OVERLAND PARK, KAN. — Developer and manager Midas Hospitality Group has broken ground on a 123-room Home2 Suites by Hilton in Overland Park. The 65,000-square-foot extended-stay hotel will be located at 7121 W. 135th St. Completion of the $16.5 million project is slated for late 2018. Home2 Suites will offer fully equipped kitchens, a fitness center, business center, indoor pool, outdoor living area and pet-friendly environment. Thomas Construction is the general contractor, while Gray Design is the architect.
DUBUQUE, IOWA — SVN has brokered the sale of Hillcrest Apartments in Dubuque for $5 million. The 108-unit affordable housing property is located at 3290 Hillcrest Road in eastern Iowa. Reid Bennett and Cody Doran of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an affordable housing developer and owner.
CHICAGO — PREMIER Design + Build Group LLC has completed the construction of a 40,750-square-foot speculative distribution facility in Chicago’s Portage Park neighborhood. PREMIER built the property, located at 4150 N. Knox Ave., on behalf of Dayton Street Partners and WBS Equities. Situated on a 1.6-acre lot, the warehouse features 30-foot clear heights, two parking lots, four covered dock positions, two drive-in doors and two entrances. The adaptable warehouse space can accommodate multiple tenants. Chris Kiziak and Scott Lebak led the project team on behalf of PREMIER. Kimley-Horn provided engineering services, while Cornerstone Architects Ltd. provided architectural services. Mike Senner and Steve Kohn of Colliers are marketing the building for lease.
COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land. The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room. The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development. The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers. HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.
LOS ANGELES — Lineage Logistics has purchased eight temperature-controlled warehouses in the Los Angeles area for an undisclosed sum. The eight locations encompass more than 12 million cubic feet of capacity in the Los Angeles area. The properties are accessible to Southern California’s major freeways, rail facilities and ocean container terminals, including the 250,000-square-foot transload facility Lineage operates in the Port of Long Beach’s overweight corridor. The seller was U.S. Growers Cold Storage.
DURANGO, COLO. — NE Development has received $32.8 million in construction and permanent financing for the 194-unit Rocket Apartments in Durango. The community is located at 150 Confluence Ave. Rocket Apartments contains seven garden-style, walk-up buildings on eight acres. The property will also contain a clubhouse and other high-end community amenities. Love Funding Senior Director Leonard Lucas secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.
CHANDLER, ARIZ. — CBRE has arranged the $13.9 million sale of Dobson Center, a 41,546-square-foot retail and medical office center in Chandler. Dobson Center includes a freestanding Starbucks Coffee, 12,842 square feet of retail space and a 26,704-square-foot medical office building. At the time of sale, the property was more than 97 percent leased to tenants including MomDoc, Sonora Quest, Pure Barre, East Valley Internal Medicine and Solis Mammography. Andrew Fosberg, Chris Ackel and Dylan Brown of CBRE arranged the transaction on behalf of the seller, Dobson Center LLC, an entity formed by ZDI LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip Landry and Donna Landry Family Trust.
FAIR OAKS, CALIF. — NewMark Merrill Cos. has acquired Madison Marketplace, a 258,981-square-foot retail center in Fair Oaks, located 18 miles east of Sacramento. Raley’s Supermarket and TJ Maxx anchor the center, which was 93 percent leased at the time of sale to tenants including Petco, Dollar Tree, O’Reilly Auto Parts, Chipotle Mexican Grill, GameStop, Leslie Pool Supplies, McDonalds and Starbucks Coffee. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction. Roman Benvenuti and Bill Palmer of Palmer Capital Inc. represented the seller, TA Realty. The price was not disclosed. Kostas Kavayiotidis of Pacific Southwest Realty Services arranged a 10-year, fixed-rate loan through John Hancock Insurance on behalf of NewMark Merrill.
AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …
Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …