ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.
HOUSTON — Law firm Thompson, Coe, Cousins & Irons LLP has signed a 61,875-square-foot office lease at 5POP, a 28-story, 566,773-square-foot building in Houston’s Uptown neighborhood. The building was constructed in 1982 and is currently undergoing a $12 million capital improvement program. Transwestern represented the landlord, a partnership between national investment firm CP Group and Miami-based Rialto Capital that acquired the asset in 2021, in the lease negotiations. Kevin Saxe, Kevin Kushner and Harlan Davis of CBRE represented the tenant, which will occupy three full floors.
DULUTH, MINN. — JLL Capital Markets has brokered the $3.6 million sale of Irving School Apartments in Duluth, a city located along Lake Superior. The property was originally built in 1895 as a school and was placed on Minnesota’s National Register of Historic Places and converted into apartments in 1978. The building features 44 units that average 980 square feet. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was High Point Holdings LLC.
DALLAS — Investment sales brokerage firm Blueprint Healthcare Real Estate Advisors has negotiated the sale of an unnamed seniors housing community in Dallas. Built in 1996 and renovated in 2020, the facility offers assisted living and memory care services. The undisclosed buyer plans to convert the property into a behavioral health facility. The seller was also not disclosed.
WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $39.3 million sale of a portfolio of nine affordable housing properties totaling 309 units in New York City. Two of the properties are located in the Morrisania neighborhood of The Bronx, and the remainder are in Harlem. The portfolio also includes four commercial spaces. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer and property addresses were also not disclosed.
NEW YORK CITY — The Child Mind Institute, a nonprofit dedicated to helping children with mental illnesses and learning disorders, has signed an 81,810-square-foot at 825 Third Avenue in Midtown Manhattan. The tenant will occupy the entirety of the second through fifth floors and have a dedicated ground-floor entrance. The Durst Organization owns the 530,000-square-foot building, which is currently undergoing a $150 million capital improvement program. Lance Korman and Brian Waterman of Newmark represented Child Mind Institute in the lease negotiations. Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban represented The Durst Organization on an internal basis.
HOBOKEN, N.J. — Locally based development and investment firm Maridian Properties has completed the majority of the renovations at 95 River Street, a historic building in Hoboken that comprises 22,500 square feet of office and retail space. Upgrades to common areas and office suites are complete, though a full remodel of the lobby remains ongoing. Maridian also rebranded the property as Lions Gate in homage to a decorative frieze on the building’s façade. Maridian acquired the building, which was originally constructed in 1910 for Steneck Trust Co. and last renovated in 1983, last December.
CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit multifamily property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community offers studio, one-, two- and three-bedroom floor plans. According to the property website, amenities include electric vehicle charging stations, a rooftop lounge with a pool, outdoor plaza, fitness center, business center with a conference room, onsite dry cleaning, pet spa, package lockers and bike storage. Monthly rents range from $2,705 for a studio up to $8,379 for a three-bedroom, according to Apartments.com. North Water Apartments is situated atop the Loews Chicago Hotel, which was not included in the sale. The Loews Chicago hotel offers 400 rooms and suites, and includes a restaurant, rooftop bar, lobby lounge and coffee shop, as well as 31,000 square feet of indoor and outdoor meeting space. The building is located less than a mile from Chicago’s Magnificent Mile commercial district, the lakefront Navy Pier and the Museum of Contemporary Art Chicago. Grand Avenue Station on Chicago’s Red Line is located …
By Ryan Kawai Sanchez The average length of stay in hotels has undergone a notable shift since the onset of the COVID-19 pandemic. Many travelers have opted to extend their hotel stays for longer durations. According to industry reports, the average length of stay in hotels has increased by approximately 20 to 25 percent compared to pre-pandemic levels. This trend has been observed across various hospitality industry segments, including leisure and business travel. According to forecasts, the hotel industry in the United States is expected to surpass its pre-pandemic record with 1.3 billion occupied room nights in 2023. This projection indicates a significant increase of 56.9 percent from the lowest point in 2020, which was 831.64 million occupied room nights. From 2021 to 2022, the demand for hotels experienced an improvement of 11.1 percent. In April 2020, over 75 percent of hotel rooms in the country were unoccupied, as reported by STR. However, three years later, the hotel industry has significantly recovered and is expected to continue this positive trend in the coming year. The average hotel occupancy rate in the United States is projected to be 63.8 percent in 2023, a remarkable improvement from the historic low of 43.9 …