Property Type

Marcus & Millichap Arranges $18M Sale of 42,104 SF Mixed-Use Building in Minneapolis

by Kristin Harlow December 2, 2016

MINNEAPOLIS — Marcus & Millichap has arranged the sale of The Pinehurst Building in Minneapolis for $18 million. The 42,104-square-foot mixed-use building is located at 4999 France Ave. South. Matthew Hazelton, Cory Villaume, Sean Doyle and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the undisclosed seller. Sean Doyle, Cory Villaume, Matthew Hazelton, Adam “AJ” Prins, Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap represented the buyer, a limited liability company.

December 2, 2016

Midwest Ohio Retail

Cooper Arranges $15.8M Sale of Shopping Center in Kent, Ohio

by Kristin Harlow December 2, 2016

KENT, OHIO — The Cooper Commercial Investment Group has arranged the sale of Corners and Village at The Cascades of Brimfield in Kent, northwest of Akron, for $15.8 million. The center is anchored by Walmart Supercenter, Kohl’s and Lowe’s, and includes other tenants such as Dollar Tree, Marshalls and Petco. Dan Cooper represented the seller, a private investment group based in Ohio. A New-York-based investment group was the buyer.

December 2, 2016

Illinois Industrial Midwest

Aryzta Opens New 193,000 Distribution Center in Romeoville, Illinois

by Kristin Harlow December 2, 2016

ROMEOVILLE, ILL. — Aryzta has opened a new 193,000-square-foot distribution center in Romeoville, about 25 miles southwest of Chicago. The facility specializes in cold storage and will store foods that are made at the global baking company’s Chicagoland area bakeries. The company also has a bakery location in Romeoville. Meridian Design Build was the general contractor and WBS Equities LLC was the development manager. Ware Malcomb provided architectural and structural design services, while Jacob & Hefner Associates completed civil engineering work.

December 2, 2016

Michigan Midwest Restaurant Retail

Colliers Negotiates Two New Leases for Naf Naf Grill in Sterling Heights and Troy, Michigan

by Kristin Harlow December 2, 2016

STERLING HEIGHTS AND TROY, MICH. — Colliers International has negotiated the leases for two new locations for Naf Naf Grill, a Middle Eastern-style restaurant, in Sterling Heights and Troy. The 2,481-square-foot building in Sterling Heights is located at 14796 Hall Road. The 2,388-square-foot building in Troy is located at 624 W. Big Beaver Road. The Chicago-based chain plans to continue expanding in the Midwest with locations in West Bloomfield, Southfield and other cities throughout metro Detroit. Brian Whitfield and Lou Frango of Colliers International Detroit arranged the leases on behalf of Naf Naf Grill.

December 2, 2016

Multifamily Texas

Castle Lanterra Properties Acquires 284-Unit Apartment Property in Corpus Christi

by Amy Works December 2, 2016

CORPUS CHRISTI, TEXAS — Castle Lanterra Properties has acquired Springs at Corpus Christi, a newly built multifamily property located at 5701 Timbergate Drive in Corpus Christi’s South Side region, for an undisclosed sum. Constructed in 2014, the 284-unit property features 17 different studio, one-, two- and three-bedroom floor plans, a resort-style swimming pool, 24-hour fitness center, dog park and complimentary car care area. This property is Castle Lanterra’s second acquisition in the city and its sixth in the state. The name of the seller was not released.

December 2, 2016

Multifamily Texas

Covenant Development, Parkcrest Builders Break Ground on 240-Unit Multifamily Property in San Marcos

by Amy Works December 2, 2016

SAN MARCO, TEXAS — Covenant Development and Parkcrest Builders have broken ground on an apartment community in San Marcos. The three-story property will feature 240 one- and two-bedroom units, a resort-style pool, clubhouse with an internet lounge and residential community space, a fitness area, covered parking, enclosed garages, leasable storage space and co-working space. The first units are expected to be delivered in summer 2017.

December 2, 2016

Hospitality Texas

The Stella Hotel to Open in March 2017 in Bryan, Texas

by Amy Works December 2, 2016

BRYAN, TEXAS — Managed by Trust Hospitality, The Stella is slated to open in March 2017 in Bryan. Located at the Texas A&M Biocorridor, the hotel will feature 176 guest rooms and suites, 10,000 square feet of indoor event space, 12,000 square feet of outdoor space and a restaurant. The hotel was designed by FAB Studio with interiors by Design DMU.

December 2, 2016

Retail Texas

Cordillera Ranch Development Starts Construction of Outfitter Center in Boerne, Texas

by Amy Works December 2, 2016

BOERNE, TEXAS — Cordillera Ranch Development Corp. has started the construction of an Outfitter Center at Cordillera Ranch, an 8,700-acre master-planned community in Boerne. Slated for completion in early 2017, the facility will house the River Club and its river and fishing equipment and provide a retail shop fully stocked with fishing, kayaking and outdoor equipment. The River Club is one of the seven resort-style clubs at Cordillera Ranch. Cordillera Ranch Development Corp. is a subsidiary of Texas-based DH Investment Co.

December 2, 2016

Industrial Texas

Colliers Facilitates Acquisition of 30,768 SF Industrial Property in Deer Park, Texas

by Amy Works December 2, 2016

DEER PARK, TEXAS — Colliers International has arranged the acquisition of an industrial facility located at 316 Georgia Ave. in Deer Park. The net-leased facility spans 30,768 square feet. Jason Tangen of Colliers represented the undisclosed buyer, while Beau Kaleel of Cushman & Wakefield represented the undisclosed seller in the deal. The acquisition price was not released.

December 2, 2016

Colorado Hospitality Top Stories Western

CBRE Arranges $121M Sale of Four Seasons Resorts and Residences in Vail, Colorado

by Kristin Harlow December 2, 2016

VAIL, COLO. — CBRE Hotels has arranged the sale of the Four Seasons Resort and Residences in Vail for $121 million. The 134-room resort is located at 1 Vail Road, and includes 121 hotel guestrooms and 13 condominiums. The resort offers slope-side ski-valet facilities located adjacent to Gondola One in Vail Village. Additional amenities include a 14,935-square-foot spa, over 7,000 square feet of flexible meeting and event space, dining and retail space. Bernard Van der Lande of CBRE Capital Advisors, along with Mark Darrington and Larry Kaplan of CBRE Hotels, represented the seller, Barclays. Barclays acquired the property out of bankruptcy when it was under construction in 2009. New York City-based Extell Development Co. was the buyer. — Kristin Hiller

December 2, 2016

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