REBusinessOnline

Brookline Brokers $2.6M Sale of Retail Building in Illinois

LAKE IN THE HILLS, ILL. — Brookline Real Estate & Investments has brokered the $2.6 million sale of a 6,584-square-foot retail building in Lake in the Hills, about 45 miles northwest of Chicago. The property, located at 280 N. Randall Road, is fully leased by Dunkin’ Donuts and Athletico. Brookline represented the buyer, while RN Realty represented the

Johnson County, Kansas: A Midwest Hub for Industry and Innovation

Once referred to by developers as a “well-kept secret,” the Kansas City metro area is quickly developing a global reputation for skilled workforce, strong infrastructure, affordable housing and competitive overhead costs like transportation and utilities.  “Kansas City is a region rising. We are dispelling the notion that Kansas City is a well-kept secret,” says Tim Cowden, president and CEO of Kansas City Area Development Council. “There is growing recognition among site locators …

NKF Multifamily: Student Housing Sector Outlook for 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and …

Edward Lampert Wins Bid, Sears to Keep 400 Stores Open

HOFFMAN ESTATES, ILL. — Former Sears CEO Edward Lampert has won a bankruptcy auction for Sears Holdings Corp., according to The Wall Street Journal and other media reports. The billionaire hedge-fund manager upped his offer to about $5.3 billion from $4.4 billion. The offer, which will keep roughly 400 stores open, beat out a bid to close all the stores and sell the inventory. The plan must still be approved by the bankruptcy judge at a sale hearing set for Friday, Feb. 1. Last …

TCM Acquires 258,441 SF Office Building in Suburban St. Louis

TOWN AND COUNTRY, MO. — Ten Capital Management (TCM) has acquired 575 Maryville, a Class A office building in Town and Country, a suburb of St. Louis. The 258,441-square-foot building includes a fitness center, two conference rooms, on-site dining and parking. The property is currently 97 percent leased to four tenants, including anchor Cushman & Wakefield. Neither the seller nor the sales price was

Berkadia Arranges $30M Acquisition Financing for Apartment Building in Kansas City

KANSAS CITY, MO. — Berkadia has arranged $30 million in acquisition financing for 909 Walnut, a high-rise apartment building in Kansas City. Located at 909 Walnut St., the property includes 152 apartment units. The bottom four floors consist of office space. Amenities include a rooftop garden and fitness center. The purchase included both the office and apartment portions of the property as well as the parking garage. John Schorgl of Berkadia arranged the financing on behalf of the borrower, …

LCP, Blue Vista Purchase Hilton Hotel Near Kansas City Airport

KANSAS CITY, MO. — The LCP Group LP and Blue Vista Capital Management have acquired the Hilton Kansas City Airport hotel for an undisclosed price. The 347-room hotel is located less than three miles from the Kansas City International Airport. The hotel recently underwent renovations to its guest rooms, public spaces and meeting rooms. In addition to a fitness center and pool, the property features an on-site restaurant, Asado Urban Grill. HEI Hotels & Resorts will manage the

Walker & Dunlop Secures $24.8M Construction Loan for Seniors Housing Complex in Michigan

WYOMING, MICH. — Walker & Dunlop Inc. has secured a $24.8 million loan for the construction of Traditions at Rivertown, a seniors housing complex in Wyoming, just south of Grand Rapids. The 150-unit property will include independent living, assisted living and memory care units. Slated for completion in November, the property will feature a library, bar, theater, fitness center, coffee bar, lounge and underground parking. Benjamin Krosin, Jeff Schmidt, Tim Cotter and Russell Dey of Walker …

Granger, HED Complete $24M Renovation of Cancer Center in Ann Arbor, Michigan

ANN ARBOR, MICH. — Granger Construction and architect Harley Ellis Devereaux (HED) have completed the renovation of the Robert H. and Judy Dow Alexander Cancer Center at the St. Joseph Mercy Ann Arbor’s hospital campus. The $24 million project involved the expansion of the cancer center to 66,000 square feet in order to provide space for the hospital’s growth and to enhance the facility’s cancer research and treatment facilities. Home to 38 exam rooms, the expanded facility offers a …

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the …

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