REBusinessOnline

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Rapid City, South Dakota

RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a

Cedar Rapids Development Activity Abounds Across Property Sectors

In a series of citywide events on June 13, the city of Cedar Rapids celebrated the recovery efforts from the historic flood of 2008 that crested that day 10 years ago. The events also remembered those that lost so much in the residential and business community. Many are still impacted by this natural disaster. As I have previously noted in past articles, the city’s recovery efforts have been nationally recognized, including: • All-America City Award in 2014 from the National Civic …

Hilton Opens its First Tri-branded Hotel at Chicago’s Convention Center

CHICAGO — Hilton (NYSE: HLT) has opened its first tri-branded hotel featuring a Hilton Garden Inn, Hampton Inn and Home2 Suites at Chicago’s McCormick Place convention center. First Hospitality Group Inc. is the developer and manager. The 23-story property includes 184 Hilton Garden Inn rooms, 187 Hampton Inn rooms and 95 suites within the Home2 Suites. A sky bridge provides guests convenient access to the convention center. Amenities include an exercise room, indoor pool, 24-hour business …

Contegra Begins $82M Expansion of Walgreens Distribution Center Near Toledo, Ohio

PERRYSBURG TOWNSHIP, OHIO — Contegra Construction is underway on an $82 million expansion of a Walgreens warehouse and distribution center in Perrysburg Township, about 12 miles south of Toledo. Completion of the 380,000-square-foot expansion is slated for summer 2019. The facility currently totals 650,000 square feet. Approximately 680 workers are employed at the site. Contegra will use tilt-up concrete panels to complete the project, which will feature 40- and 50-foot clear heights, 40 new …

Dougherty Provides $58.1M Construction Loan for Seniors Housing Property in Minneapolis

MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, …

Marcus & Millichap Brokers $7.1M Sale of Warehouse in Fairfield, Ohio

FAIRFIELD, OHIO — Marcus & Millichap has brokered the $7.1 million sale of a 158,500-square-foot industrial warehouse in Fairfield, about 25 miles north of Cincinnati. In a simultaneous transaction, Packaging Corp. of America has signed a 10-year lease at the property. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A REIT purchased the asset, which is located at 3840 Port Union

Encore Arranges Sale of Retail Property Net Leased to Advance Auto Parts in Kalamazoo, Michigan

KALAMAZOO, MICH. — Encore Real Estate Investment Services has arranged the sale of a single-tenant retail property net leased to Advance Auto Parts in Kalamazoo. The sales price was not disclosed. Advance Auto Parts has 2.5 years left on its lease at the 8,016-square-foot standalone building. Evan Lyons and Joe Lopez of Encore represented both the Michigan-based buyer and California-based seller in the transaction. The buyer completed a 1031 tax-deferred

Cantor Fitzgerald, Rodin Global Acquire 241,493 SF Office Building in Columbus for $46.9M

COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the …

HFF Arranges $25.4M Acquisition Financing for Retail Portfolio in Suburban Minneapolis

COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew …

Hunt Real Estate Capital Provides $24.7M Bridge Loan for Acquisition of Multifamily Property in Omaha

OMAHA, NEB. — Hunt Real Estate Capital has provided a $24.7 million bridge loan for the acquisition and renovation of a multifamily property in Omaha. The 408-unit garden-style property, located at 10535 Ellison Plaza, is 94 percent occupied. The complex, originally built in 1973, comprises 17 buildings and a two-story leasing office and clubhouse. The loan includes $4 million for interior and exterior improvements. The undisclosed borrower plans to add amenities such as a business center, …

Content Partners