FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.
SKOKIE, ILL. — The Missner Group has completed a 38,000-square-foot office headquarters renovation for Generation Brands in Skokie, about 15 miles northwest of Chicago. The two-phase project included 19,000 square feet of office renovations and the build-out of a 19,000-square-foot showroom for the lighting and ceiling fan company. Phase I included the construction of private offices, conference areas, a corporate training room, kitchen area and employee lounge area. The showroom features lighting and fan fixtures with ceilings and floors that complement the lighting. Kent Nepras and Scott Nomellini led the project team on behalf of the Missner Group. Dearborn Architects provided architectural services.
The Richmond retail market continues to be strong. Overall vacancy rates are slightly higher than usual, hovering around 7 percent with negative absorption, due to all types of new products coming online in the first half of 2017. The market is adding millennials at double the pace of any other generation and has been recently named in multiple media outlets as one of the top living destinations for millennials nationwide. With this influx, multifamily development in Richmond is robust, which in turn is attracting all types of urban retail and chef-driven restaurants. The most popular submarkets for new urban retail are the Central Business District, Shockoe Bottom and the white-hot Scott’s Addition, with many developers taking advantage of Richmond’s Historic Tax Credit program. Richmond’s famous grocery wars continue with major players jockeying for the best positions. Kroger has historically positioned themselves well in the market with 18 stores, many of which have gone through recent expansions to the Marketplace concept. It recently scrapped plans for the development of two new relocation positions in Mechanicsville and Colonial Heights. The most recent grocery news has been Martin’s Food Markets exiting and Publix entering the market. Martin’s peaked at 19 stores, most of …
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
BAYTOWN, TEXAS — Houston-based Pontikes Development plans to build Port 10 Logistics Center, a 3 million-square-foot, Class A distribution center that will be situated on 246 acres at the corner of Thompson Road and Interstate 10 in the Houston metro of Baytown. The rail-served property will feature 32- and 36-foot clear heights and on-site rail and trailer storage. The first phase of the project, which is currently slated for a third-quarter 2018 completion, will deliver two cross-dock buildings measuring 485,000 and 295,000 square feet. JLL will handle leasing of the property.
ARLINGTON, TEXAS — Drury Development Corp. a subsidiary of Missouri-based hospitality owner-operator Drury Hotels Co., will build Drury Plaza Hotel, a 268-room property that will be situated on 9.2 acres at the intersection of Center Street and Interstate 30 in Arlington. The project will also deliver an upscale restaurant to the site, which is located west of the Lincoln Square retail center. Larry Jordan and Steve Williamson of Transwestern represented the seller in the disposition of the land. A timeline for construction has not yet been established.
FORT WORTH, TEXAS — Hunt Southwest Real Estate Development has inked two industrial leases totaling 260,176 square feet at Riverbend West Distribution Center in Fort Worth. Ecolab, a Minnesota-based provider of resource technologies and services, has leased 192,350 square feet and PODS, a Florida-based moving and storage company, has leased 67,826 square feet. Located at 2101 Reeves Place near Interstate 820, the 301,500-square-foot facility features 2,167 square feet of office space, 12 dock-high doors and LED warehouse lighting. J.R. Tomlinson of Jackson Cooksey represented Ecolab and Mark DiMarsico of Commercial Realty Associates represented PODS in the lease negotiations. Donnie Rohde and George Jennings of Holt Lunsford Commercial represented Hunt Southwest.
FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will offer amenities such as a fitness center, auditorium and walking trails. Construction is scheduled to begin in late 2019, with 2021 the target opening date.
COLLEGE STATION, TEXAS — Weitzman has negotiated a 46,155-square-foot tenant lease with Tru Fit Athletic Clubs for the anchor space at Parkway Square, a 156,520-square-foot retail center in College Station. Tru Fit Athletic Clubs will join other tenants at the center such as Stein Mart, Harbor Freight Tools, Firestone and McDonald’s. The Parkway Square gym will be the Colorado-based fitness chain’s 18th location in Texas. James Namken and Kyle Knight of Weitzman represented the landlord in the lease negotiations and CBRE represented Tru Fit.
ORLANDO, FLA. — Salt Lake City-based M&C Properties has purchased Alta at Eastmar Commons, a newly constructed, 312-unit apartment community located at 10038 Vista Laguna Drive in Orlando, for $56.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Wood Partners, in the transaction. Constructed this year, Alta at Eastmar Commons features a tech lounge with a coffee bar, sports lounge with billiards room, conference room, fitness center, cycle room, yoga studio, pet park and a pet spa. The community was 95 percent occupied at the time of sale.
