Property Type

RISE Acquires 462-Bed Student Housing Community Near LSU

by John Nelson August 12, 2016

BATON ROUGE, LA. — RISE: A Real Estate Co. has acquired Oakbrook Apartments, a 462-bed student housing community located near Louisiana State University at 5075 Nicholson Drive in Baton Rouge. RISE plans to implement an extensive renovation to the exterior and interior of the 240-unit property, including a new dog park. According to Oakbrook Apartments’ website, the gated community features two swimming pools, a 24-hour fitness center, 24-hour computer lab, grilling areas, covered bus stop on Tiger Trails, clubhouse and on-site management and maintenance.

August 12, 2016

Midwest Ohio Retail

Macy’s to Close 100 Stores Nationwide

by Christina Cannon August 12, 2016

CINCINNATI —Macy’s Inc. has announced that the company plans to close approximately 100 stores beginning in early 2017. This number constitutes roughly 15 percent of Macy’s current portfolio of 675 full-line stores. Specifics on the locations set to close will be announced at a later date. Cincinnati-based Macy’s intends to improve the stores that will remain in its portfolio by adding new vendor shops and bringing new businesses onto the sales floors through additional license agreements; increasing the size and quality of staffing through programs including “My Stylist” personal shopping services; infusing new technology; and creating new in-store events and experiences. The company also intends to invest in building the capacity of its websites and apps to create a faster, simpler interface for customers. Over the past six years, approximately 90 Macy’s stores have been closed and 13 new stores have been opened.

August 12, 2016

Illinois Midwest Multifamily Seniors Housing

Lifespace Communities Completes $19M Expansion of Seniors Housing Community Near Chicago

by Christina Cannon August 12, 2016

LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.

August 12, 2016

Multifamily Northeast Pennsylvania Student Housing

CA Ventures, Liberty Mutual Begin Construction on 575-Bed Student Housing Development Near Penn State

by Amy Works August 12, 2016

STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.

August 12, 2016

Kansas Midwest Retail

Restoration Hardware Opens Design Gallery at Town Center Plaza in Metro Kansas City

by Christina Cannon August 12, 2016

LEAWOOD, KAN. — Restoration Hardware Holdings Inc. has opened a 56,000-square-foot design gallery at Town Center Plaza in the Kansas City suburb of Leawood. RH Leawood offers three levels of artistic installations of home furnishings in a gallery setting, including an entire floor dedicated to the company’s RH Modern line with an integrated RH Contemporary Art Gallery. The new location features a 5,000-square-foot studio called the Design Atelier, which offers a fully integrated workspace for architects, designers and customers to reimagine one room or an entire home. Architect James Gillam of Backen, Gillam & Kroeger designed RH Leawood.

August 12, 2016

Illinois Midwest Multifamily

Essex Realty Group Brokers $4.1M Sale of 39-Unit Apartment Property in Chicago

by Christina Cannon August 12, 2016

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.

August 12, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges $3.7M Sale of 36-Unit Assisted Living Community in Iowa

by Christina Cannon August 12, 2016

BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.

August 12, 2016

Massachusetts Northeast Office

Boston Realty Advisors Arranges $38.5M Sale of Office Building in Boston

by Amy Works August 12, 2016

BOSTON — Boston Realty Advisors has brokered the sale of an office building located at 311 Summer St. in Boston’s Fort Point neighborhood. Qatar-based Alduwaliya acquired the property for $38.5 million, or $673 per square foot. The seven-story, 57,225-square-foot brick-and-beam building was 100 percent leased at the time of sale. Jason Weissman, Nick Herz and Michael D’Hemecourt of Boston Realty Advisors represented the undisclosed seller in the deal.

August 12, 2016

Hospitality Massachusetts Northeast

Claremont Brookline Suites Opens 130-Suite Homewood Suites Hotel in Boston

by Amy Works August 12, 2016

BOSTON — Claremont Brookline Suites has opened the Homewood Suites by Hilton Boston/Brookline. Located at 111 Bolyston St., the 130-suite hotel features an indoor pool, fitness center and complimentary hot breakfast. Claremont Brookline Suites developed and owns the property.

August 12, 2016

Massachusetts Northeast Office

The RMR Group Acquires Tremont Realty Capital

by Amy Works August 12, 2016

NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.

August 12, 2016

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