CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.
DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …
HAMMOND, IND. — A three-property, 257-room hotel portfolio has traded hands in Hammond, about 25 miles southeast of Chicago. The select-service hotels are all under the Marriott umbrella. The properties are within walking distance of each other and were sold in two separate transactions, prices of which were undisclosed. Nate Sahn and James Foxx of CBRE Hotels represented the seller.
WAUWATOSA, WIS. — Irgens has acquired 10701 Research Drive in Wauwatosa for an undisclosed price. The five-story, 130,000-square-foot office building is located at the intersection of Mayfair Road and Research Drive. Completed in 1995, the property was the inaugural development within the Milwaukee County Research Park. Irgens is planning to make substantial improvements to the facility, including new common area finishes and an amenity package. Blueprint’s medical office building team represented the seller, a REIT.
DUBUQUE, IOWA — JLL Capital Markets has arranged the sale of Warren Plaza in Dubuque for an undisclosed price. Anchored by Hy-Vee, the shopping center spans 91,588 square feet. Originally completed in 1979, the Hy-Vee store was expanded in 1994 and 2013. Other tenants include UPS, SuperCuts, Jersey Mike’s, Miracle Ear, Grand River Medical Group and OneMain Financial. Clinton Mitchell, Amy Sands, Michael Nieder, Kirstey Lein and Marcus Pitts of JLL represented the seller, The DESCO Group. A Midwest-based private investment fund was the buyer.
ONTARIO, CALIF. — Newport Beach-based Nuveen Real Estate has purchased an industrial building, located at 2950 E. Philadelphia St. in Ontario, from Myers Power Products in a sale-leaseback transaction for an undisclosed price. Myers Powers, the tenant, is an industry leader in the design and manufacture of engineered-to-order power distribution equipment. The company occupies the freestanding, 236,700-square-foot building and utilizes the facility for its full in-house manufacturing capabilities, including metal fabrication, state-of-the-art paint systems, assembly, integration and testing. Situated on 12 acres, the building features two oversized, grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4,000 amps, a fenced yard and is naturally divisible. Chris Migliori of Daum Commercial Real Estate Services handled the transaction.
SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.
COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.
CERRITOS, CALIF. — Pinnacle Real Estate Advisors has brokered the sale of a retail center located at 12221-17312 Norwalk Blvd. in Cerritos. The asset traded for $14.8 million. The names of the seller and buyer were not released. Situated 19 miles south of downtown Los Angeles, the 52,382-square-foot property is anchored by a grocery store. Peter Sengelmann, Eric Diesch and Jackson Coon of Pinnacle Real Estate Advisors represented the seller in the deal.
SCOTTSDALE, ARIZ. — Chicago-based Fringe Capital Partners has completed the disposition of The Hayden, a multifamily community in Scottsdale. San Francisco Bay Area-based Fivey Co. acquired the property for $8.3 million, or $330,000 per unit. Located at 2635 N. Hayden Road, the garden-style property features 25 two-bedroom/one-bath apartments spread across two two-story buildings. Community amenities include a pool, courtyard and covered parking. Fringe Capital repositioned the property, which was originally built in 1978, last year with premium finishes. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Frickle of CBRE represented the seller in the deal.