NORTH OLMSTED, OHIO —NorthMarq has arranged $14.2 million in first mortgage refinancing for Butternut Ridge Apartments, a 261-unit multifamily property in North Olmsted. Sue Blumberg of NorthMarq's Chicago office arranged the loan for the borrower, JVM Butternut Apartments LLC, through Freddie Mac. The 7-year loan has a 30-year amortization schedule.
Midwest
ST. PAUL, MINN. — Felcor Lodging Trust has agreed to sell six hotels for $103 million to an undisclosed buyer. The portfolio consists of 1,527 rooms, including the Embassy Suites in St. Paul and Boca Raton, Fla. The acquisition also includes the Holiday Inn San Antonio-Airport, the Sheraton Suites Ft. Lauderdale-Cypress Creek and Doubletree Guest Suite hotels in Raleigh/Durham and Tampa. The deal is expected to close in the second quarter.
CHICAGO — Summit Design + Build LLC has been selected as the general contractor for American Society for Surgery of the Hand's (ASSH) new corporate headquarters. The facility will be located at 822 W. Washington Blvd. in Chicago. Crews will reconstruct an existing, 30,000-square-foot office and warehouse structure and install a new elevator, stair systems and plumbing. ASSH will occupy the entire second floor, while the first floor will contain loft-style office space. The ASSH build-out will include private offices, a conference room and a yoga room. MRSA Architects and Planners is designing the project, which is scheduled for completion in the second quarter of this year.
LENEXA, KAN. — Maxus Realty Trust has purchased the Rosehill Pointe Apartments for $28.7 million in Lenexa, a suburb south of Kansas City. Constructed in 1985, the 498-unit complex is located along West 87th Street. Jeff Stingley of CBRE's Kansas City office represented the seller, New York-based CLK Multi-Family and an affiliate of Houlihan Parnes Realtors LLC, in the transaction.
CHICAGO — New York-based Samson Management has sold 2778 N. Milwaukee in Chicago for $2.4 million to an undisclosed buyer. The 42,000-square-foot, mixed-use property is occupied by Gap Outlet on the ground floor. The retailer recently renewed its 12,000-square-foot lease for another five years. The remaining storefront is leased to a currency exchange on a year-to-year basis. The buyer plans to redevelop the vacant top three floors into rental apartments. Michael Bennet of Newmark Knight Frank represented the seller in the deal. Matt Welke of Essex Realty represented the buyer.
CHESTERFIELD, MO. —Taubman Centers Inc. has broken ground on Taubman Prestige Outlets Chesterfield, located in the western St. Louis suburb of Chesterfield. The open-air shopping center will include 450,000 square feet of retail with more than 100 stores. In a statement, Taubman said demand has been positive and it has firm commitments from most major retailers. The company expects the project will generate 750 construction jobs and employ about 1,200 people when the mall opens. The center will include a mix of high-end, fashion-focused designer outlets, popular favorites and a food court. The mall is scheduled to open in the fall of 2013.
LAWRENCE, KAN. — Greystar Student Living has been selected to manage Naismith Hall, a 503-bed student housing complex adjacent to the Unviersity of Kansas' south campus. The privately owned hall was built in 1965 and offers furnished private and semi-private suites. Weekly housekeeping and unlimited meals are included in the price of rent. Amenities include a business center, study and meeting rooms, a movie theater, game room, convenience store, tanning bad and high-speed wireless Internet in the common areas and study rooms.
Despite the slow economic recovery nationwide, there is life in the commercial real estate investment market in Indianapolis, especially in the office sector. Nearly 900,000 square feet of office properties traded hands in Indianapolis in 2011, for a total of $119 million, which is a 70 percent increase over office sales in 2010, and four times the sales volume in 2009. Major property sales such as Intech I/II/III, 9225 Priority Way Dr. in the Precedent Office Park and Heather Glen II marked a return of stabilized office building sales in Indy last year. The increase in sales velocity is expected to continue with several major office properties currently on the market, including the Capital Center downtown, Pennwood Office Park in Carmel and the Ascension Health Ministry Service Center in the northwest submarket. Cassidy Turley is tracking an additional 3 million square feet of office properties expected to come to market this year, or in 2013. Continued improvement in office fundamentals is an encouraging sign for investors. With 237,000 square feet of positive net absorption in the fourth quarter of 2011, the overall vacancy rate for Indianapolis now stands at 20.3 percent. No new speculative construction, three consecutive quarters of positive …
DETROIT — Twitter, the San Francisco-based social media company, is opening an office in Detroit at the M@dison Building. The M@dison Building, located at 1555 Broadway, is owned by Rock Ventures LLC, the umbrella entity for Dan Gilbert's portfolio of companies, investments and real estate. Gilbert is the chairman and founder of Quicken Loans. The building is already home to several tech companies such as Detroit Labs and Doodle Home. Twitter's new office will include a team of employees who help advertising agencies and marketers use Twitter's advertising products, according to a statement. Rock Ventures' management firm, Bedrock Real Estate Services LLC, represented both parties in the deal.
RAMSEY, MINN. — Indianapolis-based Flaherty & Collins Properties will break ground on The Residence at The COR this month, a $33.5 million mixed-use project in Ramsey, a northern suburb of the Twin Cities. The project will be located within a 400-acre development known as The COR. Plans call for the construction of 230 luxury apartments and 3,000 square feet of retail space. The targeted use for the retail space is a pub that serves lunch and dinner. Of the 230 new residences, nine will be two-level townhome units with individual garages. Onsite amenities will include a fitness center, outdoor fire pits and a heated, saltwater pool.