Property Type

Planned Hotel for Navy Pier to Operate Under Curio Collection by Hilton Brand

by Kristin Harlow December 12, 2017

CHICAGO — Developer First Hospitality Group Inc. (FHG) and Navy Pier have unveiled the brand for the first hotel on Navy Pier. Slated to open in summer 2019, the 222-room hotel will operate under the Curio Collection by Hilton brand. Construction is expected to begin in January 2018. Situated at the eastern end of Navy Pier, the hotel will feature floor-to-ceiling windows and a 30,000-square-foot rooftop restaurant bar. Acron, a Switzerland-based real estate company, is funding the project. Jackie Koo of KOO LLC is designing the project, and James McHugh Construction Co. is the builder. The project is expected to generate 600 construction jobs and create 300 permanent jobs, according to FHG. Hilton operates more than 40 Curio Collection independent hotels globally.

December 12, 2017

Illinois Industrial Midwest

CBRE Arranges Over 1.3 MSF of Industrial Leases in Chicago Area

by Kristin Harlow December 12, 2017

BOLINGBROOK, ELK GROVE VILLAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manufacturer and supplier of brake parts. Greencore, a London-based international producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease transaction, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight stations, distribution, transportation and value-added services in North America. Matt Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction.

December 12, 2017

Indiana Industrial Midwest

HSA Commercial Purchases 19-Acre Land Site in Suburban Indianapolis, Plans 262,758 SF Distribution Center

by Kristin Harlow December 12, 2017

PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.

December 12, 2017

Multifamily Southeast Tennessee

Gaia Acquires New Apartment Community in Nashville for $76.4M

by Camren Skelton December 12, 2017

NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.

December 12, 2017

Georgia Loans Multifamily Southeast Student Housing

SunTrust Provides $58.3M Construction Loan for 26-Story Student Housing Tower in Downtown Atlanta

by Camren Skelton December 12, 2017

ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.

December 12, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

Georgia Healthcare Office Southeast

Halpern Enterprises Opens 30,000 SF Medical Office Building in Metro Atlanta

by Camren Skelton December 12, 2017

SMYRNA, GA. — Halpern Enterprises has opened Belmont Physicians Center, a 30,000-square-foot medical office building located within Belmont, a 48-acre mixed-use community in the Atlanta metro of Smyrna. Emory Healthcare anchors the center, which is located roughly 18 miles northwest of downtown Atlanta. Other tenants at Belmont Medical Center include Gentle Care Dentistry, Cobb Pediatric Associates and Smyrna Pediatric Dentistry. The two-story building was designed by Lyman Davidson Dooley Architects and constructed by Benning Construction. In addition to the new healthcare building, the Belmont mixed-use community features restaurants, retail, Smyrna Elementary School, a residential subdivision and a 274-unit apartment community. A second phase is planned that will include single-family homes, as well as an additional 12,000 square feet of retail space.

December 12, 2017

Hospitality North Carolina Southeast

Frampton Construction Completes Event Space at Omni Hotel in Asheville

by Camren Skelton December 12, 2017

ASHEVILLE, N.C. — Frampton Construction Co. LLC has completed construction on the 10,000-square-foot Seely Pavilion and event lawn at The Omni Grove Park Inn in Asheville. The hotel is located roughly four miles from the Biltmore Estate and less than three miles from downtown Asheville. The Seely Pavilion features a Douglas fir timber structure with indigenous dry-stack stone columns, polished concrete flooring, stone fireplace, full-height glass curtain walls and views of the Blue Ridge Mountains. The new space will be used for business and social events. Constructed in 1913, The Omni Grove Park Inn includes 513 rooms and features an 18-hole golf course, subterranean spa, indoor and outdoor tennis courts, fitness center and multiple casual and formal restaurants.

December 12, 2017

Retail Top Stories

Unibail-Rodamco to Acquire High-Profile Mall Owner Westfield Corp. for $15.7B

by Katie Sloan December 12, 2017

SYDNEY AND PARIS — Europe’s largest commercial property firm Unibail-Rodamco is set to acquire U.S. and U.K. mall owner Westfield Corp. (ASX: WFD) for $15.7 billion. Paris-based Unibail-Rodamco owns and operates a portfolio of 69 shopping centers across major European cities including Paris, Madrid, Stockholm, Amsterdam, Munich, Vienna, Warsaw and Prague. Sydney-based Westfield operates 35 malls in the U.S. and U.K., including Westfield World Trade Center, which opened to major success in New York City in August 2016; Century City, Westfield Fashion Square and San Francisco Centre in California; and Westfield London and Stratford City in the U.K. Following the transaction — expected to close in the first half of 2018 — Unibail-Rodamco will own and operate a portfolio of 104 commercial properties across 13 countries valued at about $72.2 billion. The company will be headquartered in Paris and the Netherlands, with regional headquarters in Los Angeles and London. Westfield has made a name for itself in the industry under billionaire chairman and co-founder Frank Lowy by transforming outdated malls into viable shopping centers for modern consumers. “The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure,” says Lowy. “We see this …

December 12, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 97-Unit Assisted Living Community in Silicon Valley

by Nellie Day December 12, 2017

FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.

December 12, 2017

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