NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.
DU QUOIN, ILL. — Mumford Co. has negotiated the sale of the Fairgrounds Inn hotel in Du Quoin, a city in southern Illinois. The sales price was undisclosed. The property rises two stories with 59 rooms and a swimming pool. The asset is situated adjacent to the Du Quoin County Fairgrounds. George Arvanitis of Mumford represented the seller, Sunrise Hotels LLC. Maakrupa Hospitality Inc. was the buyer.
MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.
DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.
NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space. A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs. Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management. In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” says Stolly. “The sponsorship’s ability to drive cash flow growth by …
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
AUSTIN, TEXAS — A partnership between three developers, San Antonio-based Kairoi Residential, Dallas-based Lincoln Property Co. and San Francisco-based DivcoWest, has completed vertical construction of Sixth & Guadalupe, a 66-story mixed-use tower in downtown Austin. Rising 865 feet and spanning 2.2 million square feet, Sixth & Guadalupe comprises 32 levels of multifamily units, 19 floors of Class A office space, 14 levels of parking and 10,000 square feet of ground-floor retail space. The residential component comprises 349 units in studio, one-, two- and three-bedroom formats, as well as 24 penthouses, and the office component totals roughly 589,000 square feet. Gensler designed the building, and J.E. Dunn Construction is serving as the general contractor. Construction began in late 2019 and is expected to be fully complete in late summer 2023.
DALLAS — Harwood International has topped out Harwood No. 14, a 27-story office building located within the locally based developer’s 19-block namesake district in Uptown Dallas. Construction of the 360,000-square-foot building began in March 2021, and the property is now 70 percent preleased. The design team includes Dallas-based HDF, Dallas-based Corgan and Tokyo-based Kengo Kuma & Associates. Manhattan Construction is the general contractor for the project, which also houses 17,000 square feet of retail and restaurant space. Full completion is scheduled for 2023.
KERRVILLE, TEXAS — A partnership between two Dallas-based firms, Sendero Cross Capital and WindRidge Real Estate, will develop Tivy Commons, a 25-acre mixed-use project that will be located about 65 miles northwest of San Antonio in Kerrville. The name derives from the site formerly housing Tivy Middle School and High School before closing in 2021, though sections of the original gym floor have been preserved by the Kerrville Independent School District. Plans for Tivy Commons are still being finalized, but the development team expects the multifamily component to comprise 250 to 300 units and the retail/restaurant component to comprise 150,000 to 200,000 square feet. Potential hotel and entertainment uses are also being explored. Demolitions of existing structures on the site are underway and expected to be complete in the first quarter of 2023. At that time, construction of retail pad sites will commence, with the groundbreaking of retail boxes and multifamily buildings to follow later that year.
AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.
