AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at..
COLUMBUS, OHIO — Colliers International has brokered the sale of Sterling Place in Columbus for $32.5 million. The 300-unit multifamily property was built in 1991. Will Mathews and Russ Williamson of Colliers represented the seller, CORE Realty Holdings Management Inc. The Conor Group purchased the property.
INDIANAPOLIS — CBRE has arranged a $3.1 million loan for the refinancing of Cherry Tree Crossing in Indianapolis. The 13,400-square-foot retail property is home to tenants such as QDoba Mexican Grill, Gentle Dentist and T-Mobile. Jason Brown and Dan Gable of CBRE arranged the 10-year loan, which includes a 30-year amortization schedule. EverBank provided the loan for the undisclosed borrower.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a condominium building in Oak Park, a suburb of Chicago, for $2 million. The property, located at 922-924 Ontario St., features 13 one-bedroom units. Ontario Association purchased all of the units in what is known as a condo deconversion. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback..
CHICAGO AND LAKE BLUFF, ILL. — The Missner Group has completed renovations for the Illinois Bone & Joint Institute (IBJI) in Chicago and Lake Bluff, Ill. At 111 N. Canal St. in Chicago, renovations included the addition of a 2,900-square-foot physical therapy space, private consultation suite and a new reception and waiting lounge. At 101 Waukegan Road in Lake Bluff, a 6,000-square-foot renovation featured the build-out of both physical therapy and clinic space. The facility now consists..
MARYLAND HEIGHTS, MO. — Universal Windows Direct has signed an 8,250-square-foot industrial lease in Maryland Heights. The property is located at 11993 Borman Drive. This is the first Missouri location for the Cleveland-based window installation and home improvement company. Scott Martin of Hilliker Corp. represented the tenant in the five-year lease transaction. Pace Properties represented the undisclosed landlord.
CHICAGO — Newmark Knight Frank (NKF) has arranged a $74.8 million loan for the repositioning of the Hard Rock Hotel located at 230 N. Michigan Ave. in Chicago. Property owner Becker Ventures and manager Aparium Hotel Group plan to reposition the property as the St. Jane Chicago hotel following the closing of the Hard Rock Hotel on Dec.1. The newly branded property is scheduled to reopen in spring 2018. The new name is a nod to social worker Jane Addams, who co-founded Chicago’s Hull..
MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop..
CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.
CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.
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