CHICAGO — RDG Funds LLC has acquired 156 N. Jefferson Street in Chicago’s West Loop for an undisclosed price. RDG plans to redevelop and restore the 37,172-square-foot historic timber and beam loft office building. Currently vacant, the property is located two blocks from the Ogilvie Transportation Center.
CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Buena Park neighborhood for $3.6 million. The building, located at 4070 N. Kenmore Ave., was originally built as a hotel in the 1920s. All 41 units feature studio floor plans. Lee Kiser and Rick Ofman brokered the transaction. A local landlord purchased the asset from 4070 Kenmore Corp., which had owned the property for more than 30 years.
OVERLAND PARK, KAN. — Planet Fitness has opened an 18,052-square-foot gym at 9331 Quivira Road in Overland Park. Best Buy is the other tenant in the 65,000-square-foot building. The property is located across from Oak Park Mall. Block & Co. Inc. Realtors negotiated the lease transaction for Planet Fitness and will oversee the building’s property management.
BENTONVILLE, ARK. — Sam’s Club, a division of Wal-Mart Stores Inc. (NYSE: WMT), has announced that it will close 63 club locations across the country. The company will convert up to 12 of the impacted clubs into e-commerce fulfillment centers in efforts to speed delivery of online orders. In addition, the company’s legal name will become Walmart Inc. effective Feb. 1 to reflect its growing status as an omnichannel retailer. Sam’s Club is a retailer that offers wholesale sizes and prices to individual buyers who purchase a membership to the store. “Transforming our business means managing our real estate portfolio, and Walmart needs a strong fleet of Sam’s Clubs that are fit for the future,” says John Furner, president and CEO of Sam’s Club. After the closures are completed over the next few weeks, Sam’s Club will operate a total of 597 locations nationwide. A list of affected stores was not disclosed. A facility in Memphis, Tenn. will be the first club to be converted into an e-commerce center. In addition to focusing on its e-commerce business, Sam’s Club is expected to improve its grocery selection and private-label offerings, according to national media reports. Competition from Costco and BJ’s Wholesale …
The resiliency of Houston’s industrial real estate market is truly astounding. Outsiders have always considered Houston to be an “oil town” whose economic success is tied to the geopolitical intricacies of the international energy markets. Yet three years into the oil and gas downturn, Houston has proven that it has a truly diversified economic base. The city’s industrial real estate market has consequently enjoyed a disproportionate benefit of that concerted effort to establish a truly balanced economy. From 2009 to 2014, while the national economy sputtered along due to anti-business policies of the Obama administration, Houston enjoyed a countercyclical economic boon as all sectors of the oil and gas industry added jobs, increased investment and drove demand for oil service-related real estate. Manufacturers and distributors made significant real estate commitments to property and equipment as they worked to meet the demand for materials and services related to the growth in domestic shale exploration and production. When the music stopped in November 2014, outsiders and pundits threw their hands in the air, called it the end of Houston’s growth story and declared that it would be the 1980s all over again. Houston real estate veterans, however, trusted the diversified economy and …
MERCER ISLAND, WASH. — SyHadley has received $56 million in financing to purchase the 209-unit Hadley Apartments in Mercer Island. The community is located at 2601 76th Ave. S.E. Financing for the recently developed apartment complex includes a 20-year term on a 30-year amortization schedule, including two years of interest-only payments. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, in this transaction.
ENCINITAS, CALIF. — RAF Pacifica Group has purchased the retail portion of Pacific Station, a 100,000-square-foot mixed-use asset featuring residential office and retail space in Encinitas. Loja Retail Partners sold the asset for $24 million. Amazon, Whole Foods and Wells Fargo, among others, occupy the 39,000-square-foot retail portion. RAF Pacifica Group plans to hold the retail asset long-term. Matt Moser of Retail Insight represented the buyer and seller in the off-market transaction.
LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.
KENNEWICK, WASH. — The Hotel Group has acquired the 107-unit Home2 Suites by Hilton Yakima – Airport in Kennewick for an undisclosed sum. The hotel is located at 2861 S. Lincoln St. in Rainer Square, southeast of Seattle. Construction of the property began in late 2017. It is scheduled to open in spring 2019. The hotel is being is being developed by Yakima-based Hogback Development and designed to host families and sports teams, along with business and leisure travelers. Amenities will include a swimming pool, fitness center, guest laundry, meeting facilities, indoor and outdoor lounge, and free breakfast. The hotel is situated less than a mile from Yakima Air Terminal, Yakima Valley Community College, SOZO Sports Complex and Virginia Memorial Hospital.
SAN DIEGO — Genesis Kitchen + Design has opened at Campus Point in San Diego. Located at 4242 Campus Point Court, the restaurant is part of the new Genesis life science development complex by Phase 3 Real Estate Partners Inc. The project includes a full-scale fitness center, outdoor lap pool and yoga training patio. The restaurant seats 56 people inside, with seating for 120 outside and a large bar, as well as semi-private outdoor space with a gas fireplace and ping-pong table. Genesis Kitchen + Design offers a seasonal menu, 13 craft beers on tap, nine wines by the glass and local kombucha for lunch Monday through Friday and a happy-hour menu Thursdays and Fridays. Bon Appétit Management Co. will operate the restaurant.