DEARBORN, MICH. — Savills Studley has been chosen to market the sale of the Royal Dearborn hotel and convention center in Dearborn. The 773-room, 854,000-square-foot hotel, located on 32 acres at 600 Town Center Drive, is across the street from the world headquarters of Ford Motor Co. The Royal Dearborn is the second largest hotel in Michigan. The hotel features 55,602 square feet of meeting and exhibition space comprised of a 17,000-square-foot grand ballroom, a rotunda and numerous meeting and breakout rooms. The hotel also offers two food and beverage outlets, an indoor swimming pool and fitness center, business center, gift shop and expansive outdoor parking. “There are numerous repositioning options for the property, including splitting the asset into two smaller hotels, or even reducing the size of the hotel component by converting the top floors to residential use and transforming parts of the ground-level space into retail,” says Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.
INDIANAPOLIS — New York Life Real Estate Investors has provided $15.3 million in refinancing for Canal Overlook Apartments, a 132-unit, Class A residential property located in Indianapolis. The loan has a term of 20 years. The complex is owned by a private investor and was completed in 1988.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged three new office leases in Troy. L. Mason represented the landlord in two transactions including the lease of 4,332 square feet to Padgett Business Services at 1120 E. Long Lake Road and 6,576 square feet to Liberty Union Life Assurance Company at 560 Kirts Boulevard. L. Mason also represented Car.com in its 5,449-square-foot lease renewal at 888 W. Big Beaver Road.
COUNTRY CLUB HILLS, ILL. — Tucker Development has arranged three new leases for Country Club Plaza, a retail property in Country Club Hills, located about 29 miles south of Chicago. MetroPCS signed a five-year lease for approximately 1,100 square feet. Kenny’s Ribs and Chicken signed a 10-year lease for 2,800 square feet, and Cooking Canvas inked a four-year lease for approximately 1,000 square feet. Tucker Development was represented in-house by Andrew White in all three transactions. A Walmart Supercenter and an AMC Theater anchor the property. Other tenants include McDonald’s, Pizza Hut, Subway, GNC, Foot Locker and Payless Shoes.
Chicago’s 1.2 billion-square-foot industrial market has weathered the Great Recession and is now showing strong growth through expansion of the region’s traditional boundaries and by way of redevelopment in land-locked areas. At the center of this trend is O’Hare International Airport — sixth in the nation and 17th in the world in air cargo tonnage. All totaled, the O’Hare industrial submarket contains 103 million square foot of product. Since the vacancy rate peaked at approximately 13 percent in 2010, the O’Hare industrial submarket has rebounded in a big way. In fact, the submarket has recorded positive absorption every year since 2011. The vacancy rate fell to 7 percent in 2014 due to an improving economy and the aggressive deal making of the larger industrial owners such as Prologis, KTR and Hamilton Partners. Development Ramps Up Shrinking vacancy rates and a lack of available Class A logistics facilities led to the delivery of multiple speculative developments in 2014. These projects were the first built since 2007. Panattoni completed 208,000 square feet at 1925 Busse Road in Elk Grove Village and leased the entire facility to CEVA Logistics. The project was subsequently sold to AEW Capital Management at a record-setting cap rate …
WICHITA, KAN. — Gershman Mortgage’s multifamily division has provided $36.6 million to finance the rehabilitation of the Exchange Place and Bittings buildings in Wichita to create Exchange Place Apartments. The 230-unit, high-rise complex is located at the corner of Douglas and Market streets. Development will include the rehabilitation of the two existing high-rise buildings and construction of a new parking garage and apartment building where the Lerner and Michigan buildings are currently located.
CHICAGO — MB Real Estate Services Inc. has arranged a 9,306-square-foot lease renewal on behalf of A+E Networks, a joint venture of Disney-ABC Television Group and Hearst Corp. The property is located at 111 East Wacker Drive in the East Loop of Chicago. Nikki Kern of JLL represented building ownership, and Boris Yelyashov and Christine Torres of MB represented A+E Networks in the transaction.
ST. PAUL, MINN. — Stahl Construction has begun interior demolition for a planned 149-room, five-story Hyatt Place hotel located at 180 Kellogg Boulevard East in the historic United States Post Office and Custom House building in the Lowertown neighborhood of St. Paul. The $19.7 million project will include remodeling of approximately 145,000 square feet on the first five floors. The hotel will be completed in spring 2016. Nelson Construction & Development hired Stahl to complete the hotel portion of the mixed-use redevelopment. The new Custom House will also include 202 luxury apartments on the upper floors as well as retail and commercial components. LodgeWorks Partners LP will operate the Hyatt Place upon completion.
ROMEOVILLE, ILL. — Morgan/Harbour has completed the renovation of a 65,000-square-foot warehouse for Inmar in Romeoville. Inmar is a technology company that operates intelligent commerce networks in real-time for retailers, manufacturers and trading partners. The construction was completed during a four-week period and included the build-out of new offices within the existing office footprint, dock renovations and new lighting throughout the warehouse. Morgan/Harbour also constructed a conveyor connection and coordinated the installation of new racking, security and low-voltage electrical systems. Joe Zoksy and Erick Hodorowicz, both of Morgan/Harbour, led the renovation efforts. Ware Malcomb provided architectural services.