ahe, Scott Edelstein and Michael Helpern, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer and seller, both private investors. The property is located at 192 Grand St. between Mulberry and Mott streets in Manhattan’s Little Italy. A local family privately owned the four-story building for more than 50 years. This building features four residential units and one commercial restaurant space.
FRANKLIN, MASS. — The Stubblebine Co./CORFAC International and R.W. Holmes has arranged a long-term 28,656-square-foot lease renewal at 40 Kenwood Circle in Franklin. New England Chapel, an Evangelical Christian Church, will complete a renovation of the administrative areas and classrooms and chapel areas. James Stubblebine and Alan Ringuette of The Stubblebine Co. and John Eysenbach of R.W. Holmes represented Chris Paine and New England Chapel.
SAN ANTONIO — Stream Realty Partners has purchased nearly 17 acres in San Antonio for the construction of a 126,626-square-foot speculative office property to be known as Lockhill Crossing. The five-story, Class A building will be located at 4530 N. Loop 1604 W. and will feature amenities including a fitness facility and outdoor walking trail. Stream plans to break ground on the property before the end of the year. Carolyn Hinchey Shaw and Ryan Harrison of Stream will lead leasing efforts during development and after completion.
HOUSTON — Marcus & Millichap has brokered the sale of a 27,725-square-foot office building in Houston’s inner loop. Situated on a corner parcel of 1.56 acres at the intersection of Bissonnet Street and Wakeforest Avenue, the property houses a variety of smaller tenants. Derek Hargrove of Marcus & Millichap represented the seller, Beltika LLC, in the transaction. Hargrove also secured the buyer, a developer.
LEWISVILLE, TEXAS — Lee & Associates has brokered the sale of a 24,279-square-foot industrial building sale in the Dallas/Fort Worth suburb of Lewisville. The warehouse, originally constructed in 1985, is located at 1210 Metro Park Blvd. and features clear heights of 16 feet. Mark Graybill of Lee & Associates represented the buyer, Team Taylor Investments LLC. Dan Spika of Henry S. Miller Brokerage LLC represented the seller, Britestar Group Inc.