SAN ANTONIO — Siegel Group, a Las Vegas-based investment and hospitality firm, has acquired the former Budget Lodge Extended Stay Hotel in San Antonio for $3.3 million. Built in 1963 and situated on 6.6 acres along Interstate 35, the two-story property totals approximately 80,000 square feet. Siegel Group plans to repurpose some of the existing space to include a restaurant and lounge, as well as a conference and banquet area.
UNIVERSITY PARK, ILL. — Clayco Inc. has completed construction of a Georgia-Pacific distribution facility at Gateway 57 Industrial Park in University Park, about 38 miles south of Chicago. The 1 million-square-foot facility is a joint venture between CRG and Venture One along with design-build firm Clayco and its subsidiary Forum Studio. The investment will allow Georgia-Pacific to expand capabilities in University Park, where the company previously operated out of a 700,000-square-foot facility. The distribution center will be used to supply paper goods for commercial and recreational use for some of Georgia-Pacific’s largest clients, including Walmart and Costco. The building features 36-foot clear heights, 100 dock doors and two drive-in doors.
TERRE HAUTE, IND. — Dora Hotel Co. LLC and Gibson Development LLC are developing a Home2 Suites by Hilton in Terre Haute, located in western Indiana. The 91-suite, extended-stay hotel will be located at 2625 S. Sycamore Crossing St. Amenities will include Wi-Fi, pool and deck, fitness room, guest laundry, grilling patio and outdoor lounge. The lobby will feature an open-area floor plan known as the Oasis, designed to alternate between a breakfast area and a workspace. First Financial Bank NA is providing construction financing. Completion is slated for September 2018.
KANSAS CITY, MO. — Dejana Truck & Utility Equipment has signed a 90,000-square-foot industrial lease in SubTropolis within Kansas City. The automotive equipment manufacturer will run a new Ford Transit and Ford F-150 upfitting operation at the underground business complex. The New York-based subsidiary of Douglas Dynamics Inc. (NYSE: PLOW) will also lease two additional acres in SubTropolis for vehicle staging. Dejana manufactures van partitions, racking systems and hauling systems for aftermarket installation on commercial vans and trucks. Hunt Midwest owns the property.
ELMHURST, ILL. — Euroview Enterprises LLC has entered into a 47,861-square-foot industrial lease in Elmhurst, about 18 miles west of Chicago. The manufacturer and distributor of glass shower doors will occupy the space at 342 Carol Lane. The company is moving from a nearby location at 420 W. Wrightwood Ave. Adam Haefner and Zeke Rowan of Darwin Realty represented the landlord, an institutional investor. Justin Lerner of Transwestern represented the tenant.
HAMMOND, IND. — Associated Bank has provided a $3.1 million loan for the acquisition of a 1.4-acre land site located at 7905-17 Indianapolis Blvd. in Hammond, about 25 miles southeast of Chicago. The borrower, GW Properties, plans to build a multi-tenant retail building at the site. The 9,250-square-foot building will be divided into four retail spaces. Completion is slated for the second quarter of 2018. Brian Rogan of Associated Bank originated the loan.
SAN FRANCISCO — Store closing sales are underway at select Perfumania store locations. The nationwide sale is being conducted by Gordon Brothers and its joint venture partner, Hilco Global. Perfumania, one of America’s largest fragrance retailers, filed for Chapter 11 bankruptcy protection on August 26, 2017 as part of a recapitalization. While Gordon Brothers and Hilco Global will be liquidating the inventory for 65 stores nationwide, Perfumania will continue operating over 150 of its stores. West Coast locations set to close include: Anchorage 5th Avenue Mall in Anchorage, Alaska Tucson Mall in Tucson, Ariz. Paradise Valley Mall in Phoenix Chandler Fashion Center in Chandler, Ariz. Tucson Premium Outlets in Tucson, Ariz. Serramonte Center in Daly City, Calif. Las Americas Premium Outlets in San Diego The Outlets at Orange in Orange, Calif. Outlets at San Clemente in San Clemente, Calif. The Oaks Mall in Thousand Oaks, Calif. Camarillo Promenade in Camarillo, Calif. Plaza West Covina in West Covina, Calif. Desert Hills Premium Outlets in Cabazon, Calif. Gilroy Premium Outlets in Gilroy, Calif. Westfield Palm Desert in Palm Desert, Calif. Westfield San Francisco Centre in San Francisco Chula Vista Center in Chula Vista, Calif. Fashion Outlet of Las Vegas in Primm, Nev. …
AURORA, COLO. — Majestic Realty Co. has broken ground on a 701,900-square-foot speculative warehouse/distribution facility in Aurora. Nicknamed the “Big Bomber,” the building will be the state’s largest facility of its kind once it’s completed in early 2018. The building is being constructed on 36 acres at the 1,500-acre Majestic Commercenter, situated at the intersection of I-70 and Tower Road. It will feature 36-foot ceiling clearance, 146 dock doors, 198 trailer parking spaces and 426 car spaces. Designed for larger users, the facility will be divisible for multiple tenants who require as little as 150,000 square feet. Majestic has been Aurora’s largest industrial developer over the past two decades.
SAN DIEGO — CBRE has announced that Young Hickory — a café offering local coffee, craft beer, breakfast and lunch — will open a 1,577-square-foot location at IDEA1, a mixed-use development by Lowe Enterprises, LaSalle Investment Management and I.D.E.A. Partners in San Diego’s East Village neighborhood. The development, which opens in December, will feature a mix of apartment homes, live/work lofts, retail and an outdoor collaborative workplace. CBRE’s Reg Kobzi and Michael Peterson represented the tenant and the landlord, IDEA1 Property LLC, on the 10-year lease.
HOUSTON — CoStar Group Inc. has assessed the potential impact Hurricane Harvey could have on the Houston commercial real estate market, with findings reported that 27 percent of the gross leasable area may be flooded. This represents $55 billion in property value. The commercial real estate analytics firm reports that roughly 72,000 apartment units sit within the 100-year floodplain and are likely to be flooded. A 100-year flood is a flood event that has a 1 percent probability of occurring in any given year. The area of inundation is mapped and referred to as a “100-year floodplain.” In total, CoStar reports there are 12,000 properties with 400 million square feet of space that fall within the 500-year floodplain. This zone has a .2 percent chance of flooding each year. Only 9 million square feet of space, including 4,000 apartments, are within a designated floodway and most are probably inundated with floodwaters today. However, 175 million square feet located in the 100-year floodplain, including 72,000 apartment units and 20 million square feet of office space, are likely seeing water incursion today. Another 225 million square feet sits in the 500-year floodplain and is also at some risk of flooding, according to the report. “Unfortunately, the …