Property Type

GFI Sells 198-Room Hilton Garden Inn in Downtown Detroit

by Kristin Harlow August 7, 2019

DETROIT — GFI Capital Resources Group has sold the Hilton Garden Inn Detroit Downtown, a 198-room hotel. Inland Realty Group purchased the property for $51.4 million. GFI had purchased the 10-story hotel in October 2016 and subsequently implemented a $4 million improvement plan. The hotel site is located within a designated Opportunity Zone and includes a 30,000-square-foot parking surface. Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties.

August 7, 2019

Development Multifamily Texas

Stillwater Capital, Wexford Break Ground on 300-Unit Multifamily Project in Midland

by Taylor Williams August 7, 2019

MIDLAND, TEXAS — A partnership between Dallas-based Stillwater Capital Investments and affiliates of Connecticut-based Wexford Capital LP has broken ground on a 300-unit multifamily project in the West Texas city of Midland. Located in the Adobe Meadows area on the city’s north side, the property will offer a pool, grilling stations, a fitness center and a resident lounge. Units will feature stainless steel appliances, quartz countertops and custom cabinetry. Completion is scheduled for summer 2021, with the first units expected to be available for occupancy in spring 2021.

August 7, 2019

Illinois Industrial Leasing Activity Midwest

Wholesale Interiors Signs 551,200 SF Industrial Lease in Aurora, Illinois

by Kristin Harlow August 7, 2019

AURORA, ILL. — Wholesale Interiors has signed a 551,200-square-foot industrial lease to fully occupy 2805 Duke Parkway in Aurora. The furniture supplier is subleasing the space from Follett Corp. on a three-year basis and will expand its operations from Bensenville. Owned by Duke Realty, the facility features a clear height of 32 feet, 74 dock doors, four drive-in doors, 73 trailer parking stalls and 153 car parking stalls. The property also includes 25,000 square feet of office space. Christopher Volkert and Brian Kling of Colliers International represented Follett Corp. in the lease transaction.

August 7, 2019

Acquisitions Industrial Iowa Midwest

Stan Johnson Co. Brokers $16.9M Sale of Iowa Industrial Portfolio

by Kristin Harlow August 7, 2019

IOWA — Stan Johnson Co. has brokered the sale of a four-building industrial portfolio across Iowa for $16.9 million. The properties total nearly 684,000 square feet and are leased to a subsidiary of Magna International Inc. The buildings include 408 and 411 Maplewood Ave. in Williamsburg, 403 S. 8th St. in Montezuma, and 1951 A Ave. in Victor. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, Granite REIT, a Toronto-based publicly traded real estate investment trust. New York-based GMS Equities purchased the portfolio.

August 7, 2019

Loans Midwest Missouri Multifamily

Berkadia Arranges $15M Refinancing for Multifamily Property in Independence, Missouri

by Kristin Harlow August 7, 2019

INDEPENDENCE, MO. — Berkadia has arranged a $15 million loan for the refinancing of Cedar Ridge, a 234-unit multifamily property in Independence, about 10 miles east of Kansas City. The community features one-, two- and three-bedroom floor plans. Amenities include a playground, tennis court, clubhouse, community garden and laundry facilities. Andy Ahlers of Berkadia arranged the Fannie Mae loan on behalf of the borrower, San Francisco-based Cedar Ridge Apartment Homes LLC. The 15-year loan features a fixed interest rate below 4 percent.

August 7, 2019

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Purchases 148-Unit Multifamily Community in Salem, Massachusetts

by Alex Patton August 7, 2019

SALEM, MASS. — Bell Partners Inc., a North Carolina-based property investment and management company, has purchased Vinnin Square Apartment Homes, a 148-unit multifamily property in Salem, a city located northeast of Boston. The property, which will be renamed Bell North Shore, comprises two five-story buildings, 16 townhomes and two additional buildings containing six units each. Amenities include a fitness center, walking trails, tennis courts and a pool. The seller and sales price were undisclosed.

August 7, 2019

Development Multifamily Texas

KWA Begins Construction on 258-Unit Apartment Community in Frisco

by Taylor Williams August 7, 2019

FRISCO, TEXAS — Locally based general contractor KWA Construction has begun work on Kilby, a 258-unit apartment community that will be located within the $600 million Frisco Square development on the northern outskirts of Dallas. Developed by Toll Brothers Apartment Living and designed by BGO Architects, the four-story property will feature amenities such as a pool, fitness center, outdoor patio with grills, game lounge and a clubroom. Completion is scheduled for late 2020.

August 7, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale-Leaseback of 145,375 SF Industrial Property in Metro Dallas

by Taylor Williams August 7, 2019

ROCKWALL, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 145,375-square-foot industrial property located at 2975 Discovery Blvd. in Rockwall, an eastern suburb of Dallas. The property was built on 12 acres in 2015. Adam Abushagur of Marcus & Millichap represented the seller and tenant, Col-Met Engineered Finishing Solutions, in the transaction. Abushagur also procured the buyer, an institutional investor.

August 7, 2019

Acquisitions Industrial Texas

Stream Realty Partners Brokers Sale of 127,270 SF Industrial Building in Dallas

by Taylor Williams August 7, 2019

DALLAS — Stream Realty Partners has brokered the sale of a 127,270-square-foot industrial building located at 4545 W. Davis St. in Dallas. The property was built in 2001, according to LoopNet Inc., and offers proximity to Dallas-Fort Worth International Airport. Cannon Green and Sarah Ozanne of Stream Realty Partners represented the seller, Orion Realty, in the transaction. Craig Jones and Caleb McCoy with JLL represented the buyer.

August 7, 2019

Leasing Activity New York Northeast Retail

Ruby’s Café Signs 1,450 SF Retail Lease in Manhattan

by Alex Patton August 7, 2019

NEW YORK CITY — Australian restaurant Ruby’s Café has signed a 1,450-square-foot retail lease in Manhattan. The property is Ruby’s Café’s third location in Manhattan, and the company plans to install a garage-door storefront ahead of its opening in fall 2019. Daniyel Cohen of Winick Realty Group represented Ruby’s Café in the lease negotiations. Benjamin Birnbaum and Andrew Taub of Newmark Knight Frank represented the landlord, HUBBNYC.

August 7, 2019

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