ELIZABETH, N.J. — Embassy Suites Hotels has opened the 189 two-room Embassy Suites Elizabeth-Newark, which is located at 95 Glimcher Realty Way in Elizabeth. Owned and operated by Sun Development and Management Corp., the property features three all-purpose meeting spaces, an open lobby, complimentary breakfast, a fitness center, an indoor pool, a whirlpool and the Liberty Grille Restaurant.
Property Type
UNIONDALE, N.Y. — The Boulder Group has brokered the sale of a triple-net leased Walgreens property in Uniondale. Located at 603 Uniondale Ave., the 12,827-square-foot retail building sold for $12.4 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York-based development firm, in the transaction. The buyer was an undisclosed New York-based private partnership.
BOSTON — HFF has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier in Boston. HFF secured the loan for the borrower, a venture between Boston-based The Fallon Co. and Massachusetts Mutual Life Insurance Co. (MassMutual), through Wells Fargo Bank. Slated for completion in late 2015, the new property will feature 15,025 square feet of ground-floor retail space and a 282-space, below-grade parking structure. Designed by CBT Architects, Twenty Two Liberty will feature condos ranging from studio pieds-a-terre to three-plus bedroom homes. John Fowler, Anthony Cutone and Toby Banta of HFF represented the borrower, and Shelly Gouin led the Wells Fargo team.
FAIRFIELD AND LITTLE FALLS, N.J. — Prologis has sold its Fairfalls Industrial Portfolio, which comprises 989,200 square feet in 28 buildings. Morristown, N.J.-based Hampshire Cos. acquired the property for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Wildenstein & Co. Inc. has completed the sale of its Horace Trumbauer-designed gallery space, which is located at 19 East 64th St. in New York City. The State of Qatar acquired the 20,000-square-foot property for an undisclosed price. The off-market transaction, which is slated to close in April, will allow The State of Qatar to open a permanent New York City consulate at the property. Oren Alexander and Tal Alexander of Douglas Elliman represented the buyer in the transaction.
LEWISVILLE, TEXAS — CBRE has brokered the sale of Garden Park Shopping Center, a 170,739-square-foot neighborhood center in the Dallas suburb of Lewisville. The property, anchored by World Gym and Thrift City, was 83 percent occupied at the time of the sale and has seen nine new tenants sign leases in the past 12 months. Retailers include Precision Sports Nutrition, Edward Jones, The UPS Store and Lewisville Soccer. Jennifer Pierson and Beth Pierson of CBRE represented the seller, a special servicer, in the transaction. CIG Retail Properties purchased the asset, which is located at 1565 W. Main St.
HOUSTON — Marcus & Millichap has brokered the $1.6 million sale of an 11,350-square-foot net-leased property occupied by Commercial Alliance Insurance Co. in Houston. The asset is located at 415 Lockhaven Drive. Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Justin Miller, also of Marcus & Millichap, secured and represented the buyer, a private investor.
McALLEN, TEXAS — Venture Commercial has arranged a 15,521-square-foot lease in McAllen for Northern Tool + Equipment. The property, located at 505 W. Expressway 83 and adjacent to Sheplers Western Wear, is in proximity to the interchange with Expressway 281, as well as McAllen-Miller International Airport. Clay Mote of Venture represented the tenant in the negotiations, while the landlord represented itself.
CUPERTINO, CALIF. – A six-property office portfolio in Silicon Valley has received $200 million in refinancing. Microsoft occupies five of the portfolio’s buildings, for a total of 500,000 square feet. They serve as the firm’s primary Silicon Valley campus. Apple occupies the remaining 211,000-square-foot building in Cupertino. All of the borrowing entities are controlled by Carl Berg, who developed the Microsoft campus in 1999 and the Apple property in 1981. Financing was arranged by Dennis Sidbury of NorthMarq Capital’s San Francisco office. It was provided by Prudential Mortgage Capital Company for a 130-month term.
LOS ANGELES – The 170-room SpringHill Suites by Marriott has broken ground in Burbank. The $44-million, 102,075-square-foot hotel is located on the south side of San Fernando Boulevard between Providencia and Santa Anita streets in the city’s downtown region. SpringHill Suites will be built by R.D. Olson Construction and designed by Awbrey Cook McGill Architects. It will feature Marriott’s Gen 4.5 design, which focuses on weekday business travelers and weekend leisure guests. The design will also pay tribute to the area’s entertainment and media industries. R.D. Olson Development will retain ownership of the hotel once it is complete in spring 2015. Marriott International will provide management services.This is R.D. Olson’s second Marriott brand development in Burbank. The firm also developed the 166-room Residence Inn by Marriott Burbank in 2007.