CHICAGO — Chicago’s Willis Tower has become the largest building in the country to earn the LEED Platinum designation, the highest ranking possible given by the U.S. Green Building Council. The property owner, EQ Office, made energy, sustainability and comfort improvements to achieve the designation. EQ worked with Rivion, a Wisconsin-based energy consulting firm. Some of the enhancements include revamping the heating and cooling system, replacing electric hot-water generators with natural gas hot-water boilers, upgrading the building’s lighting and installing low-flow faucets and toilets. The 110-story Willis Tower is undergoing a $500 million renovation. The property, largest in the United States by square footage, earned LEED Gold certification in 2018.
CHICAGO — Essex Realty Group Inc. has negotiated the $4 million sale of 747 N. May St., a 22-unit building operating as an apartment hotel, also known as an apartel. This type of property is an apartment building that functions with a hotel-style booking system. At 747 N. May St., hotel operator Ginosi operates the units, which feature full kitchens and washers and dryers. The building underwent a full renovation in 2017. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex brokered the sale. A Chicago investor purchased the asset from local development firm City Pads.
ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.
AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an individual trust based in California.
LAS VEGAS — California-based Passco Cos. has completed the disposition of Silver City Plaza, a retail center situated on the northern end of the Las Vegas Strip. Regal Acquisition acquired the property for $59.2 million. Located at 3001 S. Las Vegas Blvd., Silver City Plaza features 41,583 square feet of retail space. Current tenants include Ross Dress for Less, Walgreens, Denny’s and 7-Eleven. Rob Ippolito and Frank Volk of Newmark Knight Frank represented the seller in the transaction.
CHANDLER, ARIZ. — NorthMarq has negotiated the sale of Soleil Apartments, a multifamily property located near Dobson and Ray roads in Chandler. Phoenix-based 3rd Ave Investments acquired the asset from Soleil Chandler Apartments LLC for $40.1 million. Built in 1995, Soleil Apartments features 188 units in a mix of one-bedroom, two-bedroom and three-bedroom layouts. The buyer plans to upgrade the unit interiors and exterior common areas to provide current and future residents with more modern amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix debt/equity team arranged a $33.2 million NXT loan for the acquisition.
LAS VEGAS — RSE Capital Partners and Interwest Capital Group have purchased EVO Apartments, a Class A apartment building located at 8760 W. Patrick Lane in Las Vegas. The acquisition price was not released. Built in 2018, the property features 376 units and a variety of amenities, including a fitness center, clubhouse, basketball court, playground, four swimming pools, a spa and covered parking. Scott Monroe of NorthMarq’s Las Vegas office secured a Freddie Mac supplemental loan for the acquisition. Carl Sims and Taylor Sims of Cushman & Wakefield’s Las Vegas office represented the undisclosed seller in the deal.
GILBERT, ARIZ. — CBRE has arranged the sale of a flex industrial and office building located at 1145 W. Gary Road in Gilbert. Martinsburg, Pa.-based Curry Supply Co. acquired the property from Edmonton, Alberta-based Silent-Aire. Curry Supply, a manufacturer and dealer of commercial service vehicles, will occupy the building, which serve as its fifth U.S. location and first Arizona location. Situated on 3.16 acres, the two-story, 55,392-square-foot building features 10,000 square feet of office space that includes offices, conference rooms, open bullpen areas, break rooms, restrooms and a dedicated server room. The remaining industrial space features an evaporate-cooled warehouse with LED lighting throughout, 24-foot clear ceiling heights, five grade-level doors, two truck wells and existing five-ton and one-ton cranes. Additionally, the property offers 72 parking spaces. Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn of CBRE in Phoenix represented the seller, a global manufacturer of HVAC equipment and modular data centers, in the transaction.
VISTA, CALIF. — JLL has brokered the sale of an industrial building located at 1330 Park Center Drive in Vista. Sunny Harvest LLC acquired the property from Park Center Holdings for $4.5 million, or $199 per square foot. Chris Baumgart and Steven Field of JLL’s North County San Diego team represented the seller in the transaction. The 22,356-square-foot, freestanding building features 24-foor clear heights, dock- and grade-level loading and solar panels. At the time of sale, the property was partially occupied by Thirty-Third Threads, an affiliate of the seller. The tenant plans to lease back its space.
Much has been made about online retail — and rightly so — with Amazon now an integral part of everyday life in the United States. But e-commerce’s growth doesn’t mean brick-and-mortar retail is dead. Brick-and-mortar outlets can be viable and profitable, even as retail bankruptcies and store closings increase. Real estate professionals should battle the misconceptions behind retail in 2020 and beyond while keeping an eye on where the next generation of retail is headed. The mall of 1975 is no longer. But could these retailers reemerge in hotel lobbies, airports/transportation centers and medical centers? Total retail sales have increased at an average annual rate in excess of 4.35 percent since 1993, according to Trading Economics. Additionally, most retailers’ quarterly earnings statements — whether from Walmart, Target, Home Depot or major grocers — report increased physical same-store and online sales (with a few exceptions noted later). While online sales have yet to reach 10 percent of total retail sales, the growth is on track to make a material impact by 2025, with 20 to 25 percent of total retail sales projected at that time. If it’s not in-store sales lost to online consumption or recessed consumption post-Great Recession, what’s behind …