SEMINOLE, FLA., AND MARIETTA, GA. — Studio Movie Grill, a dine-in theater chain, has planned two new locations in the Southeast: in the Tampa suburb of Seminole and the Atlanta suburb of Marietta. Both locations are scheduled to open before the end of 2017. Studio Movie Grill offers food, beer, wine and spirits while screening movies, concerts, sporting events and promotions. The company currently has 24 locations in nine states.
ATLANTA — Cushman & Wakefield represented NorthPoint Executive Suites in signing a 23,222-square-foot lease to occupy a full floor at One Atlantic Center located in Atlanta’s Midtown submarket. Cushman & Wakefield’s Boris Garbuz represented NorthPoint Executive Suites in the transaction. NorthPoint Executive Suites will offer upscale executive office suites and conference rooms, targeting attorneys and other professional services.
EDWARDSVILLE, KAN. — Emery Sapp & Sons (ESS) and Lane 4 Property Group have broken ground on the $60 million Village South development in Edwardsville. The 32-acre site is located at the corner of 110th Street and I-70. The mixed-use project will include both a Holiday Inn and La Quinta hotel in addition to a 22,000-square-foot conference center and 17,000 square feet of retail space. Six additional pad sites will be available for retail uses. Minnesota-based Compass Commodity Group III is the landowner and master developer. Lane 4 is managing the first phase of construction, while ESS is doing all of the earthwork. Other members of the development team include BHC Rhodes as project engineer, Lamont Cos. as hospitality developer, Base4 Architects and Engineers as design partner and Polsinelli PC as legal counsel. Phase I construction is slated for completion in summer 2018.
LOMBARD, ILL. — McShane Construction Co. has completed Apex 41, a 181-unit luxury apartment complex in Lombard, for developer GlenStar Properties LLC. The three-acre property is located at 2760 S. Highland Ave. across from Yorktown Shopping Center. The apartments were constructed atop a two-story parking deck. The complex incorporates a mix of studio, one- and two-bedroom units. Amenities include a community clubhouse, fitness center, yoga studio, business center and resort-style swimming pool. Stephen Rankin Associates provided architectural services, and Greystar will manage and lease the property.
CHICAGO — Waterton has acquired an 81-unit apartment property in Chicago’s West Loop for an undisclosed price. Formerly known as Aberdeen Place, the property has been rebranded as The Aberdeen West Loop. Located at 20 N. Aberdeen St., the property is situated near Randolph Street’s Restaurant Row, Google’s Midwest headquarters and McDonald’s future global headquarters. The four-building property features a mix of studio, one-, two- and three-bedroom units. All units feature bamboo hardwood flooring, granite countertops and private patios.
OLATHE, KAN. — Colliers International has brokered the sale of a 515,132-square-foot industrial building located at 16600 S. Theden St. in Olathe. John Stafford of Colliers brokered the transaction on behalf of the buyer, Himoinsa Power Systems Inc., while Mike Mitchelson of CBRE represented the seller, Lone Elm 515 LLC. The sales price was not disclosed.
NORTH RIVERSIDE, ILL. — Adelphia Properties has arranged the sale of a 4,765-square-foot retail building in North Riverside, a suburb of Chicago. The sales price was not disclosed. The building is located at 8409 W. Cermak Road. Tenants include Sliccily Pizza Pub, Lacey’s Place and a law office. Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. A Chicago-based investment group purchased the property.
NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan
With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …
BOSTON — Senior Housing Properties Trust (NASDAQ: SNH) has formed a joint venture with a sovereign institutional investor to own 11 Fan Pier and 50 Northern Ave. in Boston. The investor will contribute $261 million for a 45 percent equity interest in the new venture, and SNH will own the remaining 55 percent. The investment amount is based on a property valuation of $1.2 billion, less $620 million of existing secured debt on the property. Senior Housing Properties Trust acquired the property included in the joint venture in May 2014 for $1.1 billion. It consists of two 15-story, LEED Gold-certified life science buildings with structured parking located in Boston’s Seaport District. The two buildings are 95 percent leased to Vertex Pharmaceuticals through 2028 and include 1.1 million square feet of lab, office and retail space. Senior Housing Properties Trust expects to use the cash proceeds from the transaction to repay a portion of the amounts outstanding under its revolving credit facility. Eastdil Secured acted as Senior Housing Properties Trust’s advisor and Sullivan & Worcester LLP provided legal counsel to the company in the transaction. SNH is a publicly traded REIT that invests in seniors housing, medical office buildings, wellness centers and …