CHICAGO — The Terra Foundation for American Art has sold the retail portion of the Ritz-Carlton Residences Chicago Magnificent Mile for $86.6 million to New York-based Acadia Realty Trust. The 18,141-square-foot, two-story property, which is located 664 North Michigan Ave., housed the Terra Museum of American Art until 2004. Tommy Bahama and Ann Taylor occupy the majority of the retail space and account for 85 percent of the property’s net operating income.
KANSAS CITY — Steadfast Income REIT has acquired the Library Lofts East, two conjoined apartment buildings totaling 119 units in Kansas City’s redeveloped Library District, for $12.7 million. The property is located at 1004 Baltimore Ave. It includes the 10-story Dwight Building, which was built in 1923, and the six-story 1906-built Burnap Building. Both buildings were retrofitted and renovated in 2003. The buildings feature a collection of one- and two-bedroom loft-style apartments with original hardwood floors, large windows, spacious closets and skylights. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, a Kansas City-based developer.
CHICAGO — Leopardo has completed the 25,000-square-foot interior build-out of ThyssenKrupp’s new U.S. headquarters in Chicago. Located at 111 W. Jackson St., the finished space features 15-foot exposed and painted concrete ceilings in all open areas. The project also included high-end audio/visual technology in the conference rooms, custom millwork and custom sound-insulated glass. Restrooms were completely gutted and renovated. Leopardo served as general contractor with Harley Ellis Devereaux as architect and Kent Consulting as mechanical, electrical and plumbing engineer. ThyssenKrupp is a German technology and materials firm that has 150,000 employees in more than 80 countries.
NEW YORK CITY — SL Green Realty Corp. has arranged $925 million bridge acquisition financing for the Sony Building at 550 Madison Ave. in New York City. The building, which is currently Sony's U.S. headquarters, was purchased for $1.1 billion by a group led by real estate developer Chetrit Group, according to Reuters. The financing matures contemporaneously with the expiration of Sony’s leaseback of the property and consists of a $600 million senior loan originated by Bank of China; a $175 million senior mezzanine debt, which SL Green sold to a private investment manager; and a $150 million junior mezzanine debt originated by SL Green. Philip Johnson and John Burgee designed the 37-story, 852,830-square-foot tower. The building was originally built for AT&T. Ironhound Management was the advisor to the borrower.
WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.
NEW YORK CITY — A group of investors has sold 193 Buffalo Avenue, a five-story, 9,100-square-foot apartment building in Brooklyn, for $1.1 million. The 10-unit multifamily property was built in 1910 and has had the same owners for more than 20 years. Shlomo Antebi of GFI Realty Services Inc. represented the seller. Joseph Landau of GFI Realty Services represented the buyer, a local investor, in the transaction.
BOSTON — Winslow, Evans & Crocker Inc. has signed a 23,088-square-foot office lease for its corporate headquarters at 175 Federal St. in Boston’s Financial District. The financial advisory firm, which occupies 16,376 square feet on the sixth floor, has taken an additional 6,712 square feet on the eighth floor. The landlord of the Class A, 227,365-square-foot office building, Equity Office Properties, was represented by Britton Derkac and Ryan Enright of Cresa. Rick Lowe and Brandon Leitner of Cresa represented Winslow, Evans & Crocker Inc. in the transaction. Barry Dubé and Mike Labonte of Cresa will oversee management activities for the project, which is slated for completion by this May.
HOUSTON — RLJ Lodging Trust has acquired the historic Humble Oil Building, a three-tower complex that occupies an entire city block in downtown Houston, for $79.5 million. The purchase price equates to approximately $151,000 per key, based on a combined forward room count of 528 keys. The Humble Oil Building consists of an 82-room apartment tower that will be converted to a 166-room SpringHill Suites, as well as two existing hotels. The hotels include the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center. RLJ Lodging purchased the buildings with its revolving credit facility. The new SpringHill Suites is scheduled to open in mid-2015.
WILMER, TEXAS — CenterPoint Properties has broken ground on ACE Hardware's new 450,000-square-foot, build-to-suit facility in the Sunridge Business Park in Wilmer. ACE Hardware will lease the property for 10 years upon its completion. CBRE represented ACE Hardware in its lease transaction. The facility is slated for a February 2014 completion.
DALLAS — Dallas-based Billingsley Co. plans to build a new, 150,000-square-foot office building and four-lane roadway at Cypress Waters, Billingsley's 1,000-acre mixed-use development in Dallas. The three-story property is Billingsley's first office building in Cypress Waters and will break ground in July. The project is slated for a July 2014 completion. Additionally, Phase I of Cypress Waters' multifamily communities will open this year. Scotch Creek and Parsons Green are scheduled to open this summer and Sycamore Park is expected to open in the fall.