MOUNT PLEASANT, WIS. — Nordic Realty Partners LLC has purchased a 10,430-square-foot office building in Mount Pleasant, about 25 miles south of Milwaukee. The sales price was not disclosed. The property, which includes surplus land of 3.1 acres, is located at 13303 Washington Ave. near I-94. Johnson Insurance currently occupies the building, but plans to relocate during 2018. CBRE represented the undisclosed seller in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a 6,141-square-foot retail property in Chicago for $1.8 million. The ground-floor retail space is located at 2142-2144 W. Roscoe St in the Roscoe Village neighborhood. Tenants include Pure Motion Chiropractic, Pilates + Coffee, XO Studio salon and Roscoe Books. Sean Sharko, Austin Weisenbeck and Brewster Hague of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the private investor buyer.
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …
EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.
CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.
ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.
CHICAGO — Interra Realty has brokered the sale of a 33-unit multifamily building in Chicago for $3.2 million. The property, located at 5001 S. Drexel Blvd., features a mix of one-, two-, three- and four-bedroom units. The buyer, EquityBuild, plans to rehab the property, which was built in 1906. Brad Feldman and Adam Saxon of Interra represented the buyer. Brian DiBasilio, along with Feldman and Saxon, represented the seller, Cedar Street.
MOUNT PLEASANT, IOWA — Colliers International has arranged the sale of a 4,159-square-foot building occupied by Hardee’s in Mount Pleasant for $1.8 million. The property is located at 905 E. Washington St., about 50 miles south of Iowa City. Jon Busse, Joe Crotty and Josh McFadyen of Colliers represented the buyer, Kuhn Family Trust. Justin Zahn of Commercial Investment Advisors represented the seller, 4 G Properties LLC. Westar Food, a Hardee’s franchise with 36 locations, leases the property.
With what appears to be a never-ending stream of construction, the biggest source for excitement coming into 2018 for the St. Louis industrial market is new, speculative development. According to research from Colliers International, construction completions exceeded 4 million square feet in 2017. This is the second-highest year of recorded construction volume for the market due to last year’s Goliath delivery of 6 million square feet. Currently, over 2 million square feet is under construction, with more slated for groundbreaking in 2018. One of the larger projects recently announced is NorthPoint Development’s proposed 300-acre industrial park in Hazelwood, situated in North St. Louis County. According to the St. Louis Post-Dispatch, NorthPoint plans to develop over 3 million square feet focused on logistics and light industrial warehouse space. The big question, it seems, is how long can developers continue to find new tenants for their large, modern bulk developments in St. Louis? Even with high, positive absorption in both 2016 and 2017, expectations for continued growth may be tempered as we move forward in 2018. Looking back at 2017, we see the industrial vacancy rate for metro St. Louis dropped to 6.7 percent at the end of the year. This rate …
CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.
