Property Type

BELLEVILLE, ILL. — McGrath & Associates has completed construction of a new $4.8 million hybrid vascular operating room at Memorial Hospital Belleville in Belleville, about 17 miles east of St. Louis. The room incorporates advanced surgical, imaging and monitoring technology for endovascular surgical procedures. McGrath combined two existing operating rooms to accommodate the high-tech equipment, including a Siemens Artis Zeego robotic-arm imaging system and Storz monitoring equipment. McGrath also recently completed the renovation of Operating Room 6 at the hospital. Archimages served as architect for both projects.

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CEDAR RAPIDS, IOWA — Mid-America Real Estate Corp. has brokered the sale of Northland Square in Cedar Rapids. The sales price was not disclosed. Built in 1994, the 187,068-square-foot shopping center is located at the southeast corner of Collins Road and C Avenue. Kohls and TJ Maxx anchor the center. Other tenants include Barnes & Noble, Office Max, Old Navy, Famous Footwear and Hallmark. Joe Girardi and Ben Wineman of Mid-America brokered the transaction on behalf of the seller, a public REIT. A private investment firm purchased the property.

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CHICAGO — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 45,359-square-foot mixed-use building and adjacent parking lot in Chicago’s River North neighborhood. The purchase price was not disclosed. Located at 308 W. Erie St., the seven-story building includes 36,859 square feet of office space and 8,500 square feet of retail space. Built in 1937 and renovated in 2015, the building is 100 percent leased to 13 tenants. The parking lot provides space for 38 cars. Urban Innovations will manage and lease the property.

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HOUSTON — Whitestone REIT has landed an $80 million loan for the acquisition of BLVD Place, a 216,692-square-foot mixed-use asset located at 1700 Post Oak Blvd. in the Galleria area of Houston. Anchored by Whole Foods Market, the property was 99 percent occupied at the time of loan closing to tenants such as Frost Bank, Verizon Wireless and True Food. Matt Kafka and Kelly Layne of HFF arranged the 10-year, fixed-rate loan. Whitestone acquired the property for approximately $158 million from a partnership between San Francisco-based asset management firm Bailiard Inc. and local developer Wulfe & Co.    

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CYPRESS, TEXAS — KeyBank Real Estate Capital has provided a $33.2 million first mortgage loan for North Haven Apartments, a 310-unit multifamily community located at 17802 Mound Road in Cypress. Trevor Ritter of KeyBank arranged the 10-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower.

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IRVING, TEXAS — Publicly traded oil and gas firm Pioneer Natural Resources will relocate its headquarters to the 51-acre, $1.5 billion Hidden Ridge development in Irving. KDC developed the 10-story office property at 777 Hidden Ridge that will serve as Pioneer’s new office space. Chicago-based Mesirow Financial purchased the property from Verizon in August 2016 in a sale-leaseback deal for approximately $344 million.

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HOUSTON — Hunington Properties Inc. has brokered the sale of Shops at Cinco Rancho West, a 26,721-square-foot retail center located on the SEC Cinco Ranch Boulevard at FM 1463 in Houston. Rafael Melara of Hunington represented the seller, a local investor and procured the buyer, a Massachusetts-based family trust. Both parties requested confidentiality.

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HOUSTON — Hunt Mortgage Group has provided a $11.6 million Fannie Mae loan for the refinancing of Northland Woods Apartments, a 280-unit, garden-style multifamily community located at 15165 Vickery Drive in Houston. Built in 2005, the 21-building property features two pools, a business center, on-site laundry facilities and a fitness center.

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TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …

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LAS VEGAS — As a specialist in lease mitigation and restructuring for retailers who are closing or relocating their stores, Gordon Brothers’ CEO of Real Estate Mark Dufton has represented dozens of retailers in the market for new or smaller spaces. In his 25-plus years in the business, Dufton has mitigated or restructured more than 1,500 leases, saving his clients more than $100 million. Northeast Real Estate Business sat down with Dufton of Boston-based Gordon Brothers during the International Council of Shopping Centers’ RECon event in late May in Las Vegas to pick his brain on how brick-and-mortar retailers facing heavy store closures can minimize financial losses. Northeast Real Estate Business: How do you measure success at a conference like this? Mark Dufton: We had a great day yesterday. The retail world is in a fair amount of turmoil, and that’s our space. We do lease valuation, disposition and restructuring work. So it’s been pretty heady times for us in this environment. NREB: DJM Real Estate changed its name about a year ago to Gordon Brothers. Can you walk me through what led to the transition of the company name? Dufton: DJM Real Estate was a stand-alone real estate company. It got bought by …

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