Property Type

KeyBank Arranges $28.2M Acquisition Financing for Two Multifamily Properties in Columbus, Ohio

by Kristin Harlow December 18, 2017

COLUMBUS, OHIO — KeyBank Real Estate Capital has arranged a total of $28.2 million in first mortgage loans through Freddie Mac for two multifamily properties located in Columbus. KeyBank arranged a $14.6 million loan for College Park Apartments, a 28-building, 250-unit property. The buildings were constructed between 1999 and 2000 and renovated in 2017. KeyBank also arranged a $13.6 million loan for Gateway Lakes, a 17-building property constructed in 2000. Chris Black and Caleb Marten of KeyBank arranged the seven-year loans, which feature 30-year amortization schedules. The borrower was not disclosed.

December 18, 2017

Healthcare Illinois Midwest

Marcus & Millichap Brokers $11.6M Sale of Medical Office Building in Moline, Illinois

by Kristin Harlow December 18, 2017

MOLINE, ILL. — Marcus & Millichap has brokered the sale of Heartland Clinic and Ambulatory Surgery Center in Moline, one of the Quad Cities, for $11.6 million. The 34,020-square-foot medical office building is a multi-specialty practice that includes gastroenterology, pain management, otolaryngology (ENT), urology and nutrition departments. The physicians affiliated with the clinic perform their surgeries at the on-site Regional SurgiCenter, an ambulatory surgical center that is majority owned and operated by Covenant Surgical Partners Inc. Private equity firm Kohlberg, Kravis & Roberts, a global investment firm with over $148 billion in assets under management, recently acquired Covenant. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the physician partnership that built the property. The buyer was not disclosed.

December 18, 2017

Illinois Industrial Midwest

American Louver Inks 127,800 SF Industrial Lease in Des Plaines, Illinois

by Kristin Harlow December 18, 2017

DES PLAINES, ILL. — American Louver Co. has signed a 127,800-square-foot industrial lease in Des Plaines, a northwestern suburb of Chicago. The manufacturer of plastic products will occupy the space at 100 E. Howard Ave. Denise Chaimovitz of Paine Wetzel represented the tenant in the lease transaction. Kevin Segerson and Matt Mulvihill of CBRE represented the landlord, ML Realty Partners.

December 18, 2017

Illinois Midwest Mixed-Use

NYL Acquires 24-Story Mixed-Use Property in Evanston, Illinois

by Kristin Harlow December 18, 2017

EVANSTON, ILL. — New York Life Real Estate Investors has acquired The Park Evanston in the Chicago suburb of Evanston for an undisclosed price. Built in 1997, the 24-story mixed-use property features 283 apartment units and 38,940 square feet of ground-floor retail space. Amenities include a fitness center, rooftop pool, resident lounge, business center and 24-hour concierge. Whole Foods Market occupies 33,000 square feet at the property, which is located near Northwestern University. The seller was not disclosed.

December 18, 2017

Indiana Industrial Midwest

Earnest Machine Products Signs 55,800 SF Industrial Lease in Greenwood, Indiana

by Kristin Harlow December 18, 2017

GREENWOOD, IND. — Earnest Machine Products Co. has signed a 55,800-square-foot industrial lease at SouthPoint Business Park in Greenwood, about 15 miles south of Indianapolis. The bolts and fasteners manufacturer for the heavy equipment industry will occupy the space within Building A. Steve Beals and Richard King III of Lee & Associates represented the tenant in the lease transaction. Jason Speckman of Colliers International represented the landlord, Shear GW2 LLC.

December 18, 2017

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Restaurants Prove to be New Orleans Retail Market’s Bread and Butter

by John Nelson December 18, 2017

Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities. Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully dissected, should provide the necessary context to obtain an understanding of the current retail market in New Orleans, as well as the opportunities that exist in the future. Make no mistake, retail in New Orleans is changing, but the restaurant sector is a bedrock, creating fresh concepts, diversifying the city’s food offering and strengthening the overall retail market. It’s futile to deny the impact technology has had on the overall retail market, and New Orleans is no exception. Retailers that derive a large portion of revenues from the sale of goods that can be purchased online are finding it difficult to compete due to the cost of operating a brick and mortar location. Of course, this is only …

December 18, 2017

Hospitality Massachusetts Northeast Top Stories

RLJ Lodging Sells 383-Room Hotel in Boston for $170M

by Taylor Williams December 18, 2017

BOSTON — RLJ Lodging Trust (NYSE: RLJ) has sold Fairmont Copley Plaza, a 383-room hotel located in the Back Bay area of Boston, for $170 million, or approximately $444,000 per room. Maryland-based RLJ, which merged with Texas-based FelCor Lodging Trust Inc. in September, intends to use the proceeds from the sale to cover general corporate expenses, with an emphasis on paying down debt. The sales price represents a capitalization rate of roughly 4.6 percent on the hotel’s projected net operating income (NOI) for 2017. The buyer of Fairmont Copley Plaza was not disclosed. The hotel, which is situated within walking distance of Boston Common as well as a variety of shopping and dining destinations on nearby Newbury Street, opened in 1912. Amenities for guests include laundry services, safety deposit boxes, a 3,000-square-foot rooftop health club and on-site restaurant OAK Long Bar + Kitchen. The property also features 23,000 square feet of meeting and conference space. “The disposition of this asset is consistent with our objectives of selling non-core assets and unlocking shareholder value,” says Ross Bierkan, president and CEO of RLJ. Following the sale of Fairmont Copley Plaza, RLJ’s hospitality portfolio consists of 157 hotels totaling 30,800 rooms across 26 states …

December 18, 2017

Industrial Nevada Western

AEW Capital Management Buys 1 MSF Industrial Portfolio in Reno for $93.2M

by Nellie Day December 15, 2017

RENO, NEV. — AEW Capital Management has purchased a 1 million-square-foot industrial portfolio in Reno for $93.2 million. The six-building portfolio is located at 875 and 895 E. Patriot Blvd., 450 Maestro Drive, 7525 Colbert Drive, 3450 Airway Drive and 5555 Quail Manor Court. The buildings were constructed in four phases between 1997 and 2001. The portfolio is fully occupied. AEW represented itself in this transaction, while NKF represented the seller, Barings Real Estate Advisers.

December 15, 2017

California Retail Western

HFF Arranges Sale of 150,148 SF Shopping Center in Inland Empire

by Nellie Day December 15, 2017

PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.

December 15, 2017

Arizona Loans Multifamily Seniors Housing Western

Greystone Arranges $25.8M Construction Financing for Seniors Housing Community in Arizona

by Nellie Day December 15, 2017

GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.

December 15, 2017

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