Property Type

Hotel Motel Inc. Breaks Ground on 104-Room Cambria Hotel in Fort Lauderdale

by Alex Tostado May 28, 2019

FORT LAUDERDALE, FLA. — Hotel Motel Inc. has broken ground on Cambria Hotel Fort Lauderdale Beach, a 104-room hotel in Fort Lauderdale. The property is located at 2231 N. Ocean Blvd., which is within walking distance to North Beach. Amenities will include a swimming pool with ocean views, meeting space and a fitness center. The hotel is expected to open in 2020. Jai Motawni owns Hotel Motel Inc., which has developed several hotels in South Florida. This will be Cambria’s second hotel in Fort Lauderdale, joining Cambria Hotel Fort Lauderdale Airport South & Cruise Port.

May 28, 2019

Florida Loans Office Southeast

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

by Alex Tostado May 28, 2019

MIAMI — Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as 4141 International Design Center, was built in 1961 and used to be used as a design hub housing more than 150 designers and architects. A timeline for construction was not disclosed.

May 28, 2019

Leasing Activity Maryland Retail Southeast

Nellis Signs Five New Retailers to Shopping Center in Metro D.C.

by Alex Tostado May 28, 2019

LANDOVER HILLS, MD. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites to be delivered by the end of the year. Brian Finkelstein, John Meyer and Joe Mekulski of KLNB represented the landlord in the lease negotiations.

May 28, 2019

Industrial Leasing Activity Midwest Wisconsin

Smart Warehousing Leases 200,000 SF Industrial Facility in Germantown, Wisconsin

by Kristin Harlow May 28, 2019

GERMANTOWN, WIS. — Smart Warehousing has leased a 200,000-square-foot industrial facility at Zilber Property Group’s Germantown Gateway Corporate Park in Germantown, a northwest suburb of Milwaukee. The building, known as Zilber Industrial 3, is under construction and slated for completion this fall. Kansas City-based Smart Warehousing is a warehousing, fulfillment and logistical solutions company with operations located throughout the country. John Sharpe of Lee & Associates represented the tenant in the lease transaction. Michael Kleber of Zilber represented the landlord. Zilber recently completed a 706,000-square-foot build-to-suit for Briggs & Stratton Corp. at the 140-acre Germantown Gateway Corporate Park. The company is developing another 200,000-square-foot speculative building at the park.

May 28, 2019

Acquisitions Illinois Industrial Lee & Associates Midwest Office

Lee & Associates Negotiates Sales of Office, Industrial Buildings in St. Charles, Illinois

by Kristin Harlow May 28, 2019

ST. CHARLES, ILL. — Lee & Associates has negotiated the sale of two buildings in St. Charles for undisclosed prices. The first was a 5,100-square-foot office building located on School Road. Jay Farnam of Lee & Associates represented the buyer, AMI Group Inc. The second transaction was the sale of a 13,250-square-foot industrial building located at 2541 DuKane Drive. Mike Androwich Jr. of Lee & Associates represented the buyer, El Milagro.

May 28, 2019

Acquisitions Illinois Midwest Restaurant Retail

SVN Brokers $1.1M Sale of Restaurant Property in Algonquin, Illinois

by Kristin Harlow May 28, 2019

ALGONQUIN, ILL. — SVN | Chicago Commercial has brokered the sale of a 7,549-square-foot restaurant property in Algonquin for $1.1 million. The freestanding building is located at 2561 County Line Road. Tim Rasmussen and Olivia Czyzynski of SVN brokered the transaction. The buyer, an operator of Mexican restaurants, plans to open a casual Mexican concept, according to Rasmussen.

May 28, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.1M Sale of Chicago Apartment Buildings

by Kristin Harlow May 28, 2019

CHICAGO — Marcus & Millichap has arranged the $1.1 million sale of two apartment buildings spanning 25 units in Chicago’s Chatham neighborhood. The buildings are located at 700 E. 81st St. and 8055 S. Langley Ave. James Ziegler and KJ Zelenika of Marcus & Millichap marketed the properties on behalf of the seller. The pair also represented the buyer.

May 28, 2019

Acquisitions California Multifamily Western

Colliers Negotiates $46M Sale of The Gershwin Apartments in Hollywood

by Amy Works May 28, 2019

LOS ANGELES — Colliers International has facilitated the sale of The Gershwin Apartments, a landmark mixed-use property located at 5533 Hollywood Blvd. in Los Angeles’ Hollywood neighborhood. A local development, management and investment firm acquired the property for $46 million in an all-cash transaction. Kitty Wallace of Colliers represented the buyer and seller, a private real estate investment company, in the deal. Built during the 1920s and originally known as the St. Francis Hotel, the five-story building was renovated over the years and transformed into a mixed-use asset with 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot and 10,565 square feet of ground-floor retail space. The apartments feature a mix of layouts from micro lofts with kitchenettes to two-bedroom bungalows with private yards. A total of 119 of the units have been completely renovated.

May 28, 2019

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 132-Unit Creekside Village Apartments in Washington for $29M

by Amy Works May 28, 2019

VANCOUVER, WASH. — San Diego-based Pathfinder Partners has purchased Creekside Village Apartments, a 132-unit multifamily property located in Vancouver. An affiliate of ConAm Group sold the asset for $29 million. Situated on 12 acres at 3100 Falk Road, Creekside Village consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building that houses the clubhouse, leasing office and fitness center. Constructed in 1992, the property features 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bath townhome units and 72 three-bedroom/two-and-one-half bath townhome units averaging 1,293 square feet. The property also features covered parking, hot tub, swimming pool, direct access garages in 84 townhomes units and a children’s playground. Pathfinder Partners plans various upgrades and improvements for the asset. Brian Eisendraft and Cameron Chalfant of CBRE Capital Markets arranged financing for the acquisition.

May 28, 2019

Acquisitions California Multifamily Western

Calvera Partners Buys 52-Unit Bay Area Apartment Building for $15.9M

by Amy Works May 28, 2019

ALAMEDA, CALIF. — Calvera Partners has acquired a 52-unit apartment building, located at 430 and 450 Buena Vista Ave. in Alameda, from an undisclosed seller for $15.9 million. As the final acquisition for the company’s current discretionary investment fund, the purchase is part of the firm’s ongoing plan to reposition vintage multifamily properties in the Bay Area. Calvera plans to rebrand the three-story building, which was constructed in 1964, with new signage, refreshed landscaping and common areas, and comprehensive upgrades to individual units. Additionally, the property renovation will address deferred maintenance issues and structural improvements.

May 28, 2019

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