DALLAS — Chicago-based Convexity Properties will renovate and rebrand the Magnolia Hotel Park Cities, a 297-room hotel that anchors the 12-acre Eastline development in Dallas. The six-month construction project will enhance 297 guest rooms, introduce a café and grab-and-go market and curate a lobby lounge with a gastro-pub concept and live music. Dallas-based Yost Architects and Studio 11 Design have partnered in planning and designing the improvements. The renovated hotel, which will be rebranded as The Beeman Hotel at Eastline, will offer amenities such as 12,000 square feet of meeting space, a pool, fitness center and a business center.
RICHARDSON, TEXAS — Cambria Hotels has opened a 119-room property adjacent to the CityLine mixed-used development in Richardson, a northeastern suburb of Dallas. The hotel features a bistro and full-service bar, pool, fitness center and multi-functional meeting space. Best Hospitality and Dallas-based investor Vipin Nambiar developed the property, which is the sixth Cambria-branded hotel in Texas.
ST. LOUIS — Lux Living and Big Sur Construction have sold Tribeca, a 160-unit luxury apartment community in the Central West End of St. Louis, for $44 million. Built in 2018 and located near Washington University and Barnes-Jewish Hospital, the six-story asset includes an outdoor pool, concierge robot, self-pour bar, fitness center, pet park and outdoor lounge. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyers, Hamilton Zanze and an affiliate of Cantor Fitzgerald LP. Management of the property has been transitioned to Hamilton Zanze affiliate, Mission Rock Residential.
ELK GROVE VILLAGE, ILL. — JLL has brokered the sale of Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller, IRC Retail Centers LLC. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.
Venture One, USAA Real Estate Break Ground on Speculative Infill Logistics Facility in Metro Chicago
GLENDALE HEIGHTS, ILL. — Venture One Real Estate, in joint venture with USAA Real Estate, has broken ground on One North Ave, a 151,200-square-foot speculative infill logistics facility in Glendale Heights. Completion is slated for the second quarter of 2020. Located in the North DuPage submarket, the property will be divisible down to 30,000 square feet offering modern warehousing space for tenants with smaller footprints. The facility will feature a clear height of 32 feet and 130-foot truck courts. Brian Kling and Reed Adler of Colliers International will market the property for lease.
CARBONDALE, ILL. — NorthMarq Capital has arranged a $20 million Freddie Mac loan for the refinancing of Aspen Court Apartments in Carbondale, home of Southern Illinois University. The property is located at 1101 E. Grand Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
MENLO PARK, CALIF. — Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook. According to David Wehner, CEO of Facebook, a family of four making $100,000 in San Francisco is considered low income. “The issue of affordable housing affects people across middle-class and low-income families alike,” says Wehner. Facebook will invest $1 billion over the next 10 years as follows: $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area. $225 million in land in Menlo Park. This is land Facebook previously purchased, that is now zoned for housing, on which …
As a whole, commercial real estate in Columbus has experienced high levels of activity in recent years, and the office market has been no exception. The amount of new office space hitting the market has kept vacancy and average rental rates relatively flat, pacing the economic growth of the region. The vacancy rate has hovered around 6 to 7 percent, and the average rental rates are around $18 to $19 per square foot on a gross basis. Developers in the region are anticipating continued growth, so there is an additional 830,000 square feet of office space currently under construction. With that amount of new construction, we don’t expect the vacancy or rental rates to change dramatically in the coming year. Let’s look at the trends driving these numbers. Population, economic growth Columbus continues to grow quickly. Columbus offers residents a low cost of living, great drivability, plenty of amenities and economic opportunity. Since 2010, the metro area has grown by 10.8 percent, adding over 200,000 people, which makes Columbus the 14th-largest city in the United States with over 2 million total residents. The population growth hasn’t slowed down; from 2017 to 2018, the area grew 1.2 percent, and forecasts expect …
CHICAGO — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked off with an hour-long session in which retailers pitched their expansion plans in the Midwest. An overwhelming number of participants were restaurants. “Chicago is recognized for being a gastronomical center, not one or two really good chefs and restaurant tours but many,” said Steven Weinstock, first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office. “We win as residents of Chicago because they keep trying new concepts.” Weinstock cited the influx of residents in Chicago’s River North, Streeterville and West Loop neighborhoods for helping grow the food industry within the city. This younger, affluent crowd views restaurants as a source of enjoyment and entertainment, he argued. …
HIALEAH, FLA. — AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office, which occupies 478,000 square feet; and three multi-tenant buildings totaling 470,000 square feet. Also included in the sale is Off Lease Only, a wholesaler of cars that spans 15 acres. In addition, the buyers acquired 1 million square feet of industrial and aviation-related development rights situated on 47 acres. AVE Aviation and Commerce Center Inc. will retain ownership of 41 acres, which is planned for the 13-acre development of a Fairfield Inn & Suites under the Marriott flag, and 28 acres of aeronautical space that is set to be the future home of Banyan Air Services. CPF Investment Group is the master-developer of AVE Aviation & Commerce Center. which is fully leased to more than 30 tenants including Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife. The property is situated at 14350 NW 56th Court, 17 miles …