PHILADELPHIA — Ensemble Hotel Partners has reached an agreement with Liberty Property/Synterra and the Philadelphia Industrial Development Corp. to develop a 168-room hotel at the Philadelphia Navy Yard. The Courtyard by Marriott in the Navy Yard Corporate Center will be developed and owned by Ensemble Hotel Partners in conjunction with Louis Cicalese and managed by Marriott Corp. Ensemble is planning to break ground in the spring of 2012 and be complete in spring of 2013.
EAST FISHKILL, N.Y. — China-based Linuo Power Group has acquired a former IBM facility, an approximately 1 million-square-foot office complex known as Hudson Technology Campus, located in East Fishkill, for $4.5 million. Gerard Hallock and Stephen Westerberg of Colliers International's Stamford, Conn., office and Prudential Serls Prime Properties Commercial represented the undisclosed seller.
PIERMONT, N.Y. — Washington, D.C.-based Love Funding has provided a $19.5 million loan refinancing for the 106-unit The Overlook at Piermont in Piermont. Artin Anvar of Love Funding arranged the loan through the HUD's 223(f) program with a 35-year term on behalf of the sponsor, Redbrick Partners.
NEW YORK CITY — New York City-based Massey Knakal has brokered the $1.6 million sale of a three-story, 2,667-square-foot mixed-use building, located at 274 Court St. in Brooklyn. The property includes retail space on the ground floor with two apartments above. Ken Freeman of Massey Knakal was the sole broker of the transaction.
WEBSTER — Scottsdale, Ariz.-based STORE Capital has purchased a 64,917-square-foot retail building, located at 1125 Magnolia Ave. in Webster, in a sale-lease back transaction with Carrollton-based Main Event Entertainment. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, and Derek Layne of Stan Johnson Co.'s Los Angeles office represented the buyer.
PORT ARTHUR — An east Texas-based individual investor has purchased a 33,134-square-foot property 100 percent leased to Family Dollar Stores, located at 230 Gilham Circle in Port Arthur, from Weingarten Realty Investors. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller in the transaction.
LEWISVILLE — Caliber Collision Centers is slated to move its corporate headquarters from California to 401 E. Corporate Dr. in Lewisville in mid-November. The company leased 16,397 square feet of office space from the landlord, GL Corporate Pointe. Andrew Taguwa of Jones Lang LaSalle's Dallas office represented the tenant, and Buddy Tompkins of CASE Commercial Real Estate Partners' Dallas office represented the landlord.
OCEANSIDE, CALIF. — Ocean Village, a 63,000-square-foot, mixed-use residential and retail property in Downtown Oceanside, has sold to MG Properties Groupfor $11,750,000. The project was completed in 2009 and includes 33 condominium units atop 10,676 square feet of ground-level retail that fronts the famed Pacific Coast Highway. MGPG plans to renovate and lease the vacant condo and retail units. Ocean Village was purchased with capital from MGPG’s Private Capital Group. The balance of the transaction was financed by KeyBank National Association. The seller, 401 PCH Ocean, LLC, was represented by Voit’s Mike Bouma, Rob Socci and Paul Caputo.
PHOENIX – The 180-unit Paradise Foothills apartment community has sold to a company formed by El Dorado Holdings for $10.5 million. The 8.58-acre gated community was built in 1985 and priced below replacement cost. ARA’s Brad Goff and David Lord represented the seller, a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30, in this transaction. CWCapital Asset Management acted as the special servicer.
LONE TREE, COLO. – The 38,600-square-foot Renewal Medical Center in Lone Tree has been purchased by Baceline Investments, LLC from a lender after foreclosure for $6 million. This is about 55 percent of the property’s original loan value, according to an announcement by Baceline. The medical office building was built in 1984 and renovated in 2005. It is currently 65 percent occupied. Baceline intends to carry out further improvements to the building over the next year.