RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.
SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.
COLUMBUS, OHIO — First Hospitality has opened a 122-room Residence Inn by Marriott hotel in Columbus. Located at 4294 International Gateway, the hotel is the first extended-stay property at John Glenn Columbus International Airport. The pet-friendly hotel features studios and one-bedroom suites. A complimentary shuttle operates within a five-mile radius from the hotel and includes access to the shopping destination Easton Town Center. Other amenities include an indoor pool, fitness center, grocery service and full-service bar. Smoot Construction centered the hotel’s design around its location with an aviation theme, which includes historical photos form the Ohio History Connection. The property also features First Hospitality’s Cleanliness First Plan, a safety and sanitation guide that expands on recommendations from the Centers for Disease Control and Prevention, the World Health Organization and the American Hotel & Lodging Association.
BRUNSWICK, OHIO — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a construction loan and fund replacement reserves.
CHICAGO — Kiser Group has brokered the $1.9 million condo deconversion sale of a 13-unit property in Chicago’s Albany Park neighborhood. Located at 5027-29 N. Harding Ave., the three-story building was originally constructed as apartments in 1931. It was converted into condos in 2006. Andy Friedman and Jake Parker of Kiser represented the condo association in the sale. The undisclosed buyer will convert the units back into apartments as well as make improvements. “This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. The deal “fits the mold of a property that would benefit from deconversion, with a high percentage of rental units and poor individual unit resale values,” says Parker.
CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.
WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed borrower.
TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.
WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.