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Met-Tower-Seattle-WA
LoansMultifamilyRetailWashingtonWestern

Low Tide Properties, Continental Properties Receive $110M Refinancing for Met Tower Apartments in Downtown Seattle

by Amy Works

SEATTLE — Affiliates of Low Tide Properties and Continental Properties have obtained $110 million in financing for Met Tower, a multifamily property located at 1942 Westlake Ave. in Seattle. Citibank provided the loan, which Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan of Cushman & Wakefield Equity, Debt & Structured team arranged. Built in 2001, Met Tower features 366 apartments in a mix of studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached, eight-level parking garage.

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Sutton-Place-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northmarq Brokers $37M Sale of Sutton Place Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northmarq has arranged the sale of Sutton Place, a garden-style community located at 5400 W. Cheyenne Ave. in Las Vegas. West Lake Village, Calif.-based Sunstone Properties Trust acquired the asset from Salt Lake City-based Bridge Investment Group for $37 million, or $162,281 per unit. Built in 1986, Sutton Place features 228 apartments in a mix of one- and two-bedroom units ranging from 650 square feet to 927 square feet, a remodeled leasing office, fitness center, playground, soccer field, barbecue and picnic areas, and a laundry facility. At the time of sale, the property was 93 percent leased. The seller invested $2.8 million in capital improvements including deferred maintenance, exterior upgrades, paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property. Thomas Olivetti, Trevor Koskovich, Jesse Hudson and Ryan Boyle of Northmarq’s Las Vegas and Phoenix Investment Sales team handled the transaction.

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Tacoma-Centre-Tacoma-WA
DevelopmentOfficeWashingtonWestern

MJR Development Plans Renovation of 200,000 SF Office Building in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Kirkland-based MJR Development has released plans to renovate the office building at 1145 Broadway in downtown Tacoma. Renamed as Tacoma Centre, the 15-story, 200,000-square-foot office building will include a café, bar, lounge areas, conference rooms and a fitness center with locker rooms. With the renovations, the tower will offer office space optimized for a culture of work/life balance and creative collaboration. Once complete, Tacoma Centre will offer a high-end lounge to accommodate casual team meetings, happy hours and corporate events and soirees. The remodeling will focus on common areas, and the building will remain open to tenants during construction. Interior designs will use natural materials, tall windows and expansive views. The renovation is slated for completion in summer 2023. MJR acquired the property, previously known as Tacoma Financial Center, in January 2022. Will Frame, Drew Frame and Ben Norbe of Kidder Mathews represented MJR in the sale and are now managing the leasing.

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Cannon-Hotel-Site-Dana-Point-CA
AcquisitionsCaliforniaDevelopmentHospitalityWestern

Sonnenblick-Eichner Negotiates Sale of Hotel Development Site in Dana Point, California

by Amy Works

DANA POINT, CALIF. — Sonnenblick-Eichner Co. has arranged the sale of the fee simple interest in the Cannon’s Hotel development site in Dana Point. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room hotel. A private investor acquired the asset for an undisclosed price. Located on a bluff-top overlooking the Dana Point Harbor and Marina, the site is one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5. The Dana Point Harbor and Marina features more than 2,400 boat slips, several restaurants and various marine-oriented activities. The harbor and marina are undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel and office space. Todd Bedingfield and David Sonnenblick handled the transaction.

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DevelopmentHealthcareMichiganMidwestTop Stories

Trinity Health Michigan Unveils Plans for $238.2M Hospital in Metro Detroit

by Kristin Harlow

BRIGHTON, MICH. — Trinity Health Michigan has unveiled plans for a replacement hospital in metro Detroit’s Livingston County that will enhance patient access and create an integrated campus of medical and surgical care at its existing medical center in Brighton. The three-year project has a price tag of $238.2 million. The four-story, 174,000-square-foot hospital will consist of 56 acuity adaptable beds, 18 short-stay beds and eight licensed operating rooms. The existing medical center facility will also undergo renovations. Construction is scheduled to begin in early 2023. Acuity adaptable rooms enable patients to stay in one centralized room throughout their entire stay rather than being transferred to other units, while short-stay units are targeted for patients requiring brief hospitalization. The project represents a multi-year effort to relocate inpatient and outpatient services from the aging Trinity Health Livingston hospital in Howell to the campus of Trinity Health Medical Center-Brighton. When complete in 2025, the new hospital will bring together healthcare providers and services to offer a continuum of care in one location for Livingston County and surrounding communities. The new hospital will offer the following medical services: primary care, general medicine, gynecological surgery, urology, cardiology and intensive cardiac rehab, orthopedics, minimally invasive …

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IllinoisLoansMidwestRetail

Bellwether Arranges $74.5M Loan for Chicagoland Shopping Center Portfolio

by Jeff Shaw

CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale.  The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.

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DevelopmentMichiganMidwestMultifamily

Magnus Capital Partners to Break Ground on $51.5M Workforce Housing Development in Grand Rapids

by Jeff Shaw

GRAND RAPIDS, MICH. — Magnus Capital Partners, a Grand Rapids-based asset management and real estate investment firm, is set to break ground Dec. 19 on HōM Flats at Maynard, a new $51.5 million multifamily housing development located in Grand Rapids. Situated on 12.8 acres off Lake Michigan Drive NW, HōM Flats at Maynard will comprise seven buildings and 240 one-, two- and three-bedrooms apartments. Amenities at the community will include fitness and yoga centers, play spaces for children, indoor and outdoor dog parks, a pet spa, a café, rooftop lounge, indoor bike storage, a game room and green spaces. Once constructed, HōM Flats at Maynard will join Magnus Capital Partners’ current portfolio of HōM Flats at 28 West in Wyoming, Michigan and HōM Flats at Felch Street in Holland, Michigan. Both properties were completed in 2021. Hooker DeYoung will serve as the architect and Rhode Construction will serve as general contractor for the project. Magnus Capital and its equity partner, Stratford, received project approval from the Michigan State Housing Development Authority in late November. The project will be financed through the federal Low-Income Housing Tax Credit program, making the apartments affordable based on tenant income. The developer is targeting tenants …

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AcquisitionsKansasMidwestRetail

LANE4 Acquires 135,000 SF Retail Center in Kansas City Metro

by Jeff Shaw

OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.

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AcquisitionsIndianaMidwestMultifamily

Gray Capital Buys 250-Unit Apartment Property in Terre Haute, Indiana

by Jeff Shaw

TERRE HAUTE, IND. — Tampa, Florida-based real estate investment firm Gray Capital has acquired Sycamore Terrace Apartments in Terre Haute as part of its $100 million multifamily investment fund, The Gray Fund. The sale was brokered by Cushman & Wakefield. The sales price was not disclosed. Sycamore Terrace Apartments is a 250-unit luxury multifamily apartment community. The community offers one-, two- and three-bedroom floor plans and amenities such as a swimming pool, fitness center, clubhouse and a media center. Gray Capital plans to repaint the exteriors of the property, as well as install a controlled access and gate system. Sycamore Terrace Apartments will be managed by Gray Capital’s property management company, Gray Residential. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield’s Indianapolis office represented the seller in the transaction. Gray Capital represented itself in the deal.

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AcquisitionsHospitalityMidwestSoutheastWisconsin

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

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