Property Type

Tower Capital Secures $20.1M Development Financing for Hilton Home2 Suites in Mesa, Arizona

by Amy Works March 25, 2020

MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a kitchen and flexible working/media space. Construction started in February with completion slated for the first quarter of 2021.

March 25, 2020

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Amy Works March 25, 2020

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, Calif.-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ National Net Lease Group represented the seller and buyer in the deal.

March 25, 2020

Development Multifamily Retail Seniors Housing Utah Western

Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah

by Amy Works March 25, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.

March 25, 2020

Hospitality Illinois Midwest

Hyatt to Furlough Most Corporate Employees in Response to COVID-19

by Kristin Harlow March 25, 2020

CHICAGO — As a result of COVID-19 significantly decreasing demand for hotel rooms and event space, Chicago-based Hyatt Corp. has suspended operations at many hotels and implemented temporary furloughs as well as pay and work reductions that will impact Hyatt corporate workers across the globe. The furloughs and reductions are in place from April 1 through May 31 and affect two-thirds of the company’s U.S. corporate employees, according to Bloomberg. The furloughs will enable Hyatt corporate staff to retain eligibility for healthcare and other benefits. Colleagues may also file for unemployment benefits during this period. Hyatt is also in the process of setting up a global Hyatt Care Fund, which will be seeded by 100 percent of Hyatt leadership team’s salary reductions as an initial contribution. Both President and CEO Mark Hoplamazian and Chairman of the Board Tom Pritzker are forgoing 100 percent of their salaries and Hyatt’s senior leadership team is taking a salary cut of 50 percent through the end of May. The proceeds of the fund will be distributed to those workers with the most pressing financial needs due to loss of income.

March 25, 2020

Midwest Ohio Retail

Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Kristin Harlow March 25, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect on Monday and will end on March 29 or at a date in compliance with applicable federal, local or state mandates. In the Midwest, these affected assets include Lincolnwood Town Center and Northwoods Mall in Illinois; Markland Mall and Muncie Mall in Indiana; Lindale Mall and Southern Hills Mall in Iowa; Maplewood Mall and Northtown Mall in Minnesota; and Dayton Mall, Great Lakes Mall, Indian Mound Mall, Lima Mall, New Towne Mall, Polaris Fashion Place, Southern Park Mall and The Mall at Fairfield Commons in Ohio. Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of its open-air centers, which represent approximately 40 percent of total net operating income, will remain open to continue offering essential goods and services to the extent permitted by law. The company has also offered to applicable governmental agencies all of its open-air and …

March 25, 2020

Development Midwest Missouri Multifamily

Watermark Residential Begins Development of 276-Unit Apartment Community in Kansas City

by Kristin Harlow March 25, 2020

KANSAS CITY, MO. — Watermark Residential, a wholly owned affiliate of development and construction company Thompson Thrift, has acquired 23 acres in Kansas City with plans to develop The Element by Watermark, a 276-unit Class A apartment community. Located in Platte County at 8101 Northwest Barrybrooke Drive, the community will consist of three-story, garden-style buildings. Amenities will include a clubhouse, 24-hour fitness center, swimming pool, bark park and dog spa. Element, slated for completion in November 2021, will be Watermark’s third multifamily development in the state of Missouri.

March 25, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 88-Unit Multifamily Building in Downtown St. Paul

by Kristin Harlow March 25, 2020

ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of Rayette Lofts in downtown St. Paul’s Lowertown neighborhood for an undisclosed price. Originally constructed in 1909 and converted to multifamily space in 2014, Rayette Lofts features 88 units and more than 2,500 square feet of ground-floor retail space. Amenities at the seven-story building include a community room, fitness center, spin studio, rooftop deck and outdoor kitchen. The residential portion of the property was 96 percent occupied at the time of sale. The retail portion is fully leased to Saint Dinette, an American restaurant. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. JLL also procured the undisclosed buyer. The building first housed a millinery business before serving as the home of women’s hair product company Rayette. Prior to conversion into apartments, the building served as a parking garage.

March 25, 2020

Acquisitions Illinois Midwest Restaurant Retail

Stan Johnson Co. Brokers Sale of Property Net Leased to Andy’s Frozen Custard in Suburban Chicago

by Kristin Harlow March 25, 2020

GLEN ELLYN, ILL. — Stan Johnson Co. has brokered the sale of a single-tenant retail property net leased to Andy’s Frozen Custard in Glen Ellyn, a western suburb of Chicago. Although the sales price was undisclosed, the property was listed at $2.75 million. Constructed in 2019, the 1,255-square-foot building is located at 415 Roosevelt Road. Mack Wolfgram, Tom Fritz, Brandon Duff and Matt Spangenberg of Stan Johnson represented the seller, Illinois-based LM Commercial Real Estate. A New York-based private investor purchased the asset in a 1031 tax-deferred exchange.

March 25, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Starwood REIT Acquires 60 State Street in Downtown Boston for $614M

by Kristin Harlow March 25, 2020

BOSTON — Starwood Real Estate Income Trust Inc. has acquired the leasehold interest in 60 State Street in downtown Boston. Local city records indicate a sales price of $614 million. The 38-story office and retail tower spans 911,394 square feet. The tower’s major tenants include law firm WilmerHale, asset manager Amundi Pioneer, advertising technology solutions provider Criteo, and asset manager BlackRock. A three-level Samuel Adams Tap Room, which opened earlier this year, anchors the retail portion. The building also features the State Room event space on floors 33 and 34 and a 240-space parking garage. Institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group sold the asset. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Debra Gould and Gilbert Dailey of Newmark Knight Frank (NKF) oversaw the transaction, which marks the largest sales price recorded for an office asset year-to-date in Boston’s central business district, according to NKF. Starwood Real Estate Income Trust is a nontraded REIT managed by Starwood Capital Group, a global private investment firm. — Kristin Hiller

March 25, 2020

Acquisitions Industrial Texas

Cushman & Wakefield Negotiates $25.7M Sale of FedEx Freight-Leased Building in Central Texas

by Taylor Williams March 24, 2020

SCHERTZ, TEXAS — Cushman & Wakefield has negotiated the $25.7 million sale of a 101,347-square-foot industrial building that is fully leased to FedEx Freight in the Central Texas city of Schertz. John Kuhn, David Tighe and Daniel McBride of Cushman & Wakefield represented the buyer, S&B Detrick LP, in the transaction. Mollie Alteri Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Co. represented the seller.

March 24, 2020

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