Northeast

The deal was announced by New York City-based Meridian Capital Group, which arranged $97 million in acquisition financing to the new ownership.

The innovation of traditional brick-and-mortar for pop-ups have emphasized in-person experiences and driven up foot traffic in areas, but have changed the traditional lease structures for cheaper rents.

DSC Logistics has already taken occupancy of 250,000 square feet at the building to start processing inbound deliveries and, within the next six months will expand to occupy half of the newly built distribution center once additional interior and site improvements are completed.

"Colony's Board has given Tom Barrack too much deference and too much latitude for too long," according to Blackwells Capital CIO Jason Aintabi.

The new location it is expected to open for business in the fourth quarter of 2020.

The new 10-year interest-only loan has a fixed rate of 2.99% and matures in December 2029.