Property Type

Boulder Group Arranges $4.4M Sale of Medical Property in Chicago

by Kristin Harlow April 16, 2018

CHICAGO — The Boulder Group has arranged the sale of a single-tenant property, net leased to Fresenius Medical Care in Chicago, for $4.4 million. The 9,396-square-foot building is located at 9924 S. Vincennes Ave. Fresenius, which provides renal services via its dialysis facilities, has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A West Coast-based real estate investment firm was the buyer.

April 16, 2018

Acquisitions Illinois Midwest Retail Top Stories

Eldorado Resorts to Acquire Grand Victoria Casino in Illinois for $327.5M

by Taylor Williams April 16, 2018

ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …

April 16, 2018

Market Reports Multifamily Property Type Southeast Southeast Market Reports Tennessee

Stability Will Be Defining Characteristic of Memphis Multifamily Market in 2018

by John Nelson April 16, 2018

Consistency is key, and that’s exactly why investors find Memphis more attractive than ever: the Grind City’s financial and commercial real estate stability. The area has grown into a hub for both the distribution and transportation industries. As the largest economic driver in the state, Memphis International Airport alone injects over $20 billion a year into the region’s economy. Thanks in large part to FedEx, the airport has become the second-busiest cargo airport in the world. FedEx’s presence creates a secondary demand from all retailers as they want to have a large distribution presence in the market. Going High-Tech Marketable growth in the Memphis economy extends beyond the distribution and transportation industries. Sizable expansions at University of Tennessee’s Medical School, St. Jude Children’s Research Hospital, Methodist University Hospital and LeBonehur Children’s Medical Center, as well as the migration of medical device manufacturers such as Smith & Nephew and Medtronic, show how Memphis is not only the Home of the Blues and global shipping, but also a high-tech healthcare hub for the Mid-South region. All this growth has helped propel Memphis’ millennial population, especially 20- to 34-year-olds who make up a high percentage of the city’s workforce. Last year, Memphis marked …

April 16, 2018

Acquisitions Multifamily New York Northeast

Rosewood Brokers $287M Sale of Apartment Community in Manhattan

by David Cohen April 13, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $287 million sale of Stonehenge Village, a 420-unit, three-building apartment community on the Upper West Side of Manhattan. Aaron Jungreis of Rosewood Realty represented both the buyer, A&E Real Estate Holdings, and the seller, Ofer Yardeni’s Stonehenge Partners. The seller acquired the property for $115 million in 2005. Signature Bank and Mesa West Capital provided $145 million in acquisition financing to A&E for the purchase of the property. The buildings, which were built in 1968, total 69,605 square feet. At the time of sale, the buildings were 98 percent occupied, with a mix of free-market and rent-stabilized tenants.

April 13, 2018

Acquisitions Industrial Loans New Hampshire Northeast

CBRE Secures $17.5M in Acquisition Financing for Two Industrial Properties in New Hampshire

by David Cohen April 13, 2018

MERRIMACK, N.H. — CBRE has secured $17.5 million in acquisition financing on behalf of Calare Properties for 57-59 Daniel Webster Highway, a two-building industrial property in Merrimack. The two warehouses total 511,000 square feet. Kyle Juszczyszyn and Matthew Machiros of CBRE secured the financing from Harbor One Bank. Calare Properties is a real estate manager and operator. The tenant roster at the property currently includes Law Logistics, Nanocomp Technologies, Raymer’s Express and XPO Logistics.

April 13, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Arranges $30M Refinancing of Multifamily Portfolio in New Jersey

by David Cohen April 13, 2018

MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.

April 13, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.6M Sale of Retail Property in Parsippany

by David Cohen April 13, 2018

PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

April 13, 2018

Acquisitions Georgia Mixed-Use Office Restaurant Retail Southeast

Asana Acquires Krog Street Market, Atlanta Stove Works in Atlanta’s Inman Park Neighborhood from Paces Properties

by Camren Skelton April 13, 2018

ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.

April 13, 2018

Development Illinois Midwest Mixed-Use

1.6 MSF Mixed-Use Development Designed by Goettsch Partners Opens in Suzhou, China

by Kristin Harlow April 13, 2018

SUZHOU, CHINA — Designed by Chicago-based Goettsch Partners and developed by Tishman Speyer, a large mixed-use development known as The Summit has opened in Suzhou, China. The city is located in the southeastern Jiangsu Province of East China with a population of 4.3 million people. On the north parcel, a 16-story building features four floors of retail space and 12 floors of office space. On the south parcel, a 39-story building features four levels of retail space, 16 levels of office space and 17 levels of residential space. A bridge connects the two-building mixed-use complex, which spans 1.6 million square feet. The project is certified LEED Gold and features direct connection to mass transit. This is the 14th project that Goettsch Partners has completed in Suzhou.

April 13, 2018

Acquisitions Georgia Hospitality Indiana Michigan Midwest Ohio Southeast

Hospitality Ventures, Investra Capital Purchase 12-Property Hotel Portfolio

by Kristin Harlow April 13, 2018

ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.

April 13, 2018

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