EASTPOINTE, MICH. — Marcus & Millichap has brokered the sale of EZ Storage in Eastpointe, about 10 miles north of Detroit. The sales price was not disclosed. The 65,810-square-foot self-storage building is located at 21500 Gratiot Ave. Brett Hatcher of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. He also secured and represented the buyer, an out-of-state limited liability company.
The Milwaukee multifamily sector is plowing forward on a number of different fronts. Development activity is continuing its impressive run with a series of high-rise towers in various stages of construction or planning. Popular neighborhoods such as Walker’s Point, Bayview and the East Side are filling in with low- and mid-rise projects, many of which feature a mixed-use component. From an investment standpoint, multifamily is still the sector du jour, with a widening investor pool of both local and out-of-state buyers. Leading the charge on the development front is Northwestern Mutual’s 7Seventy7, which is currently under construction in downtown Milwaukee with an anticipated opening in summer 2018. The 34-story complex will feature 322 apartments, ground-floor commercial and 1,400 parking spaces, many of which will service employees at the company’s recently completed 1.1 million-square-foot headquarters located only one block away. Other major projects yet to break ground but slated to reshape the skyline in the coming years include: • The Couture — Barrett Lo Visionary Development is planning to build a 44-story tower with 300-plus units, retail and parking across the street from the planned Lakefront Gateway Plaza, which will connect the area between the Milwaukee Art Museum and the Summerfest …
SIOUX CITY, IOWA — Newmark Knight Frank (NKF) has brokered the sale of Southern Hills Mall in Sioux City for $55 million. The 571,465-square-foot enclosed regional mall is located directly off I-29. The property was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property.
OLATHE, KAN. — Passco Cos. has acquired Greenwood Reserve in Olathe, a suburb of Kansas City, for $38.3 million. The 228-unit apartment property, built in 2016, is located at 13825 College Blvd. Amenities include a pool, community grilling area, cyber café, business center, resident lounge and fitness center with yoga studio. Jeff Stingley of CBRE represented both Passco and the seller, an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae.
MADISON, WIS. — Marcus & Millichap has arranged the sale of River’s Edge and Fordem Towers in Madison for $37 million. Together, the two multifamily properties total nine buildings and 420 units. Both are located approximately two miles east of the University of Wisconsin-Madison. River’s Edge, completed in two phases in 1974 and 1984, consists of seven three-story buildings totaling 312 market-rate units. Fordem Towers, built in 1982, features two seven-story buildings totaling 108 units. The units, 27 of which are earmarked for low-income housing through a housing assistance payments (HAP) contract, range from 390 to 1,666 square feet. Matthew Whiteside of Marcus & Millichap represented the seller, an Illinois-based limited liability company, and procured the buyer, a Colorado-based limited liability company.
LAFAYETTE, IND. — DoubleTree by Hilton Lafayette East has opened in Lafayette, 63 miles northwest of Indianapolis. The 128-room hotel is located at 155 Progress Drive off I-65. Dora Hotel Co. LLC will own and operate the property in partnership with local developer Roy Meeks. Amenities include an indoor pool, business center, outdoor courtyard with fire pit, fitness center and 3,000 square feet of meeting space. Executive Chef Raul Roges heads the on-site Made Market restaurant and lounge as well as the banquet department.
ITASCA, ILL. — Jewel-Osco has renewed its 69,000-square-foot office lease for 10 years at Hamilton Lakes Business Park in Itasca. The grocery and drug retailer has maintained its corporate headquarters at the property, located at 150 Pierce Road, for the past 10 years. Hamilton Partners Inc. is the property landlord. Jewel-Osco has 187 locations across Illinois, Indiana and Iowa, and employs 31,000 associates.
DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …
CHICAGO — Chicago-based Aries Conlon Capital has arranged a $62.4 million non-recourse loan for the refinancing of a seven-hotel portfolio in seven states. The portfolio, owned by Inner Circle Investments, includes six Radisson hotels, which are located in Cromwell, Conn.; Billings, Mont.; Highpoint, N.C.; Albany, N.Y.; Appleton, Wis.; and Cheyenne, Wyo; as well as one independent, boutique hotel in St. Louis. Rushi Shah of Aries Conlon arranged the interest-only loan with an international investment bank. Instead of refinancing its assets as fee-simple properties, Inner Circle split ownership of the land parcels and the hotels into leased-fee and leasehold entities respectively, entered into 99-year leases with its hotels as tenants and then refinanced the land/leased-fee portions at a higher loan-to-value ratio and more attractive terms. Aries Conlon is now refinancing the corresponding leaseholds to effectively close the loop.
INDIANAPOLIS — Pillar Financial has provided $22.3 million in Fannie Mae loans for the refinancing of two apartment properties in Indianapolis. Echo Ridge, constructed in 2003, features 208 apartment units. English Village also consists of 208 one- and two-bedroom units. Both properties are located on the southeast side of Indianapolis in a workforce housing area, which targets renters earning incomes of approximately 80 percent of the area median income. Joe Markech of Pillar originated a $13.3 million loan for Echo Ridge and a $10 million loan for English Village. The 10-year loans feature 30-year amortization schedules. David Ross of Crossroads Realty Advisors arranged the financing.
