Property Type

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works February 25, 2021

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

February 25, 2021

Acquisitions Arizona Healthcare Western

Nutex Health Buys Gilbert Emergency Hospital in Arizona for $10.5M

by Amy Works February 25, 2021

GILBERT, ARIZ. — Houston-based Nutex Health, a service provider and management firm in the micro-hospital and freestanding emergency room industry, has acquired Gilbert Emergency Hospital, a medical facility located at 5656 S. Power Road in Gilbert. MPT Operating Partnership LP DBA MPT of Gilbert LLC sold the asset for $10.5 million. Built in 2005, the 31,452-square-foot medical office serves as a privately run emergency facility with 42 acute-care beds. The property is Nutex’s third facility in Arizona and 23rd facility in the United States. Philip Wurth and Alexandra Loye of Colliers represented the seller, while Christian Giles of Arizona Healthcare Realty represented the buyer in the deal.

February 25, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers Sale of 111-Unit MCR Apartments in Las Vegas

by Amy Works February 25, 2021

LAS VEGAS — Northcap Commercial has arranged the sale of MCR Apartments, a multifamily property located in Las Vegas. Michelas LLC sold the asset to an undisclosed buyer for $6.8 million, or $61,261 per unit. Located at 226 W. St. Louis Ave., the property features 111 apartments. The community was built in 1955. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial represented the seller in the deal.

February 25, 2021

Illinois Loans Midwest Office

JLL Arranges $153M Loan for Refinancing of Chicago Office Tower

by Kristin Harlow February 25, 2021

CHICAGO — JLL Capital Markets has arranged a $153 million loan for the refinancing of 123 North Wacker, a 33-story office tower in Chicago’s central business district. The 550,000-square-foot building is situated in the West Loop submarket. The property has undergone more than $33 million in capital improvements over the past few years, including a reimagined lobby, a new tenant lounge and barista bar. Additional amenities include a conference center, fitness center, bike room and private rooftop terrace. The occupancy rate was not disclosed, but the property is home to 36 tenants. Keith Largay and Lucas Borges of JLL arranged the five-year, floating-rate bridge loan on behalf of the borrower, LaSalle Investment Management’s Income & Growth Fund Series. Mesa West Capital provided a $37 million mezzanine loan. LaSalle has owned the building since early 2017.

February 25, 2021

Michigan Midwest Restaurant Retail

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior quarters. Domino’s stock price closed at $364.59 per share on Wednesday, Feb. 24, down slightly from $368.66 per share one year ago. There are more than 17,600 stores in 90 markets worldwide. It is the largest pizza company in the world based on retail stores, according to the company.

February 25, 2021

Midwest Minnesota Retail

Best Buy’s Comparable Online Sales Grew Nearly 90 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30. “Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee.” Barry also announced that Best Buy would pay its employees a cash bonus in recognition of their efforts despite the pandemic. In the next few weeks, all hourly U.S. employees will receive $500 if they are full-time workers and $200 if part-time. The retailer is also encouraging its employees to get COVID vaccinations and will offer paid time off to do so. Best Buy’s fourth-quarter net income rose to $816 million, up from $745 million the year prior. Best Buy’s stock price closed at $113.24 per share on Wednesday, Feb. 24, up from $81.89 per share one year ago. There …

February 25, 2021

Illinois Midwest Retail

Three Chicago-Based Firms Form Joint Venture to Provide Real Estate Solutions for Malls, Lifestyle Centers

by Kristin Harlow February 25, 2021

CHICAGO — Frontline Real Estate Partners LLC, Carr Realty Advisors LLC and Stillwater Advisory Group Inc. have formed a new joint venture known as Frontline Real Estate Partners- Shopping Mall and Lifestyle Division. The venture will provide its clients with receivership, property and asset management, and leasing and disposition services for malls and lifestyle centers. “We have all seen the downturn of malls in recent years, with low occupancy levels and retailers going into bankruptcy. The pandemic expedited that even more,” says Matthew Tarshis, principal of Frontline. “We felt the urgency to form this new joint venture to provide real estate solutions for the distressed portion of this niche asset class.” Tarshis is joined by Joey Carr of Carr Realty and Chris Facas of Stillwater. All three real estate firms are based in Chicago.

February 25, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $12.6M Sale of Two Multifamily Assets in Suburban Minneapolis

by Kristin Harlow February 25, 2021

BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.

February 25, 2021

Development Industrial Texas

Gap to Open $140M Distribution Center in Longview, Texas, Create 500 Jobs

by Taylor Williams February 25, 2021

LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.

February 25, 2021

Development Multifamily Texas

High Street Residential Breaks Ground on 370-Unit Montgomery Apartments in Allen, Texas

by Taylor Williams February 25, 2021

ALLEN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on The Montgomery, a 370-unit apartment community in the northeastern Dallas suburb of Allen. Units will be available in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, dog park, business center, micro-market and a resident clubroom, as well as outdoor space for exercise and other activities. High Street is developing the project, completion of which is slated for the fourth quarter of 2022, in a joint venture with Principal Real Estate Investors. JHP Architecture is designing the development. Andres Construction will serve as general contractor.

February 25, 2021

Newer Posts

Older Posts