Property Type

Cronheim Arranges $16M Refinancing for Two Adjacent Hotels Near Chattanooga

by Camren Skelton April 4, 2018

TIFTONIA, TENN. — Cronheim Hotel Capital (CHC) has arranged a $16 million loan for the refinancing of two hotels in Tiftonia: a Hampton Inn and a Fairfield Inn & Suites. The adjacent properties are located roughly five miles southwest of Chattanooga. Cronheim arranged the 10-year loan with a 30-year amortization schedule and a fixed interest rate of 4.12 percent on behalf of the borrower, Vision Hospitality Group Inc. The Chattanooga-based company developed the Hampton Inn and Fairfield Inn in 2009 and 2013, respectively. The properties share a common parking lot and feature business centers, meeting rooms, fitness centers and swimming pools.

April 4, 2018

Development Midwest Retail Wisconsin

CBL Properties Unveils Redevelopment Plans for Former Sears Building in Suburban Milwaukee

by Kristin Harlow April 4, 2018

MILWAUKEE — CBL Properties has unveiled plans for the redevelopment of the former Sears building at Brookfield Square in Brookfield, a suburb of Milwaukee. The first phase of the redevelopment calls for new dining and entertainment options that will include WhirlyBall and BistroPlex from Marcus Theatres. Construction is expected to begin this month with planning underway for additional phases of redevelopment. WhirlyBall will include indoor entertainment paired with a chef-inspired menu and rotating craft beers and seasonal cocktails. The two-story venue will feature two WhirlyBall courts, eight bowling lanes, a four-lane VIP bowling suite and a multi-level LaserTag arena. BistroPlex will feature in-theater dining with recliner seating and a full-service bar and lounge area.

April 4, 2018

Development Hospitality Midwest Missouri

Windsor Aughtry Begins Development of 132-Room Hotel in Kansas City

by Kristin Harlow April 4, 2018

KANSAS CITY, MO. — Windsor Aughtry Hotel Group has begun development of a Hampton Inn and Suites by Hilton in Kansas City. The 132-room, seven-story hotel will be located at 1571 Main St. Designed by McMillan Pazdan Smith Architecture, the hotel will include a Starbucks on the ground floor. Crossland Construction Co. is the general contractor and Hospitality America Inc. will manage the property. Completion is slated for early 2019. This is Windsor Aughtry’s first hotel in the Midwest.

April 4, 2018

Development Industrial Midwest Minnesota

Hillcrest, Opus Break Ground on 161,000 SF Industrial Building in Cottage Grove, Minnesota

by Kristin Harlow April 4, 2018

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group have broken ground on the first building at Southeast Industrial Park in Cottage Grove, about 25 miles southeast of Minneapolis. Completion of the 161,000-square-foot industrial building is slated for this September. North Star Sheets, a corrugated paper manufacturer, will occupy the building. This is the first phase in a multiphase, rail-served industrial development undertaken by Opus and Hillcrest. An additional 24 acres remain undeveloped on the site, which Hillcrest owns, allowing for 300,000 to 350,000 square feet of future development. Hillcrest has retained Eric Rossbach of Colliers International to market the site for lease. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record.

April 4, 2018

Acquisitions Illinois Midwest Mixed-Use

Baum Brokers $10.8M Sale of Mixed-Use Property in Chicago

by Kristin Harlow April 4, 2018

CHICAGO — Baum Realty Group LLC has brokered the sale of a mixed-use property in Chicago’s Bucktown/Wicker Park neighborhood for $10.8 million. The property includes a 12,759-square-foot, three-story building for office and retail use as well as an adjacent 3,885-square-foot development parcel at 1616-1628 N. Damen Ave. The development parcel is zoned as a community shopping district. This zoning permits various businesses and apartments above the ground floor. Greg Dietz and Danny Spitz of Baum represented the undisclosed seller. A local investment group purchased the asset.

