CHICAGO — The Chicago office of Holliday Fenoglio Fowler has assisted in securing $394.6 million in construction financing and joint venture equity for the renovation of 208 South LaSalle, a 21-story office tower located in Chicago. The project’s developer, UST Prime III Joint Venture Ltd., is a joint venture involving Reschke Chicago Partners, an affiliate of The Prime Group and an affiliate of Estein & Associates. Construction financing totaled $271.6 million, and was provided by Union Labor Life Insurance Co., Private Bancorp and Capri Capital Partners. Estein and Prime capitalized the joint venture with $123 million of equity capital. Renovations to the historic building, which formerly served as a multi-tenant office property, will include the construction of a luxury JW Marriott Hotel on the lower 12 floors. It is expected to include 610 rooms and suites; 48,000 square feet of ballroom and meeting space; and a 20,000-square-foot spa and health club. The hotel will be operated and managed by Marriott International, and is scheduled to open early 2010. Renovations will also be performed to the top nine floors of the building, which will remain office space, as well as the 18,000 square feet of ground-floor retail space. The office component …
CHICAGO — The Chicago office of Holliday Fenoglio Fowler has assisted in securing $394.6 million in construction financing and joint venture equity for the renovation of 208 South LaSalle, a 21-story office tower located in Chicago. The project’s developer, UST Prime III Joint Venture Ltd., is a joint venture involving Reschke Chicago Partners, an affiliate of The Prime Group and an affiliate of Estein & Associates. Construction financing totaled $271.6 million, and was provided by Union Labor Life Insurance Co., Private Bancorp and Capri Capital Partners. Estein and Prime capitalized the joint venture with $123 million of equity capital. Renovations to the historic building, which formerly served as a multi-tenant office property, will include the construction of a luxury JW Marriott Hotel on the lower 12 floors. It is expected to include 610 rooms and suites; 48,000 square feet of ballroom and meeting space; and a 20,000-square-foot spa and health club. The hotel will be operated and managed by Marriott International, and is scheduled to open early 2010. Renovations will also be performed to the top nine floors of the building, which will remain office space, as well as the 18,000 square feet of ground-floor retail space. The office component …
FORT WAYNE, IND. — Marcus & Millichap has brokered the sale of Covington Plaza, a 199,701-square-foot shopping center located at 6400 W. Jefferson Blvd. in Fort Wayne, for $21.02 million. The property comprises two buildings situated on a 28.26-acre lot, and sold for a price of $106 per square foot. Greg Moyer of Marcus & Millichap’s Indianapolis office, along with Lori Schneider of the firm’s Fort Lauderdale, Fla., office, represented the undisclosed seller. The property was acquired by Lamar Cos.
FORT WAYNE, IND. — Marcus & Millichap has brokered the sale of Covington Plaza, a 199,701-square-foot shopping center located at 6400 W. Jefferson Blvd. in Fort Wayne, for $21.02 million. The property comprises two buildings situated on a 28.26-acre lot, and sold for a price of $106 per square foot. Greg Moyer of Marcus & Millichap’s Indianapolis office, along with Lori Schneider of the firm’s Fort Lauderdale, Fla., office, represented the undisclosed seller. The property was acquired by Lamar Cos.
ST. LOUIS — St. Louis-based McGrath & Associates is completing the remodeling of the 375th Medical Group building at Scott Air Force Base, which is located approximately 20 miles east of St. Louis in the city’s Metro East submarket. The building is being converted from its former use as the medical facility for the base into a comprehensive outpatient care clinic for soldiers and their families. The 94,000-square-foot building will include pediatric medicine, physical and occupational therapy, a primary care center, internal medicine, mammography and ultrasound, a pharmacy, an oral surgery suite and an immunization center. An outpatient clinic that currently operated within the facility will remain open during the renovations. Construction began last October, and completion is scheduled for July 2009. The representing owner of the project is the Fort Worth, Texas, district of the Army Corps of Engineers. Rockville, Md.-based Skanska USA Building is serving as the design/builder, with McGrath & Associates serving as general contractor and construction manager.
ST. LOUIS — St. Louis-based McGrath & Associates is completing the remodeling of the 375th Medical Group building at Scott Air Force Base, which is located approximately 20 miles east of St. Louis in the city’s Metro East submarket. The building is being converted from its former use as the medical facility for the base into a comprehensive outpatient care clinic for soldiers and their families. The 94,000-square-foot building will include pediatric medicine, physical and occupational therapy, a primary care center, internal medicine, mammography and ultrasound, a pharmacy, an oral surgery suite and an immunization center. An outpatient clinic that currently operated within the facility will remain open during the renovations. Construction began last October, and completion is scheduled for July 2009. The representing owner of the project is the Fort Worth, Texas, district of the Army Corps of Engineers. Rockville, Md.-based Skanska USA Building is serving as the design/builder, with McGrath & Associates serving as general contractor and construction manager.
CAROL STREAM, ILL. — Skokie, Ill.-based The Missner Group has completed a 92,217-square-foot speculative industrial facility located at 417-419 Village Dr. in Carol Stream. Situated on 4.67 acres, the building features 28-foot clear ceiling heights, 10 exterior docks, two drive-in doors and is divisible for up to two tenants. The Missner Group served as developer and general contractor, with Heitman Architects providing design services. David Bercu and Carter Andrus of Colliers Bennett & Kahnweiler are serving as marketing agents for the property.
CAROL STREAM, ILL. — Skokie, Ill.-based The Missner Group has completed a 92,217-square-foot speculative industrial facility located at 417-419 Village Dr. in Carol Stream. Situated on 4.67 acres, the building features 28-foot clear ceiling heights, 10 exterior docks, two drive-in doors and is divisible for up to two tenants. The Missner Group served as developer and general contractor, with Heitman Architects providing design services. David Bercu and Carter Andrus of Colliers Bennett & Kahnweiler are serving as marketing agents for the property.
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.