SAN MARCOS, TEXAS — Partners Capital, the investment platform of Partners Real Estate, has purchased a 107-room Hilton Garden Inn hotel in San Marcos, located roughly midway between Austin and San Antonio. The hotel offers traditional guestrooms and suites and amenities such as a fitness center, business center, pool, meeting and event space and an onsite restaurant and bar. The seller and sales price were not disclosed.
READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.
ISLIP, N.Y. — A partnership between Chicago-based Venture One Real Estate and New York City-based Affinius Capital has delivered a 121,270 square-foot speculative industrial project in the Long Island community of Islip. The site at 2950 Veterans Memorial Highway spans 9.7 acres, and the building features a clear height of 36 feet, 130-foot truck court depths and parking for 122 cars and 119 trailers. Cushman & Wakefield is marketing the property for lease.
DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.
COLUMBUS, OHIO — Six new retailers are slated to open at Easton Town Center in Columbus this year. Louis Vuitton is opening a newly expanded and redesigned space at the shopping center, marking its largest retail space within Ohio. David Yurman, Golden Goose, BOSS and Breitling are all opening their first stores in Ohio. Additionally, L’Occitane is moving and expanding into a larger space at Easton, which opened 25 years ago and is home to more than 250 fashion, dining and entertainment offerings.
CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.
RIVERSIDE, ILL. — The Feil Organization is underway on an $8 million renovation of North Riverside Park Mall, a 1.4 million-square-foot shopping center in the Chicago suburb of Riverside. The project team includes JP2 Architects and AECom Hunt Construction Group. Plans call for modernized flooring, updated ceilings and a revamped entrance. Completion is slated for October. Acquired by Feil in 2004, North Riverside Park Mall is home to 130 national and boutique stores, services and eateries. New tenant additions include Miniso, Pandora, Kids Empire, Kong Dog and Kids Foot Locker House of Play.
ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.
BOSTON — Ironside Realty has acquired a 3,300-square-foot single-tenant retail property located at 177 State St. in downtown Boston. The building is located within the 1 McKinley Square mixed-use development and is net leased to 7-Eleven. An undisclosed, third-party broker represented the seller, which also requested anonymity, in the transaction. Ironside Realty was self-represented.
