MARYSVILLE, OHIO — Mill Valley Plaza, an 18,353-square-foot retail plaza in Marysville, has sold to a private investor based in New Jersey for $2.7 million. The property opened in 2007 and is located 25 miles northwest of Columbus off State Route 31. Dan Cooper of Cooper Commercial Investment Group represented the seller, a private investment group from Central Ohio, in the transaction. He also secured the buyer.
CHICAGO — Marcus & Millichap has arranged the $538,000 sale of 2459 North Ashland, a four-unit mixed-use property in Chicago. The property is fully occupied and contains three apartments and one live/work unit. Kyle Stengle of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
Unlike many other major U.S. hotel markets in 2008 and 2009, Kansas City did not experience devastating decreases in occupancy and average daily rate (ADR). The severe drop in revenue that stung markets such as Detroit, Cincinnati, Chicago, Phoenix, San Diego as well as Dallas did not occur in Kansas City. In some instances, these other markets experienced decreases in revenue per available room (RevPAR) of 30 to 35 percent, while Kansas City experienced a decline of 15 to18 percent. The Kansas City hotel market recorded increases in ADR, occupancy and RevPAR throughout 2011 and the trailing 12-month period ending in March 2012. During this period, occupancy increased 3.4 percent to 57.3 percent, average daily rate increased 2.3 percent to $82.61 and RevPAR increased 5.7 percent to $47.37. According to Smith Travel Research, the data was based on 285 reporting hotels with a total of 31,927 rooms. The biggest improvement in real estate fundamentals occurred in the Overland Park-Lenexa market and the Country Club Plaza area. Both areas posted overall RevPAR growth of an impressive 10 percent, while the Kansas City North Airport market experienced growth of only 3.8 percent. Occupancies in the downtown hotel market are projected to remain …
CINCINNATI AND DAYTON, OHIO —LTC Properties has purchased two skilled nursing facilities in Ohio for $54 million. The first property, located in Cincinnati, was built in 2009. The second property, located in Dayton, Ohio, was built in 2010. The two facilities have a total of 288 licensed beds. Simultaneous with the acquisition, the REIT entered into a master lease with affiliates of Carespring Health Care Management. The lease has an initial 15-year term with two 5-year renewal options. LTC funded the purchase from the company's unsecured revolving line of credit and cash on hand.
BOLINGBROOK, ILL. — The LaSalle Group has announced plans to build a $10.2 million memory care assisted living community at 351 Lily Cache Lane in Bolingbrook. The 26,000-square-foot Autumn Leaves of Bolingbrook will serve residents living with Alzheimer's and dementia. The LaSalle Group is partnering with RT Partners and local lender, BMO Harris Bank, on the project. The community is expected to open in the third quarter of 2013.
ELK GROVE VILLAGE, ILL.— Duke Realty has broken ground on a 229,841-square-foot distribution center for Yusen Logisitics (Americas) Inc. in Elk Grove Village, immediately west of O'Hare International Airport. The facility will be located on a 10-acre site on Busse Road and will feature 30 exterior dock doors and 28,000 square feet of office space. The building is scheduled to open in April 2013. John Suerth of CBRE Group represented Yusen Logistics in the transaction. David Bercu of Colliers International represented Duke Realty.
CHICAGO — St. Anthony Ministries has proposed to build a new hospital, retail outlets and elements that include wellness, education, arts and recreation on an 11-acre site at 31st Street and Kedzie Avenue in Chicago. The 1 million-square-foot complex would reportedly cost $400 million. St. Anthony Ministries, the parent company of St. Anthony Hospital, submitted an application to the city Wednesday. The new hospital would replace a century-old facility at West 19th Street and California Avenue. To maintain the programs and services provided by the campus — such as wellness classes and a recreation center — the company plans to generate revenues from a parking garage and collect rent from tenants such as retail stores, schools and a day care. The company is also seeking government funding.
NOBLESVILLE, IND. — Meritex has sold a 51-acre land site at 146th Street and Howe Road in Noblesville to SMC Corporation of America. Meritex acquired the property in 2008 with the intent of developing a light industrial park totaling more than 500,000 square feet. However, the recession caused a significant drop in demand for new space, says Dan Williams, chief investment officer of Meritex. SMC plans to use the land as an adjunct to its campus. Jeremy Woods of Summit Realty Group represented Meritex in the transaction.
BURNSVILLE, MINN. — Ebenezer Management Services will breark ground on a $12 million addition to Arbors at Ridges, an assisted living community in Burnsville, later this month. The community currently offers 44 senior apartments. Kraus-Anderson Construction will construct a three-story building that will house 63 assisted living units. The new campus will also feature gardens, walking paths, a movie theater, library, barber shop, clubroom, chapel and coffee shop. The addition is slated for completion in the spring of 2013. Sperides Reiners Architects is designing the project.
JOPLIN, MO. — Homewood Suites by Hilton has opened a new hotel in Joplin featuring its latest prototype, Gen9, which enables the extended-stay brand to target more urban locations. The four-story, 97-room hotel is owned by Joplin Hospitality Partners and managed by McHugh Hospitality Group. The building is one of the first businesses to open in Joplin since last year's deadly tornado. The Gen9 plan reduces the land area needed to build a Homewood by approximately 20 percent. Construction costs are reduced 10 to 15 percent, and the overall development cost per-key is reduced 4 to 6 percent. The Joplin hotel is located at 2642 East 32 St.