NEW YORK CITY — A partnership between hotel investment firm Chartres Lodging Group and Apollo Global Real Estate Management has completed the purchase of Novotel New York Times Square, a 480-room hotel on 52nd Street and Broadway. The seller was a subsidiary of Accor Business and Leisure Management, which will continue to operate the hotel under the Novotel flag. The partnership plans to renovate the property by adding meeting rooms, a new fitness center and renovating the guest rooms and Terrace Bar overlooking Times Square. The purchase price was undisclosed.
BOSTON — Suffolk Construction will oversee the renovation of 50 Post Office Square, an 18-story art deco tower in Boston. Formerly 185 Franklin Street, the building will be open to the public for the first time in 60 years after the 12-month project is complete. The property was originally the headquarters for New England Telephone and Telegraph Co., followed by Verizon Communications Inc. Commonwealth Ventures purchased the property for $192 million in 2008. The renovation will include upgrades to the building's lobby, common areas and commercial space. It also includes the addition of 21,000 square feet of retail space and 110 new underground parking spaces. The project is slated to be completed in 2013.
YONKERS, N.Y. — The $24 million Westchester Center for Independent and Assisted Living has opened to Medicaid recipients this month. The facility is located at 78 Stratton St. South. in Yonkers and includes luxury apartments, an in-house movie theater, beauty salon and billiard room. Center Management Group financed the project with tax incentives from the Yonkers Industrial Development Agency.
HASLET — Cadence McShane has completed the construction of the 83,099-square-foot J.C. Thompson Elementary School, located on an 11-acre campus at 440 Wishbone Ln. in Haslet. The new school is in the Northwest Independent School District and features 32 classrooms, a cafeteria with a full-service kitchen, a modern library and a gymnasium. Plano-based SHW Group provided architectural services.
BELLAIRE — Northbrook, Ill.-based The Boulder Group has brokered the $3.6 million sale of a 10,908-square-foot freestanding retail property leased to CVS/pharmacy, located at 5422 Bellaire Blvd. in Bellaire. CVS/pharmacy has a 7-year triple-net lease at the property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual from the Midwest, in the transaction. The buyer was a Texas-based 1031 exchange investor.
AUSTIN — Hendricks & Partners has arranged the sale of the 840-unit Silvervale Crossing – Brookstone, an apartment community located at 8800-8900 N. Interstate 35 in Austin. The complex is the second largest apartment community in Austin. George Deuillet of Hendricks & Partners' Austin office and Ellen Muskin of Muskin Commercial represented the seller, Addison-based GE Capital Realty Inc., in the transaction. The buyer was San Francisco-based FPA Multifamily LLC.
FARMERS BRANCH — Lee & Associates has arranged the sale of a 10,400-square-foot industrial property, located at 13720 Diplomat Dr. in Farmers Branch. Mark Graybill and Donnie Rohde of Lee & Associates Dallas/Fort Worth office represented the undisclosed seller in the transaction. The buyer was Life Time Roofing.
SPRING — NorthMarq Capital has secured the assumption of first mortgage debt for the 12,600-square-foot Meadow Edge Shopping Center, located at 20141 Interstate 45 in Spring. The retail center is leased to Mattress Giant, Sprint and Warehouse Pools. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with 5 years remaining on the original term and a 30-year amortization schedule through JPMorgan – CMBS. CIII Asset Management served as special servicer of the original loan, which was also arranged by NorthMarq.
MISSION HILLS, CALIF. – The 34,310-square-foot Blackhawk building in Mission Hills has sold to Santa Monica West, LLC for $5.65 million. The three-story office building was 97 percent leased at the time of sale. The seller, Blackhawk Office Associates, LLC, was represented by Lynwood Fields and Bob Safai of Madison Partners.
LAS VEGAS – The Concorde Assisted Living Center in Las Vegas has sold to Forterus for $5 million. The 101-unit facility is located at 4625 East Twain Ave. It was built in 1997. Forterus was represented by its company chairman, Michael Cartright The seller, IMH Financial Corporation, was represented by Trisha A. Talbot, Julie A. Johnson and Kathleen M. Morgan of GPE Commercial Advisors, along with Neil Sorkin of Cushman & Wakefield.