LINCOLNSHIRE, ILL. — ML Realty Partners has acquired a 70,957-square-foot industrial building in Lincolnshire, a northern suburb of Chicago. The purchase price was not disclosed. A single tenant occupies the entire property, located at 500 Bond St. Jeff Devine, Steve Disse and Matthew Stauber of Colliers International represented the undisclosed seller in the transaction.
RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of Raytown Crossing shopping center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The 65,069-square-foot center is located at 6715-6731 Blue Ridge Blvd. Tenants include Extreme Grand Prix Indoor Go Karting and Lonnie Bush Fitness. Bill Maas and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, CTA Properties LLC. The buyer was not disclosed.
LAS VEGAS — A partnership between Witkoff and New Valley LLC has purchased the former Fountainbleau resort on the Las Vegas Strip for $600 million. The property is located at 2755 Las Vegas Blvd. S. The 63-story resort never fully saw the light of day after construction ceased on the $2.9 billion, 3,900-room property in 2009 in the midst of the Great Recession. It was purchased by Carl Icahn’s firm, Icahn NV Gaming Acquisition LLC, in 2010 for $150 million when the asset was in bankruptcy. The property is situated across from Circus Circus, near Encore and SLS Las Vegas. It sits in front of the Westgate Las Vegas, as well as the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation. The asset was acquired at a substantial discount to replacement cost, according to Witkoff. The company spent four months conducting due diligence on the resort and Las Vegas market prior to the acquisition. “Las Vegas is one of the strongest lodging markets in the country given its highly favorable dynamics,” says Steve Witkoff, Chairman and CEO of Witkoff. “2755 Las Vegas Boulevard South is one of the best physical assets in …
GEORGETOWN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at Georgetown, a 288-unit multifamily complex located near Interstate 35 and State Highway 130 in Georgetown, about 25 miles north of Austin. The property is situated within the 284-acre, master-planned Longhorn Junction development. Will Balthrope and Jordan Featherston of IPA represented the seller, Housing Development, and procured the buyer, Pensam Residential.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has brokered the sale of an 11,679-square-foot office/warehouse property in Arlington. Roughly two-thirds of the property, which is situated on 1.5 acres at 2309 Superior Drive in the Pantego area of Arlington, is office space and the remainder is warehouse space. Wayne Burgdorf of Coldwell Banker represented the seller, 2309 Properties LLC, and the buyer, 2309 Superior Drive LLC.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 6,101-square-foot office lease at 12710 Research Blvd. in Austin. Matt Levin, Rebecca Zigterman and Jason Steinberg of ECR represented the landlord in the lease negotiations. Chad Jewell of Austin Office Space represented the undisclosed tenant.
DALLAS — BMC Capital has arranged a $3.8 million acquisition loan for a 94-unit multifamily property in Dallas. The three-year loan, which features a 4.3 percent interest rate and a 30-year amortization schedule, was arranged through one of BMC Capital’s correspondent agency relationships. Other terms of the transaction were not disclosed.
EASTON, PA. — Duke Realty Corp. has leased its recently delivered 628,475-square-foot bulk warehouse at 33 Logistics Park in Easton to a national third-party logistics company. The building, 1611, was delivered in early July. Dave Saltzman and Brian Knowles with Lee & Associates represented the tenant. Matt Bremner and Cait English with Duke Realty, along with listing agents Bill Wolf and Sean Bleiler, both with CBRE, represented Duke Realty in the transaction. Duke has also begun construction on a 1 million-square-foot spec industrial building in 33 Logistics Park, which is located on the east side of the Lehigh Valley just off Route 33. It is slated for delivery in April 2018. In addition to 36-foot clear height, the cross-dock building will feature LED lights, 120 fully equipped dock doors, four drive-in doors and parking for 245 trailers and 472 automobiles. The building, 1620, will be Duke’s third in 33 Logistics Park. It is located adjacent to building 1611 and a 1.1 million-square-foot, fully leased bulk warehouse that the company delivered in 2016.
WEST YARMOUTH, MASS. — Maplewood Senior Living recently hosted the grand opening for Mill Hill Residence, a Maplewood At Mayflower Place Community. The property offers 75 units of assisted living and memory care in the Cape Cod town of West Yarmouth. The two-story community is located on the former site of the Mill Hill Club. Mill Hill Residence is part of the Maplewood at Mayflower campus, a full-service continuing care retirement community. The architect on the project was Stein Troost Architecture. Maplewood partnered with Perkins Eastman on the interior design, and NEI General Contracting served as the construction partner.
TELFORD, PA. — HJ Sims has completed a $32.1 million refinancing of Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia. The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project. Of $35.4 million of total debt, LCT had approximately $19.3 million of outstanding fixed-rate and variable-rate bonds from 2007. With interest rates near historic lows, Sims analyzed refunding this debt along with the potential benefits of refinancing or modifying LCT’s other outstanding bank debt. LCT opted to pursue bank financing for the transaction.