April 4, 2018

Illinois Leasing Activity Midwest Office

Citadel, Sprout Social Sign Lease Renewals at 1.5 MSF Office Building in Chicago

by Kristin Harlow April 4, 2018

CHICAGO — Citadel and Sprout Social have signed lease renewals at Citadel Center at 131 S. Dearborn St. in Chicago. Financial institution Citadel has signed a long-term lease to maintain its global headquarters at the building. Sprout Social, a social media management company, has expanded its lease by 64,000 square feet. The property is now 90 percent leased. Other tenants include JPMorgan, Holland & Knight, Perkins Cole and Constellation Brands. Citadel Center spans 37 stories and 1.5 million square feet. A partnership between Angelo, Gordon & Co., Hines and Dearborn Capital Group acquired the property in 2016. Renovation plans include a new conference center that seats up to 180 people, security enhancements and a complete lobby renovation with elevators. All renovation work is expected to be complete by the end of the year. The Telos Group LLC handles leasing efforts at the property.

April 4, 2018

Acquisitions Illinois Midwest Office Property Type Top Stories

JLL Brokers $176M Sale of Office Portion of Iconic Sullivan Center in Chicago

by David Cohen April 4, 2018

CHICAGO — JLL Capital Markets has arranged the sale of the 833,000-square-foot office portion of the iconic Sullivan Center in Chicago for $176 million. The buyer was New York-based 601W Companies. The seller, a venture between New York-based private equity firm KKR and Madison Capital, had owned the property since 2016. Originally constructed in 1899 as a department store, Sullivan Center has been a national historic landmark since 1970. Between 2001 and 2012, the building underwent major renovations to modernize the mechanical systems and restore historical features at a cost of more than $200 million. The upper floors were converted to office space in the early 2000s. The former owners of the property sold Sullivan Center’s 176,000 square feet of retail space, which includes the two lower floors and basement level, to Acadia Realty Trust in 2016 for $147 million. “This asset received significant investor interest because of its excellent location, strong tenant base and the fact that it is one of the few larger floor plate buildings catering to the progressive tenants driving demand in this market,” says Bruce Miller, JLL’s international director who co-heads the capital markets group in Chicago. “At nearly full occupancy, it is clearly the …

April 4, 2018

Hospitality Loans New York Northeast

Meridian Capital Arranges $23.5M in Refinancing for 130-Room Hotel in Brooklyn

by David Cohen April 3, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $23.5 million loan for the refinancing of the 130-room Box House Hotel in the Greenpoint neighborhood of Brooklyn. New York-based Ladder Capital provided the loan, which features interest-only payments. The borrower was undisclosed. Cary Pollack and Judah Neuman of Meridian negotiated the terms of the loan. The Box House Hotel is a former warehouse space at 77 Box St. that was redeveloped into a hotel in 2012. The four-story property also features a rooftop event space with views of the Manhattan skyline. Greenpoint is accessible from Manhattan via the G subway line and the East River ferry.

April 3, 2018

Loans Multifamily Northeast Pennsylvania

Cross Properties Secures $40M for Renovation of Historic Apartment Community in West Philadelphia

by David Cohen April 3, 2018

PHILADELPHIA — Developer and investment firm Cross Properties has secured a $40 million construction loan for the renovation of The Dane, a historic, 241-unit apartment community in West Philadelphia at the Wynnefield train stop. The lender was a syndicate led by Univest Bank. The property, which was built in 1960, is listed on the National Register of Historic Places. Renovation is now underway to transform the property into a class A apartment building. The project is slated for completion in early 2019.

April 3, 2018

Leasing Activity Massachusetts Northeast Office

CBRE Arranges 135,000 SF of Leases at Office Park in Suburban Boston

by David Cohen April 3, 2018

CHELMSFORD, MASS. — On behalf of Tritower Financial Group, CBRE/New England has secured three new office leases totaling 75,659 square feet and one lease renewal for 59,670 square feet at 300 Apollo Drive in Chelmsford. The property is located 34 miles northwest of Boston. Recent transactions include a 29,033-square-foot lease signed by the HCL Corp.; a 23,833-square-foot lease signed by software company By Appointment Only; and a 22,793-square-foot lease signed by US Alliance Federal Credit Union. Axis Communications, an IP networking solutions company, renewed its 59,670-square-foot lease. Tritower Financial, the owner of the property since 2014, recently made significant upgrades to the building’s amenities. The upgrades include a full service café, a game room and a fitness center with Peloton bikes and showers.

April 3, 2018

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