Property Type

JLL Arranges $40M Loan for Refinancing of Target-Anchored Shopping Center in Chicago

by Kristin Harlow January 27, 2023

CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Illinois Leasing Activity Midwest Office

Globetrotters Engineering Renews 23,376 SF Office Lease in Downtown Chicago

by Kristin Harlow January 27, 2023

CHICAGO — Globetrotters Engineering Corp. has renewed its 23,376-square-foot office lease at 300 South Wacker in Chicago’s central business district. The engineering firm is relocating to the building’s third and fourth floors after having previously occupied the second and fourth floors. The tenant, which has occupied space at the building since the 1980s, is also redesigning its workspace. Josh Feldman of Cushman & Wakefield represented the tenant in the 11-year lease. Sandy Macaluso of Golub represented the landlord on an internal basis. Globetrotters maintains more than 175 employees at 300 South Wacker.

January 27, 2023

Development Healthcare Texas

Wolf Capital Partners Begins Renovation of 120,000 SF Medical Office Building in Houston

by Taylor Williams January 27, 2023

HOUSTON — Locally based investment firm Wolf Capital Partners has begun the renovation of Heights Medical Tower, a 120,000-square-foot medical office building located across the street from The Heights Hospital in Houston. Capital improvements include demolition of vacant structures, construction of a new spec suite and upgrades to the building’s HVAC systems. In addition, Wolf Capital, which has tapped Transwestern to lease the building, will reimagine the lobby and enhance the streetscape. Lastly, the firm will revamp various common areas, as well as restrooms and elevator cabs. Completion is slated for the fourth quarter.

January 27, 2023

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 324-Unit Self-Storage Facility in Bellevue, Nebraska

by Kristin Harlow January 27, 2023

BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.

January 27, 2023

Acquisitions Multifamily New York Northeast

Khosla Capital Acquires Apartment Community in New Rochelle, New York, for $200M

by Taylor Williams January 27, 2023

NEW ROCHELLE, N.Y. — Khosla Capital has acquired Halstead Station, a 408-unit apartment community located north of New York City in New Rochelle. Built in 2001, Halstead Station rises 24 stories and offers studio, one-, two- and three-bedroom residences. Communal amenities include a pool, fitness center with a yoga studio, resident lounge, courtyard with grilling and dining stations, dog park, business center with private conference pods and a children’s play area. JLL represented the seller, The DSF Group, in the transaction. California-based Pacific Urban Investors contributed an undisclosed amount of preferred equity to the deal.

January 27, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 107,597 SF Shopping Center in Seekonk, Massachusetts

by Taylor Williams January 27, 2023

SEEKONK, MASS. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of Ann & Hope Plaza, a 107,597-square-foot shopping center located in Bristol County in southern Massachusetts. Harbor Freight Tools, Petco and Bed Bath & Beyond anchor the center, which was 86 percent leased at the time of sale, though Bed Bath & Beyond plans to shutter this store as part of a larger wave of closures. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the seller, Massachusetts-based Seekonk Mall Trust, in the transaction. The team also procured the undisclosed, Rhode Island-based buyer.

January 27, 2023

Acquisitions Hospitality Maine Northeast

Wardman Group Sells 65-Room Hotel in Southport, Maine

by Taylor Williams January 27, 2023

SOUTHPORT, MAINE — The Wardman Group, a Baltimore-based boutique investment firm, has sold Ocean Gate Resort, a 65-room hotel in Southport, located in the southern coastal part of Maine. Guestrooms offer private balconies, and the amenity package consists of a pool, tennis and basketball courts, a minigolf course, fire pits and canoe/kayak rentals. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 27, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.2M Sale of Multifamily Building in Asbury Park, New Jersey

by Taylor Williams January 27, 2023

ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $2.2 million sale of a four-unit multifamily building located in the coastal New Jersey city of Asbury Park. The building consists of two one-bedroom units, two two-bedrooom units and 3,300 square feet of retail space. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

January 27, 2023

Leasing Activity New York Northeast Office

HBK Capital Signs 16,428 SF Office Lease at 452 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 27, 2023

NEW YORK CITY — HBK Capital Management has signed a 16,428-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The alternative investment firm will occupy the entire 22nd floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. Silvio Petrillo and Tamika Kramer of CBRE represented the tenant.

January 27, 2023

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