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.
HOLDEN, MASS. — Margulies Perruzzi Architects (MPA) has completed a new three-story, 36,000-square-foot medical office building in Holden, located about eight miles north of Worcester. MPA designed the new multi-tenant Holden Health Building for Oriol Health Care, a local family-owned and operated healthcare organization, and its primary tenant Reliant Medical Group, a multi-specialty medical group. The architectural group provided interior architecture and healthcare design services for Reliant’s 17,700-square-foot space. The new facility includes 25 exam rooms for family practice and OB/GYN, as well as laboratory, radiology and mammography services, a retail pharmacy, and an optometry center.
KING OF PRUSSIA, PA. — Keystone Property Group has signed four new leases totaling 23,000 square feet at Parkview Tower, its nine-story, Class A office building in King of Prussia, located about 20 miles northwest of Philadelphia. The new leases bring the property to 93 percent occupancy. The latest transactions include: Emerging Growth Equities Ltd. (EGE), which signed a 12,327-square-foot lease; The General Services Administration, which signed a 5,400-square-foot renewal; A/Z Corp., which renewed its 3,087-square-foot lease for a two more years; and Advanced Telecom Services Inc., which signed a 2,638-square-foot lease. Jeff Mack of Smith Mack represented EGE in the transaction. Steve Gersbach of CBRE represented A/Z Corp. Eric Wahlers of Gola Corporate Real Estate represented Advance Telecom Services. Jeff Barker and Kim Finnerty of Cushman & Wakefield represented Keystone.
DALLAS — The Plaza at Preston Center, an upscale shopping destination located in the affluent Park Cities neighborhood in Dallas, has added new tenants and will experience expansions to existing retailers. International retailers LUBLU Kira Plastinina and Aftershock London have selected The Plaza for their flagship U.S. stores. LUBLU will occupy 1,096 square feet and Aftershock London will occupy 1,850 square feet on the ground floor of a new building currently under development. Other new tenants include Sprinkles Ice Cream and True Food Kitchen, which are both making their Texas debut with these new restaurants. Sprinkles will occupy 1,135 square feet and True Food Kitchen will occupy 4,419 square feet. Additionally, Sprinkles Cupcakes and Calypso St. Barth are expanding and/or relocating their stores in The Plaza. Calypso will occupy 3,173 square feet. Other new and/or returning retailers include Dallas jewelry maker Matthew Trent (1,600 square feet) and Bag'n Baggage (3,419 square feet). With the new additions and expansions, The Plaza is nearly 100 percent leased. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease negotiations. Rand Horowitz of First Resource Realty represented Bag'n Baggage, Zachary Porter of Retail Street Advisors represented LUBLU, Lisa Streidl of …
HOUSTON — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $5.4 million, fixed-rate acquisition loan for Edgebrook Shopping Center in Houston. Fiesta Grocery Store anchors the 69,450-square-foot property. Todd McNeill of MCA arranged the 10-year, 4.2 percent loan with a 30-year amortization schedule through a Wall Street conduit lender.
DALLAS — CBRE has secured the lease agreement for Regions Bank's move to 17Seventeen McKinney, an office building located at the corner of Akard Street and McKinney Avenue in Uptown Dallas. Regions will occupy both regional offices and a retail bank branch, totaling 70,970 square feet. The bank signed the lease with Granite Properties, the developer of 17Seventeen McKinney. The office building is part of Park Seventeen, a mixed-use development owned by GPI-M Uptown LP, a joint venture between Granite and MetLife. Regions will move into the space, which will serve as the company's Texas headquarters, in January 2014. Jerry Cobb Jr. and Christine Mickey of CBRE's Dallas office, along with Scott Willenbrock of CBRE's Birmingham, Ala., office, represented Regions in the lease. CBRE also serves as Regions Bank's property management partner. The landlord was self-represented by Robert Jimenez and Jim Kirchhoff.