BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.
PORTLAND, ORE. — NKF Capital Markets has arranged the sale of the historic Towne Storage, an office property located in Portland’s Central Eastside submarket. CBRE Global Investors acquired the 100,022-square-foot property for an undisclosed price. Autodesk Inc., an investment-grade credit tenant, occupies property. Nick Kucha and James Childress of NKF Capital Markets represented the seller, Westport Capital Partners.
WESTLAKE VILLAGE, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of an office building located at 31248 Oak Crest Drive in Westlake Village in metro Los Angeles. K-Swiss, an athletic footwear maker, sold the property to Selleck Development Group for $11 million. The 53,133-square-foot building was constructed as a build-to-suit for K-Swiss and the company occupied the property from 1999 until it relocated to downtown Los Angeles. Joe Jusko of Lee & Associates represented the seller, while Mike Tingus and Grant Fulkerson of Lee & Associates represented the seller.
MONROVIA, CALIF. — CalBay Development has completed the acquisition and entitlement of a redevelopment site located on West Huntington Drive in Monrovia. McMahans Furniture sold the site for $2.1 million. The 29,000-square-foot site is comprised of two parcels and features a 21,000-square-foot retail store occupied by 3-Day-Suit Broker. CalBay plans to develop a freestanding 2,200-square-foot Starbucks drive-thru on the site. Construction is slated to begin in third-quarter 2018, with store opening scheduled for second-quarter 2019. The City of Monrovia Planning Commission approved the company’s development plans in earlier this year. Adam Fisher of JLL arranged the off-market transaction.
NAPERVILLE, ILL. — Franklin Partners, in a joint venture with Bixby Bridge Capital, has purchased the former OfficeMax headquarters at 263 Shuman Blvd. in Naperville with plans to redevelop the property. The 350,000-square-foot vacant office building will be transformed into a multi-tenant building. The main entrance and atrium will be redesigned with a grand staircase. A lower level will feature baristas, a market-style deli, fitness center, co-working lounges and other amenities. Construction is scheduled to begin later this year with completion slated for early 2019. Wright Heerema Architects is the project architect. Francis Prock and David Florent of Colliers International will market the renovated property for lease.
CHICAGO — Construction firm Skender has broken ground on a 14-story Hyatt House hotel in Chicago’s Fulton Market district. The 167,000-square-foot, 200-room development is located at 105 N. May St. The Hyatt House will be the first hotel in the Fulton Market district to cater to extended-stay corporate travelers. Amenities will include an indoor pool, green roof, fitness center and bar and lounge. Sterling Bay is the project developer, and Eckenhoff Saunders Architects is the architect. Completion is slated for summer 2019.
CHICAGO AND GLENVIEW, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in the Chicago area for $25 million. One of the properties is a 31-unit building located at 1545 W. North Ave. in Chicago’s Wicker Park neighborhood. Doug Imber, Kate Varde and Clay Maxfield of Essex represented the seller and developer, Sedgwick Properties. The Supera family purchased the asset for $12.1 million. The other is a 36-unit building located at 1202 Waukegan Road in Glenview. Matt Welke of Essex represented the seller and developer, Riverforest Development LLC. Doug Fisher and Vic Ciancetta of Essex represented the buyer, an out-of-state private investor who purchased the asset for $13.1 million.
ROCKFORD AND PARK FOREST, ILL. — MetroGroup Realty Finance has arranged three loans totaling $3.7 million used to refinance a three-property retail portfolio in northern Illinois. The assets, totaling 38,639 square feet, are all leased to Walgreens for 50-year terms. Built in the 1990s, the standalone properties are located at 3803 Auburn St. and 1602 Kishwaukee St. in Rockford, and 15 S. Orchard Drive in Park Forest. The three loans replace two maturing CMBS loans and return a portion of the equity to ownership, according to Patrick Ward, MetroGroup president. A St. Louis-based bank provided the financing. Scott Ketchum, a Newport Beach, Calif.-based private investor, was the borrower.
CANTON, OHIO — Marcus & Millichap has negotiated the $2.3 million sale of a McDonald’s ground lease in Canton. The 4,673-square-foot property, built in 2014, is located at 4643 Belden Village St. The ground lease is for 20 years. Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a local developer. The buyer, a private investor, was completing a 1031 exchange.
NEW YORK CITY — Margaritaville Holdings has unveiled its plans for a 29-story Margaritaville resort in the heart of Manhattan’s Times Square. Development costs are estimated at $300 million. Located at 560 Seventh Ave., the property will feature a 234-room hotel, several Margaritaville-branded food and beverage concepts, a rooftop bar, pool, spa/lounge and retail space. The project is slated for completion in late 2020. International Meal Company will operate the food and beverage options, which will include a Margaritaville Restaurant, LandShark Bar & Grill, 5 o’Clock Somewhere Bar, Floridays Airstream Café and an all-new concept, Chill Bar. Retail space is planned for the lobby. The developers of the project are Sharif El-Gamal’s Soho Properties working in partnership with Chip and Andrew Weiss and MHP Real Estate Services. Margaritaville is a global lifestyle brand inspired by the lyrics and lifestyle of singer, songwriter and author Jimmy Buffett. The brand features 12 existing lodging locations with 20 additional projects currently under development, as well as four gaming properties and 60 food and beverage venues. — Jeff Shaw
