NEW YORK CITY — Hospital for Special Surgery, the nation’s oldest orthopedic hospital, has acquired a development site in Manhattan for $31 million. The property, located at 517 and 523 E. 73rd St. between York Avenue and FDR Drive, can support more than 130,000 square feet of development. The hospital plans to use the site for the expansion of its eastside campus. Vincent Carrega and Jon Epstein of Avison Young’s capital markets group represented the seller, a private family owner.
KING OF PRUSSIA, PA. — Philadelphia-based Keystone Property Group has signed Reval.com Inc. to a 66-month lease for 7,076 square feet of office space at Parkview Tower in King of Prussia. The nine-story, Class A office building is 220,513 square feet and located at 1150 First Ave. Reval.com provides software on demand for treasury and risk management companies. Peter Strickler of DTZ, a UGL Co., represented Reval.com in the deal.
QUINCY, MASS.— HyperActive Multimedia Inc., a multimedia service provider, has signed a lease for 3,200 square feet of office space at the landmark Willard Building, located at 1266 Furnace Brook Parkway in Quincy. The four-story office building is 44,997 square feet and was built in 1891. Richard McKinnon of locally based The Grossman Companies represented the tenant and the landlord in the deal.
DALLAS — Hill & Wilkinson will construct a $53.25 million, 235,000-square-foot student housing living/learning center at The University of Texas at Dallas (UT Dallas). HKS Architects Inc. designed the facility and is seeking a LEED Silver certification. The facility will provide housing for 600 students and will include a central dining facility for all five residence halls on campus. The project will also include a 25,000-square-foot gym, multi-purpose classroom space, a breakfast/snack bar, laundry facilities and lounge areas. Hill & Wilkinson previously constructed the Student Services Building at UT Dallas, which was LEED Platinum certified.
BIXBY, OKLA. — Wheeler Real Estate Investment Trust Inc. has a contract to purchase the 75,000-square-foot Bixby Commons, a freestanding retail property in Bixby, for $10.6 million. The purchase price equates to approximately $141.33 per square foot. The property is stabilized by a 20-year, triple-net lease with Associated Wholesale Grocers Inc., which subleases the property to Reasor's Goods. The lease will expire in 2033 and has four, five-year options to renew.
COMMERCE, TEXAS — Satterfield & Pontikes Construction has begun to construct 29,000 square feet of additional space to the Sam Rayburn Student Center on the campus of Texas A&M University in Commerce. The two-phase, $7 million project will accommodate the growing student population. Phase I will double the first-floor dining hall to approximately 700 seats and will open in January 2014. Phase II will double the space on the second floor for meeting rooms and student services. The second phase is scheduled for a May 2014 completion. Dallas-based VAI Architects will provide architectural services, Dallas-based Pacheco Koch will provide civil engineering services and San Antonio-based Jaster-Quintanilla will provide structural engineering services.
SAN ANTONIO — NorthMarq Capital has arranged $8.25 million in first mortgage refinancing for the 216-unit Wolfe Run Apartments, located at 8602 Cinnamon Creek in San Antonio. Robert Ranieri of NorthMarq arranged the 10-year loan to amortize over 30 years through Freddie Mac on behalf of the borrower, Wolfe Run Associates Limited Partnership.
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.
PORTLAND, ORE. — The Parker Apartments, a 177-unit, Class A apartment complex in Portland, has received a $35.6-million construction loan. The project will be situated on a 0.92-acre site at 1447 NW 12th Ave. in the city’s Pearl District. It is sponsored by Astor Pacific, LLC. Financing was originated John Taylor of CBRE HMF in CBRE’s Seattle office through the firm’s FHA-insured loan program.
SALT LAKE CITY — Westport Distribution I & II, a pair of bulk distribution buildings totaling more than 750,000 square feet in Salt Lake City, have sold to Industrial Income Trust (IIT) for $47.5 million. IIT was represented by Bryce Blanchard of NAI West. The firm’s Mike Falk and Steve Condie also represented the seller, Buzz Oates Real Estate.