NEW YORK CITY — Marcus & Millichap has arranged the sale of two vacant commercial condos for $4.3 million. The condos are located at 490-506 Greenwich St. in New York City. Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
HOUSTON — Ziegler Cooper Architects has completed the design of Willowick Park, a multifamily master-planned complex in central Houston featuring three types of high-end multifamily products in a single high-density, urban site. The individual projects will be tied together with tree-lined streets, elevated courtyards, motor courts and a central greenspace. The development will include three-story townhomes averaging 2,350 square feet, mid-rise apartments averaging 870 square feet and luxury, mid-rise apartments averaging 1,470 square feet. The project is slated to break ground in March. Ziegler Cooper is designing Willowick Park on behalf of the owner, Martin Fein Interests.
OKLAHOMA CITY — The 225-room Courtyard by Marriott Oklahoma City Downtown, located adjacent to historic Bricktown at 2 W. Reno Ave. in Oklahoma City, has undergone a $2 million renovation of its guest rooms and meeting spaces. The facelift included a new paint palette for the rooms, plush carpet, new furnishings and HDTVs in all rooms. The hotel is expected to undergo Phase II of its renovation in August. Phase II will include a stylish lobby, a 57-inch LCD TV GoBoard with touch screen, media booths, lounge, local library, coffee bar, nighttime bar and a Starbucks location. John Q. Hammons Hotels & Resorts owns and operates the eight-story hotel.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of The Shoppes at Brownstone, a 8,110-square-foot retail property located at 2410 W. Abram St. in Arlington. The retail property is fully leased to tenants such as Sugar Bee Sweets, Patty's Pantry, Oro Fino Custom Jewelry, Healthy Solutions, Derma Spa and Zen Salon. Chris Gainey and Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, Pennington Family LP, in the transaction. Mercer Lacy LLC purchased the property.
DALLAS — NorthMarq Capital has arranged $5 million in first mortgage refinancing for the 198,447-square-foot Woodview Tower, an office building located at 1349 Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the five-year loan to amortize over 30 years through a Dallas-area bank.
LAS VEGAS – SLS Las Vegas has broken ground at the site of the former Sahara Hotel & Casino on the Las Vegas Strip. The Sahara, which was shuttered in 2011, will receive a $415-million makeover before reopening as the 1,600-room SLS Las Vegas hotel-casino in fall 2014. The Bazaar by José Andrés, Katsuya by Starck, The Sayers Club and Shelter nightclub have already signed on at the new resort, as has Fred Segal, which will operate a 10,000-square-foot retail outlet on property. SLS Las Vegas is owned by SBE Entertainment Group LLC and its equity partner, Stockbridge Capital Group.
SAN FRANCISCO — The 252-room Holiday Inn Express on Fisherman’s Wharf in San Francisco has sold to a joint venture between Summit Hotel Properties and an affiliate of InterContinental Hotels Group for $60.5 million. The JV will invest an additional $3 million into the property over the next 12 months. The hotel will be operated under a long-term IHG management agreement.
LA JOLLA, CALIF. — The Scripps Research Institute in La Jolla has received a $42-million loan that will be used to refinance an existing mortgage. The campus features more than 1 million square feet situated on 35 acres near the Pacific Ocean and the Torrey Pines life science submarket. The fixed-rate financing was arranged by Jackson Cloak of Berkadia Commercial Mortgage LLC and Morgan Stanley.
LOVELAND, COLO. – A First Tech Federal Credit Union building in Loveland has sold to a 1031 exchange investor from California for $3.2 million. It is located at 1371 Sculptor Drive within the Van De Water Plaza. The credit union has six years left on its 10-year lease with an additional 10-year option to renew. The seller was represented by CBRE’s National Retail Investment Group-Westin this all-cash transaction.
MT. CRESTED BUTTE, COLO. – The Elevation Hotel and Spa in Mt. Crested Butte has sold to Boxer Property for an undisclosed sum. The resort features more than 260 rooms, as well as an indoor heated pool and hot tub, ski-in/ski-out convenience, and a spa and fitness center. The seller was represented by HFF’s John Bourret.
