HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.
JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.
LUBBOCK, TEXAS — Houston-based developer Treemont Partners is nearing completion of construction on The Carlton House, a 446-bed student housing project that will serve students at Texas Tech University in Lubbock. The Carlton House will feature a mix of one- and two-bedroom units and amenities such as two pools, a community kitchen and living room, fitness center, private and group study lounges, outdoor grilling and dining areas and a dog park. University Partners will lease and manage the project upon completion, which is slated for June.
CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.
KANSAS CITY, MO. — Hunt Midwest has closed on the acquisition of more than 1,300 acres located adjacent to the Kansas City International Airport. The land is contiguous with roughly 2,000 acres already owned by Hunt Midwest, which plans to build the largest logistics park in the state of Missouri. Dubbed KCI 29 Logistics Park, the project will support up to 18 million square feet of Class A logistics and manufacturing space, along with more than 20 acres of commercial mixed-use space. Hunt Midwest says the site has the potential to attract more than 8,000 employees with an overall capital investment of nearly $1.3 billion over the next decade. The project will be situated near KCI Air Cargo operations, which includes hubs for UPS, FedEx and USPS.
MINNEAPOLIS — Red Lake Nation and design firm Cuningham have completed Mino-bimaadiziwin Affordable Housing, a 110-unit affordable housing development located in the American Cultural Corridor of Minneapolis. Mino-bimaadiziwin means “living the good life” in Ojibwe. The nearly $42 million project provides housing to Red Lake Ojibwe Band members and other local Native American residents. It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, founder and CEO of Full Circle Indigenous Planning + Design LLC as well as a Cuningham consultant. The six-story development features a Red Lake Nation embassy and healthcare clinic in addition to the housing units. Project funding came from the City of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community and 15 other sources. The project was built on a site that formerly served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives. The Cuningham team collaborated closely with the Red Lake Ojibwe community members on the property’s design.
ELK GROVE VILLAGE, ILL. — Bridge Industrial has acquired two parcels along Northwest Point Boulevard in suburban Chicago’s Elk Grove Village with plans to build Bridge Point Elk Grove I and II. Bridge acquired the vacant parcels, located just one block from each other, from two different sellers: ADP and a private individual. Bridge Point Elk Grove I and II will span 147,066 square feet and 60,834 square feet, respectively. Building I will feature a clear height of 36 feet, 14 exterior docks, two drive-in doors, parking for 164 cars and a 130-foot truck court. Building II will feature a clear height of 32 feet, six exterior docks, one drive-in door and parking for 46 cars. Completion is slated for June 2023. Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers will market the buildings for lease.
AUSTIN, TEXAS — A partnership between locally based investment and management firm Castletop Capital and Dallas-based developer Trammell Crow Co. has completed Korina at the Grove, a 373-unit apartment community in Austin. The property is situated within The Grove, a 450,000-square-foot mixed-use development in the central part of the city. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, business center, flex entertainment spaces, a dog park and a rooftop terrace. Dallas-based JHP Architecture served as the project architect, with interior design by Britt Design Group. Information on starting rents was not disclosed.
SPRINGFIELD, OHIO — Eby-Brown and Rittal Inc. have signed leases and will be the first two tenants at Upper Valley Business Park in Springfield, about 45 miles west of Columbus. Industrial Commercial Properties owns the property, which was formerly Upper Valley Mall. The mall has been repositioned as a business park for office and light industrial users. Naperville, Ill.-based Eby-Brown is a wholesale distributor to the convenience store industry. The company has leased 35,000 square feet. Chicago-based Rittal North America will occupy 130,000 square feet starting later this spring. Rittal, a global manufacturer and system solutions provider of industrial and IT enclosures and accessories, currently occupies a manufacturing plant in Urbana, Ohio. Matt Osowski of NAI Ohio Equities represented Rittal.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Heights of Cityview, a 344-unit apartment community in southwest Fort Worth. Built on 22 acres in 1998, the property features one-, two- and three-bedroom units with an average size of 984 square feet. Amenities include multiple pools, a fitness center, clubhouse, pet park, package locker system and outdoor grilling areas. Drew Kile, Joey Tumminello, Michael Ware, Asher Hall, Taylor Hill and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.