ELMHURST, ILL. — Colliers International has brokered the sale of an 81,212-square-foot warehouse in Elmhurst for an undisclosed price. Alpha Industrial purchased the asset from Venture One. The facility, recently completed in December, is situated on 4.7 acres at 845 Larch Ave. The property features a clear height of 32 feet, LED lighting, six truck docks, 62 car parking spaces and nine trailer parking spaces. Jeff Devine and Steve Disse of Colliers represented Venture One. At the time of sale, approximately 55,879 square feet remained available for lease.
CHICAGO — Interra Realty has negotiated the $8.2 million sale of a 43-unit apartment building located at 820-26 W. Cuyler Ave. in Chicago’s Buena Park neighborhood. Built in 1921, the property features 23 studios and 20 one-bedroom units. The building was 95 percent occupied at the time of sale. Joe Smazal of Interra represented the seller, a limited liability company controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, represented the private local buyer, which purchased the property through a 1031 tax-deferred exchange.
SEATTLE — The Hotel Group has opened The Sound Hotel Seattle Belltown, A Tapestry Collection by Hilton. Situated at 2120 Fourth Ave. in Seattle’s Belltown neighborhood, the hotel features 142 guest rooms; views of the downtown Seattle skyline and Puget Sound; ground-level restaurant Currant Bistro with adjacent grab-and-go coffee bar; and meetings and special event space. Tapestry Collection by Hilton offers a boutique-style hotel with the backing of Hilton’s size and brand. This is the first Tapestry Collection by Hilton in the state of Washington.
LOS ANGELES — Calmwater Capital has provided a $63 million loan to Relevant Group for the completion of Thompson Hotel in Los Angeles’ Hollywood neighborhood. The hotel is currently under construction, and Relevant Group expects to deliver the luxury boutique hotel in early 2020. Located at 1541 Wilcox Ave., the proposed 188,393-square-foot hotel will feature 190 rooms, a rooftop swimming pool, a rooftop restaurant and bar, and a fitness center, as well as a ground-floor restaurant concept in partnership with Rodrigo Oliveira, one of Brazil’s most celebrated chefs. Two Roads Hospitality will manage the hotel.
SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.
TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.
RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.
MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) has announced plans for more than $13 billion in investments during 2019 in data centers and offices across the United States, with major expansions in 14 states. According to a blog post written by Google CEO Sundar Pichai, this will mark the second year in a row that Google will grow faster outside the Bay Area than within it. With the expansions, Mountain View-based Google expects to hire tens of thousands of employees across the country, including 10,000 construction jobs in Nebraska, Nevada, Ohio, Texas, South Carolina and Virginia. The tech-giant will have a presence in 24 states, as well as data centers in 13 communities. “This growth will allow us to invest in the communities where we operate, while we improve the products and services that help billions of people and businesses globally,” Pichai said in the blog post. “Our new data center investments, in particular, will enhance our ability to provide the fastest and most reliable services for all our users and customers.” Data centers In the Western States, south Nevada is set to get a new data center. In the Midwest, data centers will pop up in Ohio, Nebraska and …
With 2018 in the rearview mirror, it’s clear that the Detroit commercial office space market looks dramatically different today than it did just a few years ago. By far the biggest story is the continuing (and perhaps even accelerating) level of leasing activity across the metro area. In the context of Detroit’s ongoing civic renaissance and sustained level of economic growth both regionally and nationally, the strength of the office market isn’t necessarily a shock, but it’s still fascinating to watch things unfold. Downtown expansion With both demand and rental rates on the rise, and a central business district (CBD) that is close to full capacity (currently there is less than 5 percent vacancy in Detroit’s CBD), we are starting to see office tenants moving up into Midtown, New Center and other neighborhoods. The growth in these areas has been not just noteworthy, but significant, with buildings like New Center One on West Grand Boulevard in excess of 90 percent occupancy. The Fisher Building in New Center boasts more than 100,000 square feet of new leasing activity in the last year. Suburban momentum More than a few office tenants now find themselves priced out of the CBD, a situation that …
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.