DES MOINES, IOWA — The Weitz Company has completed construction of the Hilton Des Moines Downtown. The 330-room convention center hotel spans 322,000 square feet. The $101 million project was financed with a mix of public and private money, according to the Des Moines Register. The Iowa Events Center Hotel Corp., a nonprofit established by Polk County in partnership with Bankers Trust, oversaw the project. The Waldinger Corp. and Baker Electric served as local subcontractors.
BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.
KANSAS CITY, MO. — CBRE has arranged an $8.7 million loan for the refinancing of Westport Commons in Kansas City. The borrower, Sustainable Development Partners of Kansas City, purchased the abandoned former school and converted it into a coworking office property. The project, completed in mid-2017, is now fully leased. John Perlik and Don Coleman of CBRE | Capstone arranged the permanent fixed-rate loan, which features a 20-year amortization schedule.
CHICAGO — A 981-unit, 65,000-square-foot self-storage facility is opening at 6000 W. Touhy Ave. in Chicago. CubeSmart Self Storage will manage the climate-controlled facility, which is expected to open in April. The property, owned by SPM Advisors LLC, was formerly home to a Frozen Ropes facility. Athletico Physical Therapy will remain a tenant at the property.
ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.
STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will offer advanced equipment and technology, classrooms, seminar and conference rooms, computer labs and administrative offices. JE Dunn is serving as the project’s construction manger, and Stevens & Wilkinson/SmithGroupJJR is the architect. The development team will break ground on the CEAR building in January 2019, with completion scheduled for the 2020 fall semester.
JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $25.3 million sale of Interstate South Commerce Center, a 260,272-square-foot industrial park located at 9440-9456 Phillips Highway in Jacksonville. Karl Johnson, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GCP-Interstate South LLC, an affiliate of Birmingham-based Graham Commercial Properties (GCP). Kissimmee Land Co. LLC, a Fort Family Investments partnership based in Jacksonville, acquired the asset. Interstate South Commerce Center includes six small-bay, rear-load, dock-high buildings that were developed between 1986 and 1989. At the time of sale, the property was 88.5 percent leased to 31 tenants, including Lennar, Honeywell, Dal-Tile and Lincare.
NEW YORK CITY — New York-based Hunt Mortgage Group has provided $14.4 million in Freddie Mac financing for the acquisition of three multifamily properties in Palm Beach County. New Jersey-based-Typhon Realty Limited LLC was the borrower. Hunt provided a $4.1 million loan for the acquisition of Villas Santorini. The 28-unit community is located in Lake Worth and is part of a larger 34-unit condominium complex. Typhon plans to buy the remaining six units over the next 12 months. The current 28 units are operated as a rental apartment community. The property was built in 2007 and features a clubhouse, swimming pool, sundeck and a playground. Hunt also provided a $4.8 million loan for Whispering Winds Townhomes, a 32-unit community located in Greenacres. The property features a clubhouse, swimming pool and a playground. In Palm Springs, Hunt provided a $5.5 million loan for the acquisition of Charles Landing Townhomes, a 40-unit community that features garage parking and a children’s play area. Each of the five-year loans featured one year of interest-only payments and 30-year amortization schedules.
CONWAY, ARK. — Abby Development has broken ground on Ridgemere, a 92-unit seniors housing community in the Little Rock suburb of Conway. Located on 14 acres, Ridgemere will offer independent living, assisted living and memory care units. The previously announced project was formerly known as Arabella of Conway. Independent living units will be split among 20 cottages offering a variety of floorplans averaging 1,485 square feet. Abby Development is a Dallas-based seniors housing developer, owner and operator. The company’s portfolio includes five communities in Texas, Louisiana and Arkansas.
PORTLAND, ORE. — Madison Park Financial Corp. has purchased Bridgetown Lofts, a mid-rise apartment community located along the Williamette River in Portland’s Pearl District. Portland Guild Loft Partners sold the property for $55 million. The waterfront community features 149 units with modern finishes, including stainless steel appliances, Euro-style cabinetry, quartz countertops and oversized windows with waterfront views. On-site community amenities include a fitness center, community lounge and courtyard with fire pit, gas grills and a putting green. Joe Nydahl, Phil Oester and Josh McDonald of CBRE represented the seller in the transaction. Additionally, Brian Eisendrath with CBRE Capital Markets’ Debt & Structured Finance arranged a seven-year, fixed-rate loan with three years of interest-only payments through Freddie Mac for the buyer.