HOUSTON — South Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels totaling 220 rooms in Houston’s West University submarket. The properties, which include a 100-room Courtyard by Marriott and a 120-room Residence Inn by Marriott, were sold in conjunction with a 137-room Homewood Suites by Hilton hotel in Dallas and a 180-room Hilton Garden Inn in Burlington, Mass. The collective sales price was $80 million. The buyer(s) was not disclosed.
GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated the sale-leaseback of a 59,028-square-foot industrial building in the northeastern Dallas suburb of Garland. The seller and tenant was Belgian chemical supplier Azelis. The single-tenant building is located at 3857 Miller Park Drive. Travis McEldowney and Jack Gaffney of Finial Group represented the buyer, Faropoint Ventures, in the off-market transaction.
DALLAS — Newmark has signed a 46,338-square-foot office lease at The Link at Uptown. The move will consolidate three of the commercial real estate services firm’s regional offices into a single location at 2601 Olive St. in Dallas. John Wolf represented Newmark in the lease negotiations on an internal basis. Sarah Kennington and Bryce Jackson at Thirty-Four Commercial, along with Blake Shipley at JLL, represented the landlord, Kaizen Development Partners. Newmark plans to take occupancy in the fourth quarter. The company will continue to operate its office at Legacy Business Park.
JERSEY CITY, N.J. — A joint venture between Kushner Real Estate Group (KRE) and Northwestern Mutual has completed the lease up of 351 Marin, a 507-unit multifamily project in Jersey City’s Powerhouse Arts District. The property is now fully occupied. Designed by Hollwich Kushner and HLW Architects, the 38-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and Whirlpool washers and dryers. Amenities include a sky lounge, pool, fitness center with a yoga studio, outdoor grilling stations, community garden and a dog park.
BELLINGHAM, MASS. — Newmark has negotiated the sale of Bellingham Distribution Center, a 345,000-square-foot industrial property located about 40 miles southwest of Boston. The facility was fully leased to restaurant equipment and foodservices supplier TriMark USA at the time of sale. A partnership between global investment manager Barings and Dallas-based Lincoln Property Co. originally developed the building, which features a clear height of 36 feet, 70 loading docks and 45 trailer parking spaces, in 2021. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Brian Pinch, Samantha Hallowell and Nickolas Revers of Newmark represented the seller in the transaction. LaSalle Property Fund purchased the asset for an undisclosed price.
MINNEAPOLIS — CBRE has arranged the sale and recapitalization of an 11-building industrial portfolio totaling nearly 1.4 million square feet in suburban Minneapolis for $143 million. The properties are located in Oakdale, Maplewood, New Hope, Bloomington, Brooklyn Park, Maple Grove, Minneapolis and Roseville. Michael Caprile, Judd Welliver, Ryan Bain, Zachary Graham and Bentley Smith of CBRE represented the seller, Onward Investors, which recapitalized the portfolio with a new capital partner.
EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …
BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle Construction. World Renew previously worked out of two separate spaces. Kristen Moore of Colliers West Michigan assisted the organization in securing its new space.
ZIONSVILLE, IND. — Hanley Investment Group Real Estate Advisors has brokered the $3.1 million sale of a two-tenant retail center spanning 11,400 square feet in Zionsville, a northern suburb of Indianapolis. Named Zionsville Station, the property is located at 10615 Zionsville Road. Tenants include Hotel Tango Whiskey, a local whiskey brand, and Pampered Pooch Resort and Spa. Dylan Mallory of Hanley represented the seller, Indiana-based Jackson Investment Group. Forest Bender of Marcus & Millichap represented the buyer, a metro Indianapolis-based private investor.
WOODRIDGE, ILL. — Marcus & Millichap has negotiated the sale of Green Ridge Center in the Chicago suburb of Woodridge for $2 million. The 11,832-square-foot, multi-tenant retail property is located at 2800 75th St. The anchor tenant is Cellular Sales of Knoxville, a Verizon Wireless authorized retailer with more than 750 locations nationwide. Dominic Sulo and Samuel Malato of Marcus & Millichap represented the seller, a Georgia-based partnership. The duo also secured and represented the buyer, a Virginia-based limited liability company.