WASHINGTON, D.C. — Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million. Located in the Kalorama and Dupont neighborhoods, the acquisition brings Modus' portfolio to 13 hotels, with seven in the metro D.C. area. The hotel recently underwent a $6 million renovation.
FORT LAUDERDALE, FLA. — Waypoint Residential has acquired Cypress Club at Woodmont, located on University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is 95 percent occupied. Cypress Club is located about six miles west of I-95.
ARLINGTON, VA. — A partnership between Silverwood Cos. and Freedom Development has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington. The buyers plan to shift the property to condominium ownership. Sales at The Avery will open in May and the first residents are expected to move in this summer. Insight Property Group developed the building, located at 1200 N. Rolfe St. Amenities include a lobby and front desk, fitness center, garage parking and bike storage. Units range from 750 square feet to 1,750 square feet.
RALEIGH, N.C. — Business law firm Wyrick Robbins Yates & Ponton LP has renewed and expanded its lease to 57,027 square feet at The Summit, located at 4101 Lake Boone Trail in Raleigh. The firm focuses on mergers and acquisitions, venture capital, financing and business litigation. Heath Chapman and Don Shupe of CBRE represented the tenant in the transaction.
WAUWATOSA, WIS. — HSA Commercial joined Wauwatosa leaders on April 16 to celebrate the groundbreaking of Phase I of The Mayfair Collection, a $46 million mixed-use development in Wauwatosa, a western suburb of Milwaukee. Located at Highway 45 and Burleigh Street, the 270,000-square-foot shopping center will repurpose vacant warehouse buildings into a new, contemporary retail shopping center. Phase I of the project, which is slated for completion in summer 2014, will focus primarily on retail. Other phases will include the development of multifamily, office and medical properties. Nordstrom Rack, Dick’s Sporting Goods and Ulta Cosmetics have all signed leases for Phase I. Des Plaines, Ill.-based Premier Design + Build will serve as general contractor for the project, and Evanston, Ill.-based TOA Architects is responsible for the design.
MINNEAPOLIS — Chartres Lodging Group has purchased the Radisson Plaza Hotel Minneapolis from Carlson Real Estate Co., and plans to convert the property to a Radisson Blu, an upscale hotel. The San Francisco-based group acquired the 360-room property for $28 million, according to the Minneapolis/St. Paul Business Journal. The hotel occupies 17 floors of the 37-story Plaza Seven building, located at 35 S. 7th St. The hotel includes a restaurant and bar, as well as 22,000 square feet of meeting space, access to underground parking and a direct link to the city's climate-controlled skyway system.
LASALLE, ILL. — A 347,700-square-foot distribution center located at 761-765 Progress Parkway in LaSalle, about 60 miles north of Bloomington, has sold for $9.7 million in a sale-leaseback transaction. The seller, a publicly traded company on the NASDAQ, signed a long-term lease with the buyer. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer and the seller in the transaction.
WOOD DALE, ILL. — Champion Container Corp. has signed an industrial lease for 89,835 square feet at Chancellory Business Park, located at 1455 N. Michael Drive in Wood Dale, about 25 miles west of Chicago. Champion Container Corp., a custom box shop and full-service distributor of packaging equipment and materials, will consolidate three operation facilities at the location. Brian Colson and Eric Fischer of NAI Hiffman represented the landlord, Prologis, and the tenant in the transaction.
NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.
TRENTON, N.J. — New Jersey Schools Development Authority (NJSDA) has signed a 68,725-square-foot lease to fully occupy 32 East Front St., a Class A office building in downtown Trenton. NJSDA had previously occupied 21,666 square feet on two floors in the freestanding, five-story building. The new lease enables NJSDA to consolidate its operations into one location. Located between Broad and Warren streets, the building offers immediate access to Route 1, Route 29 and I-295. In 2005, Matrix Development Group was selected by the City of Trenton’s Economic Development Corp. to finish construction of 32 East Front St. as part of the city’s ongoing efforts to redevelop its downtown district.