WAUKEGAN, ILL. — MCR has acquired the 116-room Hampton Inn & Suites in Waukegan for an undisclosed price. The newly built hotel features Wi-Fi, complimentary breakfast, an on-site convenience store, indoor pool, fitness center and business center. The property is located at 438 Lakehurst Road near Highway 120.
LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.
DALLAS — Greysteel has arranged the sale of Prospect Avenue Apartments, a 20-unit multifamily property in Dallas. The property was built in 1945 and renovated in 2018. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel arranged the transaction on behalf of the seller. Other terms of sale were not disclosed.
SAN DIEGO — Omninet has completed the sale of Cornerstone Plaza, an office campus located at 6160 and 6170 Cornerstone Court East in San Diego’s Sorrento Mesa submarket. Bridge Investment Group acquired the property for $18.8 million. Built in 1996 and situated on 5 acres, Cornerstone Plaza consists of two buildings offering a total of 97,316 square feet of office space. At the time of sale, the property was 67 percent occupied by a variety of tenants, including Broadcast Company of America, Robbins Research International and Bentley Systems. The buildings are joined by a furnished outdoor gathering space with water features, landscaping and collaborative spaces. Kevin Shannon, Brunson Howard, Paul Jones, Ken White, Rick Stumm and Andrew Pascale of Newmark Knight Frank’s U.S. Capital Markets represented the seller, while Bridge Investment Group was self-represented in the deal.
SPARKS, NEV. — San Diego-based MG Properties Group has purchased Caviata at Kiley Ranch Apartments, a multifamily property located at 950 Henry Orr Parkway in Sparks, for an undisclosed price. The community features 184 units in a mix of two- and three-bedroom townhouse floor plans, averaging 1,600 square feet. Each unit features direct-access garages, open-concept floor plans with fully equipped kitchens, full-size washers and dryers, fireplaces and patios or balconies. Community amenities include a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center. The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors represented the undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE arranged acquisition financing for the transaction.
TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.
CULVER CITY, CALIF. — Boston-based Intercontinental Real Estate Corp. and San Francisco-based The Swing Co. have completed the disposition of Bristol 61, a creative campus in Culver City, for an undisclosed price. The name of the buyer was not released. Formerly known as Fox Hills Business Park, Bristol 61 is a four-building, 75,941-square-foot creative office campus located at 6100-6160 Bristol Parkway within the Corporate Pointe submarket of Culver City. Situated on four separate legal parcels, totaling 4.88 acres, the asset also features surface parking for 265 cars. Kevin Shannon, Rob Hannon and Laura Stumm of NKF Capital Markets brokered the sale and Andrea Salvi of Bradley & Associates P.C. represented the sellers in the transaction.
OREGON CITY, ORE. — Marcus & Millichap has arranged the sale of Oregon City Memory Care, a 31-unit memory care facility in Oregon City, just south of Portland. The facility was vacant at the time of sale and owned by a Seattle-based bank. A private investor acquired the asset for $4.9 million. The previous borrower lacked the working capital to make it through lease-up. The buyer plans to expand several of the units to allow for double occupancy as well as make accessibility improvements to the property. Tony Cassie and Sam Thompson, seniors housing investment specialists located in Marcus & Millichap’s Portland Office, represented the seller in the transaction.
NEW YORK CITY — Global coworking provider WeWork has closed on its $850 million purchase of the Lord & Taylor Building, a landmark Midtown Manhattan asset located at 424-434 Fifth Ave. The seller, Hudson’s Bay Co. (HBC), is the parent company of Lord & Taylor, which for 104 years had its flagship store on the ground level of the 11-story building. The retailer closed its doors and its famous Fifth Avenue display windows after the 2018 holiday shopping season. HBC and WeWork Property Investors (WPI), WeWork’s real estate division, originally announced the purchase back in October 2017. The final purchase price is consistent with the previously disclosed terms of the transaction. WeWork is in the midst of overhauling the property. The New York-based company is collaborating with architect BIG to restore the Lord & Taylor Building’s display windows on the street level, two-story entrance and its rooftop terrace. WeWork is preserving the basement, first and second floors for retail. “Preserving one of the most iconic buildings in New York City’s history is a monumental opportunity,” says Bjarke Ingels, founding partner at BIG. “Our design will honor Lord & Taylor’s past, building toward the future and ensuring this landmark continues to be …