OLIVE BRANCH, MISS. — General Electric has signed a 212,800-square-foot lease at Crossroads Distribution Center, Building A, located at 9124 Pole Ln. in Olive Branch. The company is relocating from a 60,000-square-foot space in DeSoto County. Lisa Harber of CBRE's Atlanta office, along with Patrick Burke of CBRE's Memphis, Tenn., office represented the tenant in the lease transaction. IDI, the landlord, was self-represented by Tim Moore.
OMAHA — The Industrial Realty Group of Downey, Calif. has purchased the former Connectivity plant at 125th and I streets. Ryan Zabrowski and R.J. Neary of Investors Realty negotiated the sale for Comscope of Hickory, N.C. The property includes a 140,000-square-foot office building and data center, and a 1 million square foot industrial building. The property was listed at $19.16 million but the closing price was undisclosed.
CHICAGO — In a joint venture, Harper Court Partners and Los Angeles-based Canyon Johnson Urban Fund closed on a $65 million construction loan with Citi Community Capital for the mixed-use Harper Court in Chicago. The PrivateBank, a local subsidiary of PrivateBancorp, entered a participation agreement with Citi, through which it will provide a significant portion of the construction financing. The $106 million Harper Court project will include the construction of a 150,000-square-foot office tower and is slated for completion in 2013.
CHICAGO — Lawson Products, a distributor of maintenance, repair and operations supplies, is moving its Des Plaines headquarters to an office in Chicago and consolidating its distribution in McCook. The new headquarters are located at 8770 W. Bryn Mawr, where the company signed a lease for 86,000 square feet. The distribution center will be located at a 306,805-square-foot, build-to-suit facility at the CenterPoint Business Center. Construction is expected to be complete in August 2012. Colliers International represented Lawson in the McCook deal.
NEW YORK CITY — Manhattan-based owner Hidrock Realty has secured two loans totaling $66 million for the $126 million development of two new hotels in Midtown Manhattan. BBVA Compass Bank provided a $36 million construction loan for the $72 million development of the hotel located at 960 Avenue of Americas. The hotel is slated for completion in October 2012 and will include 167 guestrooms. The Bank of Nova Scotia provided a $30 million loan for the $54 million hotel, located at 25 W. 37th St. The project will include 173 guestrooms when completed in October 2013.
NEW YORK CITY — NorthMarq Capital has arranged $5.7 million in first mortgage refinancing for the 55,150-square-foot Paradise Theater, located at 2403-2419 Grand Concourse in the Bronx. Craig Bjornsund arranged the 10-year loan for the borrower, The First Paradise Theaters Corp., through NorthMarq's correspondent relationship with Symetra Life Insurance Co.
EAST GRANBY, CONN. —Nidec America Corp., a sales and customer support arm of Nidec Corp., has signed a lease for 10,000 square feet of industrial space at 16 International Dr. in East Granby. Chris Metcalfe of CB Richard Ellis represented Nidec in the transaction while the landlord, Griffin Land, was self-represented.
DALLAS — Younan Properties has sold the 953,622-square-foot Energy Square, a three-building, Class A office property located at 4849 Greenville Ave. in Dallas. Champion Property Co. and Lincoln Property Co. purchased the portfolio in a joint venture with Boston-based Long Wharf Real Estate Partners. The property is 82 percent leased to tenants such as New York Life, Jacobs Engineering, Davaco, Homecare Homebase, Reeder Energy and Hartline Dacus Dreyer. Evan Stone, Jack Crews and John Alvarado of Jones Lang LaSalle's Dallas office represented the seller in the transaction, which is the largest transaction in the Dallas/Fort Worth metroplex in 2011.
DALLAS — The Joule, a luxury hotel located at 1530 Main St. in downtown Dallas, has started a $78 million renovation and expansion. The hotel upgrades will include addition of 31 guest rooms (including two three-story penthouses), a new 8,000-square-foot spa, a 600-square-foot screening room, a 1,350-square-foot recording studio, a second Charlie Palmer restaurant and expanded event spaces. Interior designer Adam Tihany is designing the interior upgrades. Construction is slated for a fall 2012 completion, and the hotel will remain open throughout the renovation.
SUGAR LAND — HFF has brokered the sale of the 143,410-square-foot Two Sugar Creek Center, a six-story office building located at 77 Sugar Creek Center Blvd. in Austin. The property is 72 percent occupied. Dan Miller, Trent Agnew and Brad Elmore of HFF's Houston office represented the seller's asset manager, National Asset Services, in the transaction. The buyer is a private Boston-based firm.