Property Type

Fore Property Opens 211-Unit The Revere Apartment Complex in Portland, Oregon

by Amy Works July 24, 2019

PORTLAND, ORE. — Fore Property has opened The Revere, an urban infill residential development in North Portland’s historic Mississippi neighborhood. The community is Fore’s fifth multifamily property in metro Portland. Holst Architecture designed the project. Located at 3309 N. Mississippi St., The Revere features 211 apartments in a mix of one-, two- and three-bedroom layouts. Units feature kitchens with stainless steel appliances, gas cooktops, quartz countertops, under-cabinet lighting and porcelain tile backsplash. Other unit features include wood-style plank flooring, in-unit washers/dryers, walk-in closets and private balconies or patios. Community amenities feature a rooftop lounge with fire pits, yoga studio, fitness center and a bouldering wall. Fore also recently developed Northpointe Apartments, located at 1314 N. Skidmore St., as well as Hearth apartment community, which is slated to open in August.

July 24, 2019

Acquisitions Arizona Multifamily Student Housing Western

Berkadia Arranges $22 Million Acquisition Financing for 164-Unit Student Housing Community Near Arizona State

by Amy Works July 24, 2019

TEMPE, ARIZ. — Berkadia has arranged $22 million in acquisition financing for MarQ at 1st, a 164-unit community located one mile northwest of the Arizona State University campus in Tempe. Scott Holland and Jeremy Hammill of Berkadia Commercial Mortgage secured the loan through NXT Capital. Terms of the financing and the identity of the borrower were undisclosed. The community offers shared amenities including two swimming pools, a 24-hour fitness center and outdoor picnic and barbecue areas.

July 24, 2019

Acquisitions Hospitality Oregon Western

BHG Hotels Acquires DoubleTree by Hilton Hotel Salem in Oregon

by Amy Works July 24, 2019

SALEM, ORE. — BHG Hotels has purchased DoubleTree by Hilton Hotel Salem, a full-service hotel located at 1590 Weston Court NE in Salem. An institutional seller sold the property for an undisclosed price. Built in 1997, the four-story hotel was converted to a DoubleTree in 2012. Situated on 1.5 acres, the 80-room property features 1,500 square feet of meeting space, an outdoor swimming pool, fitness center and business center. The hotel also features Wake-up DoubleTree Breakfast Buffet, Pavilion Pantry Market and Press NW Bistro & Bar, an on-site restaurant. Scott Hall, Aaron Lapping, Blake Malecha and Nick Kassab of JLL Capital Markets represented the seller in the deal.

July 24, 2019

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 104,000 SF Seniors Housing Community Near Seattle

by Amy Works July 24, 2019

MERCER ISLAND, WASH. — Aegis Living has opened its newest seniors housing community, located on Mercer Island, between Seattle proper and the developer’s headquarters in Bellevue. Inspired by a Lake Placid ski lodge, the 104,000-square-foot building features 89 units of assisted living and memory care. The community offers a mix of studio, one-bedroom and two-bedroom options, with 16 apartments dedicated to memory care. Aegis Living is the developer, owner and operator. Compass Construction was general contractor for the property, which architect Ankrom Moisan designed. The LA Studio was landscape architect. Aegis operates 32 communities in Washington, California and Nevada, with seven additional communities in development.

July 24, 2019

Acquisitions California Restaurant Retail Western

Evergreen Devco Sells Newly Built 2,750 SF Retail Project in Highland, California

by Amy Works July 24, 2019

HIGHLAND, CALIF. — Developer Evergreen Devco has completed the sale of its newly developed retail project, a Jack in the Box restaurant, located at 27734 Base Line St. in Highland. An unnamed buyer acquired the 2,756-square-foot property for an undisclosed price with a signed a lease to a Jack in the Box franchisee. Jimmy Slusher of CBRE represented the developer and seller, Evergreen Devco, in the deal.

July 24, 2019

Acquisitions Hospitality Midwest Wisconsin

Banyan Investment Group Acquires Three-Property Hotel Portfolio in Madison, Wisconsin for $50M

by Kristin Harlow July 24, 2019

MADISON, WIS. — Banyan Investment Group has acquired a three-property hotel portfolio in Madison for approximately $50 million. Banyan will operate the portfolio, which is comprised of a 127-room Courtyard by Marriott, a 130-room Fairfield Inn & Suites and a 115-room Hampton Inn. Each of the four-story properties features a pool, fitness center and business center. The Fairfield Inn & Suites and the Hampton Inn have newly furnished breakfast lounges. The Courtyard by Marriott features 1,080 square feet of meeting space. Banyan is a hotel investment and management company with offices in Florida and Georgia. The seller was not disclosed.

July 24, 2019

Acquisitions Illinois Midwest Office

Stanton Road Capital Purchases 371,566 SF Office Tower in Chicago’s East Loop

by Kristin Harlow July 24, 2019

CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.

July 24, 2019

Acquisitions Industrial Midwest Wisconsin

Zilber Property Group Sells 1.7 MSF Industrial Portfolio in Southeast Wisconsin

by Kristin Harlow July 24, 2019

WISCONSIN — Zilber Property Group (ZPG) has sold a portfolio of 15 industrial buildings to two private equity funds managed by High Street Realty Co. for an undisclosed price. The buildings total 1.7 million square feet and are located throughout Southeast Wisconsin and northern Illinois along the I-94 corridor. The majority of the portfolio’s assets are the product of ZPG’s development activity over the last 10 years.

July 24, 2019

Development Multifamily Texas

Hillwood Underway on 332-Unit Apartment Community in Fort Worth

by Taylor Williams July 24, 2019

FORT WORTH, TEXAS — Hillwood is underway on construction of Tacara Village, a 332-unit multifamily community that will be located within the company’s 26,000-acre AllianceTexas campus in Fort Worth. The property will offer 14 different floor plans and will feature smart locks and thermostats from provider Dwelo. Amenities will include a pool, outdoor kitchen, fitness center, pet park, game room and access to nearby walking trails and parks. Phase I of the project will open later this summer, and full completion is slated for early 2020.

July 24, 2019

Development Illinois Industrial Midwest

CA Industrial Breaks Ground on 146,029 SF Spec Warehouse in Suburban Chicago

by Kristin Harlow July 24, 2019

ELK GROVE VILLAGE, ILL. — CA Industrial, the industrial investment and development division of CA Ventures, has broken ground on CA Elk Grove, a 146,029-square-foot speculative warehouse in Elk Grove Village. The Class A project will sit on seven acres at 550 E. Devon Ave. Slated for completion in the first quarter of 2020, CA Elk Grove will feature a clear height of 32 feet, 18 loading docks and parking for 135 cars. The new warehouse is being constructed on the site of an existing retail center. A portion of the retail space, 7,800 square feet, will remain as retail. The other portion was rezoned as industrial. Established businesses Tata’s Pierogi and La Spa Nails will be relocated to renovated space within the retail center. They will join Subway, Peking Express and Fatt Mustard Café, which will remain in their current locations. The retail property will receive a new façade, signage, roof and resurfaced parking lot. Harris Architects Inc. is the architect and Pepper Construction is the general contractor.

July 24, 2019

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