MINNEAPOLIS AND SAN FRANCISCO — Flynn Properties Inc. and Värde Partners have acquired an 80 percent joint venture interest in 89 select-service and extended-stay hotels in a $1.1 billion deal. Affiliates of Highgate and Cerberus Capital Management LP were the sellers. The portfolio comprises 58 Marriott-branded hotels, 24 Hilton-branded properties, four Radisson-branded assets, two IHG-branded hotels and one Choice-branded property. All of the assets will undergo capital improvements over time. Affiliates of Highgate and Cerberus will retain a 20 percent interest in the investment, and Highgate will continue to manage the properties on behalf of the joint venture. Deutsche Bank Securities Inc. served as financial advisor to Flynn and Värde on the transaction. Flynn Properties, a division of San Francisco-based Flynn Holdings, now owns 115 select-service and extended-stay hotels. Minneapolis-based Värde currently manages over $13 billion in assets worldwide.
ST. LOUIS — Tegethoff Development has completed Expo at Forest Park, a $90 million transit-oriented apartment development in St. Louis. The project is adjacent to the Forest Park-DeBaliviere MetroLink Station in the historic Skinker-DeBaliviere neighborhood. Expo at Forest Park includes two buildings with 287 units, along with parking, amenities and 30,000 square feet of retail space. The north building opened in August, while the south building will open in the next few weeks. More than half of the new residents do not own cars, according to Tegethoff. Bi-State Development operates the Metro Transit system that serves eastern Missouri and southwestern Illinois. Bi-State has worked to create a safer, more secure public transit system. Trivers assisted in architecture, planning, urban design and interiors for Expo at Forest Park. Trivers collaborated with associate architect HOK and general contractor Brinkmann Constructors.
FRANKENMUTH, MICH. — The Bavarian Inn Lodge in Frankenmuth, a city in central Michigan known for its Bavarian-style architecture, is set to undergo an $80 million expansion. The project will significantly enhance the lodge’s water park amenities and family entertainment offerings. A groundbreaking ceremony is scheduled for Tuesday, Dec. 13. Once the project is completed, the Bavarian Inn Lodge will be home to Michigan’s largest indoor water park and family entertainment center at more than 140,000 square feet. Completion is slated for spring 2024, but some portions are scheduled to open in late 2023. R.C. Hendrick & Son Inc., which built all previous six phases of the lodge, is the general contractor. The property will remain open throughout the expansion project.
MAPLEWOOD, MO. — Holland Construction Services has completed Phase II of the Sunnen Station apartment complex in Maplewood, a western suburb of St. Louis. Phase II encompasses a four-story, 121-unit building with an attached 61,000-square-foot parking garage with 187 spaces. The Sunnen Family developed the project in conjunction with Cozad Commercial Real Estate. Tim Sandweg was the architect. Phase I of Sunnen Station, which Holland completed in 2017, is fully leased. Monthly rents start at $960 for studios.
CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.
WAUKEGAN, MT. PLEASANT AND KENOSHA, WIS. — HSA Commercial has begun construction on four speculative warehouses totaling 1.9 million square feet along the I-94 corridor between metro Chicago and Milwaukee. Delany Commerce Center II in Waukegan, Ill., will span 218,500 square feet. Completion is slated for July 2023. Situated adjacent to a facility that HSA developed in 2014, the building will feature a clear height of 36 feet, 28 truck docks, four drive-in doors and parking for 300 cars. Harris Architects is the project architect, PREMIER Design + Build Group is the general contractor and Manhard Consulting is the civil engineer. Colliers is marketing the property for lease. Building IV at Park 94 will span 226,148 square feet in Mt. Pleasant, Wis. HSA completed its first phase of the industrial park in 2009. Scheduled for completion in July 2023, the new building will feature a clear height of 36 feet, 52 truck docks, two drive-in doors and parking for 37 trailers and 286 cars. CBRE is marketing the building for lease. HSA also broke ground on the first of three planned buildings at Bristol Highlands Commerce Center West in Kenosha, Wis. The developer is scheduled to deliver the 550,647-square-foot warehouse …
MADISON, WIS. — CRG has purchased a land site near the University of Wisconsin-Madison campus with plans to build a 534-bed student housing project named Chapter at Madison. Construction is expected to begin in December on the 10-story building. Completion is slated prior to the 2024-2025 academic year. Amenities will include a fitness center, private study spaces and conference rooms, a rooftop terrace and underground parking garage. The site is currently home to the former Buckingham’s Bar & Grill, Faith Community Bible Church, the former Fraboni’s Italian Specialties and Delicatessen and two rental houses. All the buildings have been acquired and are slated for demolition. Financing comes from Old National Bank, Johnson Bank and Bremer Bank.
CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.
ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.
CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.