CHICAGO — Scopelitis, Garvin, Light, Hanson & Feary PC, a law firm representing clients in the transportation and logistics industry, has renewed and expanded its office lease at the Inland Steel Building in Chicago. The law firm will occupy the entire 16th floor. The office tower is located at 30 W. Monroe St. Tony Karmin and Corby Marx of Colliers International represented the tenant. Mark Buth and Kelsey Morgan of MB Real Estate represented the landlord, Capital Properties.
WAIKOLOA, HAWAII — Hilton Grand Vacations has opened Ocean Tower by Hilton Grand Vacations Club, the company’s fourth property in Waikoloa and its first on Hawaii Island with direct oceanfront views. Once complete, the multi-phase project will feature 350 units in a mix of studio, one-, two- and three-bedroom suites, including upgraded penthouse residences. The project’s initial phases, which are now complete, features 72 units consisting of 18 studios, 24 one-bedroom suites, 24 two-bedroom suites and six three-bedroom suites. All completed suites offer resort or ocean views, full kitchens, private balconies, walk-in showers with soaking tubs and spacious living and dining areas. At complete built out, on-site amenities will include a check-in and departure lounge and fitness center. Additionally, owners and guests will have access to the amenities of the Hilton Waikoloa Village, including three pools, a salt water lagoon, Dolphin Quest, tennis courts, a tram and boat system, resort shops, restaurants and the Kohala Spa.
MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.
SAN DIEGO — C.W. Driver Cos. has completed the development of Mission Hills-Hillcrest Harley & Bessie Knox Public Library, located at 925 W. Washington St. in San Diego. Four times the size of the former library, the one-story, 15,000-square-foot facility will serve the Mission Hills and Hillcrest neighborhoods. Situated at the corner of West Washington and Front streets, the project includes a two-story, 30,000-square-foot underground parking structure with 85 parking spaces and the formation of an adjacent cul-de-sac at the end of Front Street. Manuel Oncina Architects and Ferguson Pape Baldwin Architects collaborated with C.W. Driver Cos. to design the library. The facility features a mission-style entry; a lobby with 25-foot ceilings featuring trusses, trellises and a skylight; and a traditional reading room. Additional offerings include a community room, 1,400-square-foot outdoor patio, 1,600-square-foot children’s area, 384-square-foot teen area, 400-square-foot garden, meeting room, four study rooms, adult computer area and an idea lab that offers 3D printing and other technologies.
ORANGEVALE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Almond Heights Senior Living, an assisted living and memory care facility in Orangevale. A family company sold the asset to an owner-operator for an undisclosed price. Located approximately 17 miles northeast of Sacramento, the 117-unit property features 85 assisted living units and 32 memory care units. Mark Myers and Joshua Jandris of IPA represented the seller and procured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s broker of record in California.
RED BLUFF, CALIF. — SRS Real Estate Partners’ National Let Lease Group has directed the sale of a single-tenant retail property in Red Bluff. A Southern California-based family trust acquired the property from a Northern California-based private investor for $2.5 million. Dollar General occupies the 9,026-square-foot property, which is located at 755 Walnut St. The tenant has approximately 10 years remaining on its initial 15-year lease term. Jim Schuchert and Joe Schuchert of SRS’ National Let Lease Group represented the seller, while Bryan Miller of Lee & Associates represented the buyer.
NEW YORK CITY — A partnership between local investment firm TF Cornerstone Inc. and MSD Partners, the investment advisory firm of tech billionaire Michael Dell, will redevelop the Grand Hyatt hotel in Midtown Manhattan. The property, once partially owned by The Trump Organization, will be converted into a mixed-use destination. According to the New York Daily News, the 26-story building represents one of President Donald Trump’s first major real estate deals in Manhattan. In 1978, The Trump Organization partnered with Hyatt to buy the property, then known as Hotel Commodore, and undertake $100 million in renovations. The paper reports that Trump sold his share of the property in 1996 for $140 million. The new development, located at 42nd Street and Lexington Avenue, would replace the existing building with office and retail space, as well as a new luxury hotel, totaling roughly 2 million square feet of commercial space. The project would also upgrade the infrastructure of the existing public transit at the site. “Hyatt first entered the critical New York market with the flagship Grand Hyatt New York, and the hotel has always been one of our most iconic properties and vital locations,” says Mark Pardue, senior vice president of operations and …
DAYTONA BEACH, FLA. — Barton Malow will construct an 11-story, 225,000-square-foot glass building for Brown & Brown Insurance Co. in Daytona Beach. The building will be situated on more than 10 acres and will include terraces on the second and 11th floors overlooking the Halifax River. Brown & Brown has worked in the area before, having remodeled Daytona International Speedway and built Embry-Riddle Aeronautical University’s four-story student union. The Daytona Beach-based insurance company will house more than 600 workers at the building upon completion. A timeline for construction was not disclosed.
GREENVILLE, S.C. — Cushman & Wakefield has arranged the $48.4 million sale of a seniors housing portfolio in Upstate South Carolina. Atlas Senior Living acquired the three-property portfolio totaling 198 units in metro Greenville. The assets include Spring Park, a 66-unit community constructed in 2014 in Travelers Rest; Fairview Park, a 66-unit community delivered in 2015 in Simpsonville; and Oakview Park, a 66-unit community built in 2016 in Powdersville. Paul Carr, David Kliewer and Allen McCutry of Cushman & Wakefield represented the seller, Tampa, Fla.-based Graycliff Capital Senior Housing LLC, in the transaction.
JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.