CHICAGO — City Winery founder Michael Dorf has purchased a 30,000-square-foot property in Chicago's West Loop to open the first offshoot of his City Winery New York location. City Winery Chicago, a fully operational winery, restaurant and concert hall is scheduled to open at 1200 W. Randolph this summer. Construction has begun to transform the former refrigerated food distribution warehouse into a contemporary winery and hospitality facility. The project team includes architect Christopher Warnick, designer Phillip Katz and Summit Construction.
CHICAGO — UC Funding has closed $16.8 million in financing for a portfolio of properties in Chicago and Tennessee. The loan allowed the borrower to refinance and acquire 10 properties; nine of which are multifamily assets, located in urban and suburban Chicago. The assets total 647 units. The 10th asset is a 245-room hotel in Memphis. The transaction was underwritten and closed in less than 30 days.
PENNSAUKEN, N.J. — National Gypsum Co. has sold a 275,517-square-foot warehouse/prodution building at 175 DeRousse Ave. in Pennsauken. The buyers, New Mill Capital and Global Equipment, plan to use the facility for equipment storage and will offer space for lease. Marc Policarpo of the Philadelphia office of Binswanger represented the seller in the transaction.
BOSTON — Local property developer and investor Raj Dhanda has purchased two Boston properties for $12 million. The buildings, located at 131 Newbury St. and 569 Boylston St., total 12,230 square feet and include a mix of apartment units and retail spaces. The seller was Abbey Road Back Bay LLC, a division of Abbey Road Advisors in Westport, Conn.
NEW YORK CITY — In a joint venture, HFZ and Vornado Capital Partners have purchased 11 E. 68th St., a 100,000-square-foot apartment building, for $170 million. The 12-story property also includes 5,000 square feet of retail that will be owned and managed by Vornado. New York-based HFZ will own and renovate the rental housing. Eastdil Secured represented the seller in the transaction.
CONROE — Dyer Holdings has purchased a 15-acre land tract in Conroe Industrial Park, located at 3105 Pollok Dr. in Conroe, and construction has commenced on a 65,000-square-foot office/warehouse facility at the site. John Ferruzzo, Chris Kugle and Dustin Gillioz of NAI Houston represented the buyer on the land purchase from the City of Conroe. Ferruzzo, Kugle and Gillioz also represented the buyer in the construction contract with Seattle-based KDW, the developer.
ADDISON — Marcus & Millichap has brokered the sale of the approximately 50,000-square-foot Midway Office Park, an office property located at 14665 Midway Rd. in Addison. Ron Hebert of Marcus & Millichap's Dallas office represented the seller, a financial institution, in the transaction. Midway Office Park is the corporate headquarters for Mattress Giant.
SAN ANTONIO — Boston-based UC Funding has structured and funded a $6.8 million bridge loan on the 211-unit Park at Colonnade and the 92-unit Calypso Apartment Homes, both garden-style apartment complexes located in San Antonio. Proceeds from the loan were used to acquire the property and provide the borrower with capital for improvements.
GARLAND — Frank & Frank have leased 75,229 square feet of warehouse space in Gateway East Business Center Building II, located at 4009 Distribution Dr. in Garland. Susan Singer of Bradford Commercial Real Estate Services' Dallas office represented the landlord, Northwestern Mutual Life Insurance, in the lease transaction. Adam Curran of Irving-based Mercer Co. represented the tenant.
DENVER — Hamilton-Titan Partners has received $6 million in mezzanine debt to recapitalize Park Place Office Plaza, a 171,000-square-foot, two-building office complex in Denver. The debt was provided by Lowe Enterprises Investors. Lowe Structured Investment Fund had previously provided $13 million in mezzanine debt to Hamilton-Titan Partners for a three-building portfolio of office properties in the Denver area.