Property Type

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Loans Midwest Nebraska Office

NorthMarq Arranges $14M Acquisition Loan for Office Property in Omaha

by Kristin Harlow July 17, 2018

OMAHA, NEB. — NorthMarq Capital has arranged a $14 million loan for the acquisition of North Park Office in northwest Omaha. The office property spans 177,323 square feet. Steve Ruff of NorthMarq arranged the 25-year loan, which is fully amortized. A life insurance company provided the loan. The borrower was not disclosed.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Amerco Purchases Two Industrial Buildings in Libertyville, Illinois

by Kristin Harlow July 17, 2018

LIBERTYVILLE, ILL. — Amerco Real Estate Co. has purchased two industrial buildings in Libertyville, about 40 miles northwest of Chicago. The purchase price was not disclosed. Amerco is the parent company of U-Haul and provides real estate and development services to U-Haul. The company purchased a 48,439-square-foot building at 14045 Rockland Road as well as a 12,000-square-foot building located next door. Both properties will serve as storage and truck rentals for U-Haul. Brian Bocci of Entre Commercial Realty represented the buyer in both transactions. John Hauser of Avison & Young represented the undisclosed seller of the larger building. The second building was not officially on the market, but JLL represented its seller.

July 17, 2018

Development Hospitality Illinois Midwest

Summit Begins Renovation of Swissôtel Chicago

by Kristin Harlow July 17, 2018

CHICAGO — Summit Design + Build has begun to renovate a portion of the Swissôtel Chicago, a 44-story hotel located at 323 E. Wacker Drive in Chicago. The company is renovating the amenity spaces on the 42nd and 43rd floors for a total project size of 13,200 square feet. The hotel will remain operational throughout renovations. Summit’s work includes relocating the fitness center, building a new ballroom and meeting space, installing new windows, replacing doors and renovating lobby bathrooms. The ballroom will feature a 150-foot chandelier. The fitness center will feature new bathrooms, a crossfit studio and juice bar. AccorHotels operates the hotel. JLL is the owner’s representative, while Design One Studio is the project architect and Gettys Group is the interior designer. Swissôtel Chicago was built in 1989.

July 17, 2018

Hospitality Loans New York Northeast Top Stories

Atalaya Capital Closes $315M Construction Financing for New Ritz-Carlton Hotel in Manhattan

by John Nelson July 17, 2018

NEW YORK — Atalaya Capital Management, a private credit and alternative investment advisory firm, has recently closed $315 million in construction financing for The Ritz-Carlton’s new flagship hotel in Manhattan. Situated at the corner of 28th Street and Broadway, the 266-room hotel will span more than 50 stories and include 16 branded residences, 6,000 square feet of meeting space and high-end food and beverage options. This project will be the first ground-up hotel construction in New York City completed by Flag Luxury Group, which has developed several upscale hotels and resorts, including four Ritz-Carlton properties in Florida. Atalaya Capital partnered with CapitalSource, a division of Pacific West Bank, to provide a $250 million senior construction loan to Flag. Atalaya also closed a $65 million preferred equity investment to finance the hotel, which is set for a late 2021 completion. “We are excited to be working with Atalaya, which worked diligently to structure a creative and comprehensive capital solution to facilitate the development of an iconic brand’s new flagship New York City location,” said Paul Kanavos, CEO and chairman of Flag Luxury Group. The project team includes general contractor Lend Lease, interior designer Yabu Pushelberg and architect Rafael Vinoly. Founded in …

July 17, 2018

Features Office

Tech, Finance Firms Dominate U.S. Office Leasing, Says Cushman & Wakefield

by John Nelson July 17, 2018

CHICAGO — Tech and financial services firms are the most aggressively expanding office users through the first half of the year, according to a report from Cushman & Wakefield. Of the 144.6 million square feet of absorption closed in the first six months of 2018, the tech industry was responsible for approximately 23 percent. Tech and software firms are investing heavily in their own operations, including expanding in markets they deem necessary to house their staffers. Back in May, Facebook signed a full-building office lease for a 43-story tower under construction in San Francisco. The 764,700-square-foot space will be a much more convenient location for the company’s San Francisco-based employees, who now are shuttling to Facebook headquarters in Menlo Park. Like the Facebook lease, a good portion of the office transactions closed in the first half of the year by tech firms have been larger in scope. Amazon leased 430,000 square feet of office space within W.S. Development’s Seaport project in Boston, and Nokia signed a 350,000-square-foot lease in Dallas within Billingsley Co.’s Cypress Waters mixed-use project. The No. 2 most active office-using industry was the financial services sector, which accounted for roughly 17 percent of all office leasing in …

