Property Type

Hammes, MetroHealth to Complete $1B Healthcare Campus Expansion in Cleveland

by Kristin Harlow October 11, 2017

CLEVELAND, OHIO — The MetroHealth System has selected Hammes Co. to collaborate on a $1 billion healthcare campus expansion in Cleveland. The cornerstone of the project will be a new 12-story hospital tower with 270 private rooms. The tower will also house an extensive range of departments. Other project plans include the construction of a connector building to the existing critical care pavilion, a parking garage, new loading dock, central utility plant and helipads. The project is expected to take six years to complete. Hammes is a healthcare project management firm that provides strategic planning, implementation and development services for capital construction projects.

October 11, 2017

Midwest Office Ohio

90 North Acquires Two Office Buildings in Ohio for $140M

by Kristin Harlow October 11, 2017

CINCINNATI AND EASTON, OHIO — 90 North Real Estate Partners LLC has acquired two office properties in Cincinnati and Easton for $140 million. 90 North partnered with Sidra Capital for the acquisition of Mercy Health’s corporate headquarters in the Bond Hill neighborhood of Cincinnati. The 368,447-square-foot building, completed in April 2016, is located at 1701 Mercy Health Place. Chicago-based Verus Partners was the developer and the seller of the property. In partnership with KAMCO Investment Co., 90 North also acquired a 215,000-square-foot office building in Easton, a suburb of Columbus. Abbott Nutrition, a pharmaceutical company and division of Abbott Laboratories, leases the Class A property on a triple net lease for 15 years. The building, located at 2900 Easton Square Place, features 54,000-square-foot floor plates, parking for 1,075 vehicles and a cafeteria. The Georgetown Group was the seller.

October 11, 2017

Illinois Midwest Office

Foresite Realty Arranges Sale of 47,880 SF Office Building in Chicago

by Kristin Harlow October 11, 2017

CHICAGO — Foresite Realty Partners LLC has arranged the sale of 215 W. Ohio St. in Chicago for an undisclosed price. The 47,880-square-foot office building is located in the heart of the River North neighborhood. Ryan Nelson of Foresite Realty represented the undisclosed seller. Tyler Hague of Colliers International represented the buyer, an entrepreneurial real estate investor with other holdings in Chicago.

October 11, 2017

Healthcare Illinois Midwest

Advocate Health Care Leases Former Sports Authority Space in Lakeview, Illinois

by Kristin Harlow October 11, 2017

LAKEVIEW, ILL. — Advocate Health Care has leased a former Sports Authority property in Lakeview. The healthcare company plans to convert the space, located at 3154 N. Clark St., into a new medical office center. Advocate has leased the entire property, which includes 40,400 square feet of ground-floor space, 10,100 square feet of basement space and a two-story parking facility for 115 vehicles. The new location will house clinical and ancillary operations including internal medicine, cardiology, cardiac testing, obstetrics, endocrinology, neurology, X-ray and laboratory services. Demolition and construction is underway, with completion slated for early 2018. Next Realty LLC is the property landlord. Amy Levin of Next represented the real estate investment firm in the lease transaction. Gary Fazzio and Sharon Kahan of CBRE represented Advocate.

October 11, 2017

Hospitality Indiana Midwest

Dora Hotel Co. to Manage 92-Room Hotel in Whitestown, Indiana

by Kristin Harlow October 11, 2017

WHITESTOWN, IND. — Dora Hotel Co. LLC has partnered with Anson Hospitality LLC to manage the Hampton Inn in Whitestown, about 25 miles north of Indianapolis. The 92-room hotel is located at 6005 Main St. near I-65. The hotel features banquet meeting space, a pool, fitness center, on-site convenience store and business center. The two companies also operate a Holiday Inn Express & Suites in Carmel.

October 11, 2017

California Multifamily Western

Metro 102 Apartments in Ontario Trades for $35M

by Nellie Day October 11, 2017

ONTARIO, CALIF. — A California-based investor has acquired the 160-unit Metro 102 Apartments in Ontario for $35 million. The community is located at 102 N. Lemon Ave. It sits adjacent to City Hall, Ontario Town Square and Euclid Avenue. The affordable apartment community was built in 2009 on a podium garage. It is 98 percent occupied. Community amenities include a resident lounge, pool table, swimming pool, gym and courtyard. Jim Fisher, Mike Smith and Joe Leon of Berkadia represented the seller, TruAmerica Multifamily, in this transaction.

October 11, 2017

California Multifamily Student Housing Western

AMCAL, Swenson Break Ground on Student Housing Community Near San Jose State

by Nellie Day October 11, 2017

SAN JOSE, CALIF. — A joint venture between AMCAL Equities LLC and SWENSON has broken ground on The Graduate, a 1,039-bed student housing community located within one block of San Jose State University in San Jose. Shared amenities at the 19-story property will include a fitness center, swimming pool with spa, sundeck, barbecue grills, picnic area, bicycle storage and 14,750 square feet of retail space. Units on the top floor of the community will share an outdoor terrace with views of the city and campus. The development is set for completion in 2020.

October 11, 2017

California Office Western

Plaza Del Norte Buys The Courtyard I Office Building in San Diego for $9.2M

by Nellie Day October 11, 2017

SAN DIEGO — Plaza Del Norte has acquired The Courtyard I, a 50,405-square-foot office building in the Sorrento Mesa submarket of San Diego, for $9.2 million. The asset is located at 6480 Weathers Place. It was 68 percent leased at the time of sale. The three-story office building was built in 1989. Peter Curry and Brooks Campbell of Cushman & Wakefield represented the 1031 buyer. The firm’s Mark Avilla, Bill Cavanaugh and Mike Novkov represented the seller, Courtyard Mira Mesa LLC, in this transaction.

October 11, 2017

California Multifamily Western

Churchill Apartments in Pasadena Sells for $4.2M

by Nellie Day October 11, 2017

PASADENA, CALIF. — A local private investor has acquired the 16-unit Churchill Apartments in Pasadena for $4.2 million. The community is located at 450 S. Los Robles Ave. It was built in 1965. Units feature a patio or balcony, tuck-under parking spaces with wall storage boxes and a laundry room. Mike Vara of Charles Dunn Co. represented the buyer, while the firm’s Chuck Dunn represented the seller, Miller Trust, in this transaction.

October 11, 2017

Arizona Hospitality Loans Multifamily Top Stories Western

Five Star Development Receives $282M Construction Financing for Ritz-Carlton Near Phoenix

by Kristin Harlow October 11, 2017

PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller

October 11, 2017

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