Property Type

Interra Realty Brokers $82.5M Sale of Luxury Apartment Tower in Chicago’s South Loop

by Kristin Harlow May 5, 2022

CHICAGO — Interra Realty has brokered the sale of Astoria Tower in Chicago’s South Loop for $82.5 million. The luxury apartment tower rises 30 stories with 248 units. Built in 2009, Astoria Tower features one-, two- and three-bedroom floor plans. Amenities include a fitness center, indoor pool, sauna, spa treatment room, billiards room, movie room, business center and two rooftop decks. The seller, Miami-based Crescent Heights, converted the property from condominiums into apartment units in phases completed in 2010 and 2019. Brad Feldman of Interra represented the buyer, Chicago-based 3L Real Estate, which plans to add additional amenities and offerings to increase rents.

May 5, 2022

Development Hospitality Illinois Midwest

Park Hyatt Chicago Scheduled to Reopen This Summer Following $60M Renovation

by Kristin Harlow May 5, 2022

CHICAGO — The Park Hyatt Chicago hotel at 800 N. Michigan Ave. is scheduled to reopen this summer following a $60 million renovation that began early this year. Reservations are now available to book for stays beginning July 1. The renovation project included 23 new suite additions, reimagined guestrooms, enhancements to the lobby and library, new art selections, and updates to the food and beverage programs as well as the spa. Design firm Anderson/Miller Ltd. worked on the modernization of the guestrooms and suites. Sheedy DeLaRosa Interiors designed the lobby and library on the ground floor to complement the new art selections. NoMI Kitchen will reopen with Executive Chef Terence Zubieta at the helm.

May 5, 2022

Illinois Industrial Leasing Activity Midwest

CEVA Logistics, Expeditors International Sign Industrial Leases at Bridge Point Melrose Park

by Kristin Harlow May 5, 2022

MELROSE PARK, ILL. — CEVA Logistics and Expeditors International have signed leases at Bridge Point Melrose Park, an industrial property currently under development in the Chicago suburb of Melrose Park. Bridge Industrial owns the property. CEVA, a supply chain management firm, signed a long-term lease agreement for a 707,953-square-foot warehouse. Expeditors, a logistics and freight forwarding firm, will occupy a 669,914-square-foot facility. The project team includes architecture firm Cornerstone, general contractor ARCO Murray and civil engineer SPACECO Inc. CIBC provided project financing last year. Bridge plans to construct one final building that will span 225,009 square feet. Dan McGillicuddy, Charlie Kenning and Brian Carroll of JLL represented Bridge in the lease transactions. Jason Lev and Jimmy Kowalczyk of CBRE, along with Jeffrey Kernochan and Andrew Mager of Fischer, represented the tenants.

May 5, 2022

Industrial Loans Midwest Ohio Self-Storage

Ready Capital Closes $22.8M Loan for Acquisition of Self-Storage Portfolio in Metro Columbus

by Kristin Harlow May 5, 2022

GRANDVIEW HEIGHTS AND UPPER ARLINGTON, OHIO — Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self-storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed.

May 5, 2022

Acquisitions Illinois Industrial Midwest

Inno-Tech Purchases 30,990 SF Industrial Building in Glendale Heights, Illinois

by Kristin Harlow May 5, 2022

GLENDALE HEIGHTS, ILL. — Inno-Tech has purchased a 30,990-square-foot industrial building in the Chicago suburb of Glendale Heights for its new corporate headquarters. The property is located at 1879 Internationale Blvd. Inno-Tech, a custom sheet metal and 3D printing group, purchased the asset for $3.5 million. David Conroy of Cawley Chicago represented the buyer. JLL represented the seller, Global Furniture, which relocated to a larger space in Warrenville.

May 5, 2022

Acquisitions Multifamily Nevada Western

Laguna Point Properties Buys Topaz, Viridian Apartment Communities in Las Vegas for $129.7M

by Amy Works May 5, 2022

LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction. Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla. Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units. Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property. Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.

May 5, 2022

Acquisitions Net Lease Office Washington Western

Newmark Negotiates Sale of 153,708 SF Meta-Occupied Office Building in Seattle

by Amy Works May 5, 2022

SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.

May 5, 2022

California Loans Retail Western

MetroGroup Secures $18.5M Financing for 56,173 SF Retail Center in San Diego

by Amy Works May 5, 2022

SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.

May 5, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $5.6M Sale of Multifamily Complex in Mesa, Arizona

by Amy Works May 5, 2022

MESA, ARIZ. — Taylor Street Advisors has arranged the sale of The Horne Portfolio, an apartment complex in Mesa. A local private capital owner sold the asset to a local syndicator and professional investor for $5.6 million, or $200,000 per unit. Located at 111-113 N. Horne St., the portfolio features 28 two-bedroom/one-bathroom apartments, individually metered for electric with individual HVAC units., in single-story, garden-style buildings. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller in the deal.

May 5, 2022

Acquisitions Colorado Retail Western

Blue West Capital Arranges $3.4M Sale of Park Hill Shops in Denver

by Amy Works May 5, 2022

DENVER — Blue West Capital has brokered the sale of Park Hill Shops, a three-tenant retail property located in Denver. A Colorado-based real estate investment company sold the asset to a local 1031 exchange investor for $3.4 million. Robert Edwards and Tom Ethington of Blue West Capital represented the seller in the deal. Located at 2245 Kearney St., the 9,160-square-foot building was originally built in the 1950s as a movie theater.

May 5, 2022

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