FENTON, MICH. — Panattoni Development Co. has acquired a vacant 534,600-square-foot industrial building in Fenton, located about 17 miles from Flint, Mich., for a reported $9 million. The building at 211-2231 Hitzert Court was constructed by Chrysler in 2000 and designed as a material supply building. The warehouse stored parts used to assemble vehicles at the adjacent Chrysler plant. The property features rail service by Burlington Northern and is located at the I-44 and I-270 arteries. Terry Stieve and Katie Haywood of Jones Lang LaSalle represented the seller in the transaction. Panattoni was self-represented by Mark Branstetter.
NEW YORK CITY — Stevenson Towers in the Bronx, a 122-unit apartment building at 831 Bartholdi St., has sold to a local private investor for $14 million. The 127,629-square-foot property was built in 1973. More than $2.5 million in renovations have recently been completed. The building features indoor and outdoor parking, a laundry room, playground area and onsite security. Matthew Slonin of Besen & Associates represented the seller. Alex Frants of Besen procured the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $12.3 million sale of two, 16-unit apartment buildings in Brooklyn's Park Slope neighborhood. The properties at 719-723 8th Ave. total 31,100 square feet and are located one block from Prospect Park. Matthew Fotis of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a local private investment fund.
ENFIELD, CONN. — Baker Properties has purchased 1559 King St., a 184,000-square-foot office, warehouse and retail building in Enfield for $5.2 million. The building is situated on 17 acres at Exit 46 along I-91. Jay Morris and Colleen Sheridan of O,R&L Commercial represented both parties in the transaction.
NEW YORK CITY — A four-story apartment building at 310 West 90th St. in Manhattan's Upper West Side has sold to a private investor for $3.1 million. The building is 5,780 square feet and is currently configured as nine apartment units, of which, one is rent controlled and eight are rent stabilized. Hall Oster and Paul Smadbeck of Massey Knakal represented both parties in the transaction.
TEXARKANA — A joint venture between McCarthy Building Cos. and GCC Enterprises has started construction on the $40.5 million Red River Army Depot, a 230,000-square-foot vehicle assembly building located in Texarkana. Upon completion, which is slated for April 2014, the facility will be responsible for the overhaul, repair and return of the Army's combat and support vehicles. The facility will include a high-bay maintenance facility, interior offices and a cafeteria. The building was designed to achieve LEED Silver certification.
HOUSTON — Atlanta-based Weeks Robinson Properties and Houston-based Avera Cos. plan to develop the 562,000-square-foot Rampart Corporate Center, an industrial park located on a 40-acre site at West Little York and Holliston roads in Houston's northwest industrial submarket. The industrial park will consist of a 131,000-square-foot rear-load building, which is slated for an October 2012 delivery. Restoration Hardware has pre-leased 70,500 square feet in the facility, known as Building 100. The other two buildings include a 300,000-square-foot cross-dock facility and a 132,000-square-foot front-load facility. Powers Brown Architecture is designing the industrial park and Angler Construction is the contractor for Building 100. Faron Wiley of CBRE Group is handling the park's leasing and Carl Mullis and Billy Gold of CBRE Group represented Restoration Hardware in its lease transaction.
DALLAS — The 101-year-old Dallas Coffin Co. Building has been converted to a five-story, 76-room boutique hotel known as NYLO Dallas South Side Hotel, located at 1325 S. Lamar at Belleview in Dallas. The hotel is set to open in mid-August 2012 and will be NYLO's third hotel in the Dallas/Fort Worth market. The hotel will feature SODA Bar, a glass-enclosed bar and lounge featuring an infinity pool and panoramic views of Dallas. The hotel will also include a bistro in the lobby, 950 square feet of meeting space and 4,500 square feet of rooftop terrace space for special events or corporate gatherings.
LA PORTE — Developers ML Realty Partners and National Property Holdings have selected Cadence McShane Construction Co. to build Port Crossing — Building A3, a 261,630-square-foot distribution facility located at 1902 S. 16th St. in La Porte. The facility is located within the 300-acre Port Crossing Commerce Center, a commercial/industrial park. The facility will feature staging bays, 47 dock-high loading doors, 16 rail-served doors, two grade-level ramps and 68 designated trailer parking spaces, a textured tiltwall panel exterior, ESFR sprinkler system, build-to-suit offices and 21 employee/visitor parking spaces. Houston-based Munson Kennedy Partnership is providing architectural services for the project.
ARLINGTON — Summit Hotel Properties has bought a 96-room Residence Inn by Marriott, located in Arlington, for $15.5 million. The purchase is Summit's 12th hotel acquisition since its initial public offering (IPO) in February 2011.