Property Type

Aries Conlon Capital Arranges $13.6M Refinancing of Two Hotels in Georgia, Mississippi

by Camren Skelton December 4, 2017

KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25 miles north of Florida’s Jacksonville International Airport. The 148-room Quality Inn & Suites is located adjacent to the Mississippi Coast Coliseum and Convention Center and roughly 10 miles from the Gulfport-Biloxi International Airport.

December 4, 2017

Healthcare Midwest Minnesota

IRET to Sell 1.3 MSF Medical Office Portfolio for $417.5M

by Kristin Harlow December 4, 2017

MINNEAPOLIS — IRET (NYSE: IRET) has entered into an agreement to sell its medical office portfolio for $417.5 million. The buyer was not disclosed. The properties, totaling approximately 1.3 million square feet, include the company’s entire healthcare portfolio, which consists of 28 healthcare properties and one other commercial property occupied by a healthcare tenant. The transaction, expected to close by the end of January, is one of several key deals nearing the completion of IRET’s strategic transformation, according to the company. IRET also sold 22 other non-core properties for an aggregate sale price of $98.8 million since July. This includes the company’s final two seniors housing properties, marking IRET’s full exit from that segment, as well as three industrial assets and one healthcare asset located in the Twin Cities.

December 4, 2017

Illinois Industrial Midwest

Nucor Acquires 160-Acre Industrial Land Site, Plans $180M Expansion in Bourbonnais, Illinois

by Kristin Harlow December 4, 2017

BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.

December 4, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $15.5M HUD Loan for Construction of Multifamily Project Near Lambeau Field in Wisconsin

by Kristin Harlow December 4, 2017

ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.

December 4, 2017

Illinois Midwest Office

GlenStar Acquires 103,471 SF Office Building in Chicago

by Kristin Harlow December 4, 2017

CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.

December 4, 2017

Hospitality Iowa Midwest

CBRE Brokers Sale of 221-Room Hotel in Davenport, Iowa

by Kristin Harlow December 4, 2017

DAVENPORT, IOWA — CBRE Hotels has brokered the sale of the Radisson Quad City Plaza hotel in Davenport, the largest of the Quad Cities, for an undisclosed price. The 221-room hotel is located at 111 East 2nd St. along the Mississippi River. Amenities include an indoor pool, fitness center and on-site restaurant. Nate Sahn of CBRE represented the undisclosed seller. Hawkeye Hotels Inc. purchased the property with plans to complete a comprehensive renovation.

December 4, 2017

California Multifamily Western

JRK Property Holdings Buys 242-Unit Apartment Community in Bay Area for $52.8M

by Nellie Day December 4, 2017

PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.

December 4, 2017

Hawaii Retail Western

HFF Arranges $43.6M Sale of Grocery-Anchored Center in Hawaii

by Nellie Day December 4, 2017

KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of sale, Kauai Village was 81.2 percent leased to tenants including Safeway, Ross Dress for Less, Panda Express, Starbucks Coffee and ABC Stores.

December 4, 2017

California Industrial Western

Westcore Properties Buys 1 MSF Industrial Portfolio in San Bernardino

by Nellie Day December 4, 2017

SAN BERNARDINO, CALIF. — Westcore Properties has purchased Northgate Industrial Portfolio, a more than 1 million-square-foot industrial portfolio in San Bernardino, for an undisclosed sum. The fully leased, two-building, Class A industrial portfolio is located at 927 E. 9th St. and 7776 E. Tippecanoe Ave. The distribution buildings are situated on more than 44 acres. They were built in 2009. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30-foot clear heights and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10, as well as nearby State Route 210. Westcore represented itself in the transaction. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Bryce Aberg of Cushman & Wakefield represented the seller, Bentall Kennedy, in this transaction. Bentall Kennedy acted on behalf of an institutional client.

December 4, 2017

Arizona Multifamily Seniors Housing Western

Koelsch Communities Acquires Memory Care Community Near Phoenix

by Nellie Day December 4, 2017

SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.

December 4, 2017

Newer Posts

Older Posts