July 17, 2018

Colorado Market Reports Office Western Western Market Reports

Denver’s Dynamic Office Market Changes Face of Downtown

by Taylor Williams July 17, 2018

Denver’s office market has been riding a wave of expansion, entering its ninth straight year of growth, with net absorption totaling 186,826 square feet in the first quarter of 2018. While vacancy ticked up — ending at 15.9 percent, up from 15.1 percent in the prior quarter and from 14.6 percent one year ago — it is expected to fall over the next several quarters as tenants continue to absorb space in both new and existing buildings. The Denver office market’s impressive expansion has lasted 33 consecutive quarters, resulting in a total of 9.7 million square feet of absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy. The majority of the 9.7 million square feet absorbed between the first quarter of 2010 and the first quarter of 2018 occurred in three key submarkets. This included the Southeast Suburban (SES), Downtown and Northwest (NW) markets, which recorded 3.3 million, 2.9 million and 1.3 million square feet of absorption, respectively. The Downtown market ended the quarter with absorption of 214,317 square feet, and Class A median asking rates were up 39.5 percent from year-end 2009 to $39.76 per square foot. Asking rates in some of the newest …

July 17, 2018

Edgewater-Hotel-&-Casino-Resort-Laughlin-Nevada

Acquisitions Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire Two Casino Resorts in Nevada for More Than $168M

by Taylor Williams July 16, 2018

LAUGHLIN, NEV. — Golden Entertainment Inc. (NASDAQ: GDEN), an owner-operator of casino resorts, has agreed to acquire two properties in Nevada for more than $168 million. Golden will acquire Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort, both of which are located about 100 miles south of Las Vegas in Laughlin. The seller is Marnell Gaming LLC, which is also based in Nevada. The deal is expected to close during the first quarter of 2019. Combined, Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort feature more than 1,400 slot machines, 40 table games and 2,150 hotel rooms. The casino resorts also offer 11 restaurants and dedicated entertainment venues, including the 12,000-seat Laughlin Event Center. The properties are situated adjacent to Aquarius Casino Resort, an asset owned by Golden Entertainment that features 1,200 slot machines, 30-plus game tables and roughly 2,000 hotel rooms. “Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin,” says Blake Sartini, chairman and CEO of Golden Entertainment. “We are excited to solidify our presence in this growing and attractive game market.” The exact sales price has …

July 16, 2018

Development Multifamily Seniors Housing Texas

Tradition Breaks Ground on 23-Story Seniors Housing Property in Houston

by Taylor Williams July 16, 2018

HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. Harvey Builders is serving as general contractor. The opening is scheduled for April 2020.

July 16, 2018

Development Multifamily Texas

Fein to Develop 304-Unit Apartment Community in Houston’s Post Oak Submarket

by Taylor Williams July 16, 2018

HOUSTON — Fein, a Houston-based multifamily development firm, has acquired 3.3 acres for the development of Reverie at River Hollow, a 304-unit apartment community that will be located in the Post Oak area of Houston. Designed by Steinberg Dickey Collaborative, the property will feature one-, two- and three-bedroom units ranging in size from 558 to 1,966 square feet. Amenities will include a pool, rooftop clubhouse, fitness center, pet spa and a bike shop. The groundbreaking is slated for August and completion is scheduled for the fourth quarter of 2020. Simmi Jaggi and Elizabeth Clampitt of JLL represented the seller in the land sale. Chris Bergmann, also of JLL, represented Fein in that transaction.

July 16, 2018

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