Property Type

Park Hotels & Resorts Sells Le Meridien New Orleans for $84M

by Alex Tostado January 2, 2020

NEW ORLEANS — Park Hotels & Resorts Inc. has sold the 410-room Le Meridien New Orleans for $84 million, or $205,000 per key, to an undisclosed buyer. Located near the French Quarter and less than one mile from the Mississippi River, the 23-story hotel features a fitness center and rooftop pool. Proceeds from the sale of the hotel will be used to repay a portion of Park’s unsecured debt. According to Canal Street Beat, Park Hotels purchased the former W Hotel in 2013 for $65 million before reopening the hotel as Le Meridian in 2014. Park Hotels has sold and/or disposed 22 assets it has deemed “non-core” for $1 billion since its spin off from Hilton Worldwide, according to Thomas Baltimore Jr., chairman and CEO of Park Hotels.

January 2, 2020

Development Multifamily Southeast Virginia

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

by Alex Tostado January 2, 2020

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.

January 2, 2020

Georgia Leasing Activity Office Southeast

Dilweg Inks Leases with 10 Companies for Downtown Atlanta’s 101 Marietta Street Office Tower

by Alex Tostado January 2, 2020

ATLANTA — The Dilweg Cos. has signed new leases or extensions with CIM Group and nine other companies at 101 Marietta Street, a 36-story downtown Atlanta office tower adjacent to The Gulch district. California-based CIM will occupy two of the new spec suites in the office building. Formerly known as Centennial Tower, the well-known chevron-marked building overlooks CIM’s future Centennial Yards, a mixed-use development in The Gulch. Existing office tower tenants DeLong, Caldwell, Bridgers, Fitzpatrick, & Benjamin LLC; Atlanta Dream; Amadeus and The VGM Group have all renewed their respective leases. Softgiving Inc, The Dennis Law Firm LLC, Volkert Inc., IVITA and BlackiNation have signed new leases. Located near Mercedes-Benz Stadium, State Farm Arena, Centennial Olympic Park, Georgia Aquarium, the CNN Center and three MARTA stations, 101 Marietta Street offers 650,000 square feet of space, as well as a conference center with training rooms, fitness center, Revelator Coffee in the lobby and tenant lounge with TVs, pool tables and a kitchen. Construction for another round of spec suites at 101 Marietta Street will commence this month. CBRE is handling the leasing assignment on behalf of Dilweg.

January 2, 2020

Development Hospitality Maryland Southeast

Costello Construction Breaks Ground on $25M Hotel Redevelopment Project in Columbia, Maryland

by Alex Tostado January 2, 2020

COLUMBIA, MD. — Costello Construction has entered the construction phase of the $25 million Sheraton Columbia Town Center Hotel renovation and redevelopment project. The 290-room hotel is located on the shores of Lake Kittamaqundi in downtown Columbia. Locally based Costello Construction has owned the property since December 2017. The renovation plans include a complete exterior improvement, two new structural additions to add 76 guest rooms, remodeling of all tower rooms and the addition of terraces to lakefront units. Once complete, the hotel will comprise 212 modern guest rooms and join Marriott’s Autograph Collection. The hotel will feature rooftop pool, restaurant, café, fitness center, rooftop bar and lounge and more than 10,000 square feet of indoor/outdoor event space. Costello Construction will self-perform the site work and concrete work on the project.

January 2, 2020

Loans Midwest Multifamily Ohio Seniors Housing

Cambridge Provides $24M in HUD Loans to Refinance Two Ohio Skilled Nursing Facilities

by Kristin Harlow January 2, 2020

LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.

January 2, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $11M Sale of Shopping Center in Melrose Park, Illinois

by Kristin Harlow January 2, 2020

MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.

January 2, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $4.2M Sale of Apartment Property in Minnesota

by Kristin Harlow January 2, 2020

MANKATO, MINN. — Marcus & Millichap has negotiated the $4.2 million sale of The Edge in Mankato in southern Minnesota. The 48-unit apartment property is located at 1902 Warren St. Built in 1967, the asset features 24 one-bedroom units and 24 two-bedroom units. Chris Collins, Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the private buyer.

January 2, 2020

Acquisitions Michigan Midwest Office

Dominion Arranges Sale-Leaseback of 21,887 SF Office Building in Southfield, Michigan

by Kristin Harlow January 2, 2020

SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.

January 2, 2020

Leasing Activity Midwest Restaurant Retail Wisconsin

Pizza Chain Lou Malnati’s Leases 2,074 SF in Milwaukee

by Kristin Harlow January 2, 2020

MILWAUKEE — Lou Malnati’s Pizzeria has leased 2,074 square feet at Riverpoint Village in Milwaukee. The Chicago-style pizza restaurant chain will occupy space at 8629 N. Port Washington Road. Fred Stallé of Mid-America Real Estate-Wisconsin represented the undisclosed landlord in the lease transaction.

January 2, 2020

Bloomington-Logitics-Center-Bloomington-CA

Acquisitions California Industrial Net Lease Western

ASB Real Estate Investments Buys Bloomington Logistics Center in California for $100.5M

by Amy Works January 2, 2020

BLOOMINGTON, CALIF. — ASB Real Estate Investments, on behalf of its Allegiance Real Estate Fund, has acquired Bloomington Logistics Center, a warehouse and distribution building in Bloomington. Crow Holdings Industrial, the industrial development division of Dallas-based Crow Holdings, sold the asset for $100.5 million. Completed in 2019, Bloomington Logistics Center features 36-foot clear heights, ESFR sprinklers, 185-foot wide truck courts, three percent skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. Newgistics, the e-commerce arm of Pitney Bowes, occupies the 677,383-square-foot, cross-dock building on a triple-net lease basis. Situated on 34.5 acres at 11260 Cedar Ave., the property offers immediate access to Interstates 10, 15 and 60, as well as proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility. Mark Detmer, Bo Mills and Ryan Sitov of JLL Capital Markets represented the seller in the deal.

January 2, 2020

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