Property Type

Avison Young Arranges Sale of 74,422 SF Medical Office Portfolio in Suburban Chicago

by Kristin Harlow April 24, 2018

JOLIET, MORRIS AND NEW LENOX, ILL. — Avison Young has brokered the sale of a four-building, 74,422-square-foot medical office portfolio in suburban Chicago. The sales price was not disclosed. The properties include: 2614 W. Jefferson St. and 254 Republic Ave. in Joliet; 668 Cedar Crossing Drive in New Lenox; and 1600 W. Route 6 in Morris. All four buildings are fully leased to national healthcare tenants. Erik Foster and Mike Wilson of Avison Young represented the seller, a partnership of physicians associated with Joliet Oncology–Hematology Associates Ltd. The buyer was Franklin, Tenn.-based Community Healthcare Trust.

April 24, 2018

Development Midwest Missouri Mixed-Use

Cullinan Properties to Develop 60,000 SF Mixed-Use Building at Streets of St. Charles in Missouri

by Kristin Harlow April 24, 2018

ST. CHARLES, MO. — Cullinan Properties Ltd. has begun development of a new 60,000-square-foot building at the Streets of St. Charles near St. Louis. The mixed-use building will feature 20,000 square feet of ground-floor retail space and 40,000 square feet of office space. Additional parking is also under construction as part of the project. The building is slated to open in spring 2019. Cullinan Properties is leasing the retail space, while Colliers International is marketing the office space for lease. Architecture firm Oculus Inc. designed the building, and the general contractor for the project is Brinkmann Constructors. The Streets of St. Charles is a 27-acre mixed-use community with retail, dining, entertainment, hospitality, multifamily and office space.

April 24, 2018

Leasing Activity Michigan Midwest Restaurant Retail

South Korean Restaurant Bonchon to Open First Michigan Location

by Kristin Harlow April 24, 2018

GRAND RAPIDS, MICH. — South Korean-based restaurant chain Bonchon is opening its first Michigan location at the Knapp North retail development located at 2365 E. Beltline Ave. in Grand Rapids. The restaurant, whose signature dish is Korean fried chicken and wings, will occupy 2,644 square feet. Pinnacle Construction Group is constructing the three-building development. Other tenants include Sherwin Williams and Sara’s Sweets. Doug Taatjes and Hillary Taatjes-Woznick of NAI Wisinski of West Michigan represented Pinnacle in the lease transaction. Chris Prins of Colliers International represented Bonchon.

April 24, 2018

Acquisitions Arizona Multifamily Western

IPA Negotiates $58.3M Sale of Apartment Complex in Phoenix

by Amy Works April 24, 2018

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.

April 24, 2018

California Development Multifamily Student Housing Western

GMH Capital, AGC Equity Partners Plan 305-Bed Student Housing Community Near California State University – Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — GMH Capital Partners and AGC Equity Partners have announced plans for The Academy on 65th, a 305-bed student housing community located near California State University – Sacramento. The property will offer fully furnished units, alongside shared amenities including a fitness center, game room, motion studio, private and group study spaces, an outdoor courtyard and a hot tub. The main entrance will be situated along 65th Street, steps away from the Hornet Crossing entrance, a pedestrian and bike trail leading directly to campus. GMH recently announced its new partnership with AGC to acquire and develop core and value-add student housing properties. GMH University Housing will manage the community, with leasing set to begin in August 2018.

April 24, 2018

Acquisitions California Loans Multifamily Western

Greystone Provides $28.5M Fannie Mae Acquisition Loan for Multifamily Property in Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden-style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities include two outdoor swimming pools, a spa, fitness center, clubhouse, playground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower.

April 24, 2018

California Loans Multifamily Western

Greysteel Arranges $9M Refinancing for Multifamily Property in North Hills, California

by Amy Works April 24, 2018

NORTH HILLS, CALIF. — Greysteel has arranged $9 million in refinancing for Appletree Village Apartments, a multifamily property located at 9229 Sepulveda Blvd. in North Hills. John Mullen of Greysteel secured the 12-month bridge-to-HUD financing on behalf of a Los Angeles-based affordable housing developer. Built in 1982, the property features 125 units in a mix of two- and three-bedroom layouts.

April 24, 2018

Development Multifamily Seniors Housing Texas

SQLC Completes $72M Expansion Project at Seniors Housing Community in Houston

by Taylor Williams April 24, 2018

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a developer and manager of seniors housing communities throughout Texas, has completed a $72 million expansion project at The Buckingham, a seniors housing community in Houston. The project delivered roughly 80 new assisted living, skilled nursing and memory support units, an augmented physical therapy gym and new rooms for speech and occupational therapies. The project, construction of which began in late 2015, also included the development of an 11-story tower that features 100 independent living residences, a fitness center, outdoor courtyard and a dining venue with a wine room.

April 24, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $2.1M Sale of Apartment Building in Tucson

by Amy Works April 24, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Family Properties VIII LLC sold the property to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

April 24, 2018

Comfort-Inn-&-Suites-DFW-Airport-North-Grapevine

Hospitality Loans Texas

HFF Secures $23.3M in Acquisition Financing for Two Hotels in Metro Dallas

by Taylor Williams April 24, 2018

GRAPEVINE, TEXAS — HFF has secured approximately $23.3 million in acquisition financing for two hotels in Grapevine, a suburb of Dallas located near Dallas-Fort Worth (DFW) International Airport. The 94-room Hampton Inn & Suites Dallas-DFW Airport North-Grapevine was built in 2000 and the 96-room Comfort Suites DFW Airport North Grapevine was completed in 2005. Both hotels feature a business center, fitness center, meeting rooms and a pool. Pete Felhman of HFF led the debt placement team on behalf of the borrower, Dallas-based Atlantic Hotels Group. The loan features a three-year term, a fixed interest rate and two one-year extensions.

April 24, 2018

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