INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.
CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.
HARTFORD, CONN. AND PLANO, TEXAS — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year. The acquisition of ACRE Capital expands Cornerstone’s commercial loan origination platform, nearly doubling the size of the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. Cornerstone traditionally originates larger balance loans, while ACRE Capital typically focuses on smaller balance loans on behalf of Fannie Mae, Freddie Mac and HUD. In addition to being complementary firms, the acquisition will allow Cornerstone to address the need for affordable housing financing in the marketplace, according to Scott Brown, global president and CEO of Cornerstone. “The affordable housing segment of the marketplace is underserved, and acquiring ACRE Capital will allow us to meaningfully address the current and looming scarcity in affordable residential housing and increase lending to communities nationwide,” says Brown. “We look forward to joining forces with the professionals at ACRE Capital to expand opportunities for their borrowers.” ACRE Capital originates and services multifamily mortgages and seniors housing and healthcare facility loans. The company is …
The office market in Chesterfield, a suburb of St. Louis, has undergone tremendous growth in the past two years. In particular, the I-64/Highway 40 corridor within the West St. Louis County submarket has experienced a flurry of activity highlighted by the construction of several corporate headquarters as well as expansions. The corridor, which stretches from Clayton to Chesterfield, boasts a highly visible central location, proximity to high-end housing that appeals to corporate executives, newer buildings that bode well for future resale or leasing, and convenient interstate access. With a Class A vacancy rate of only 7.6 percent, the West St. Louis County submarket is experiencing a shortage of available blocks of office space of 50,000 square feet or more. Corporations desiring to locate along the prestigious corridor are relocating from older Class B space to existing or build-to-suit Class A properties. In fact, new construction during the last two years added 774,000 square feet of office space to this submarket, of which all but 50,000 square feet was already committed upon delivery. Less than 50,000 square feet was considered speculative. Magnet for headquarters RaboAgrifinance will relocate its corporate headquarters from Creve Coeur Pointe to the new Delmar Gardens III at …
DALLAS — The Kislak Organization has purchased McKinney Uptown, a 144-unit, midrise apartment complex located at 3324 McKinney Ave. in Dallas. Built in 2003, the nine-story property is situated atop a three-level parking garage in the West Village neighborhood in Uptown Dallas. The community features a salon, third-floor pool and sundeck and a 10th-floor fitness center with panoramic views of Dallas. The property is located along the M-Line Trolley route and near the DART CityPlace Light Rail station. Team Mozer with George Smith Partners arranged the acquisition financing on behalf of Kislak Organization through Los Angeles-based Mesa West Capital. A portion of the loan proceeds will be used to finance interior and exterior upgrades, including installing washers and dryers and upgrading the lobby, common areas and amenities. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations. McKinney Uptown is the third Dallas property in Kislak’s property portfolio.
FRISCO, TEXAS — Bethesda Senior Living Communities, a Colorado-based nonprofit developer and operator, has acquired Rambling Oaks Courtyard, an 80-unit assisted living community in Frisco. The acquisition was part of a $27 million financing from Compass Bank of Denver that also included $13 million in construction financing for a new community in Colorado. Bethesda will rebrand the community as Bethesda Gardens Frisco. The site also features developable acreage around the existing building. Bethesda plans to expand services at the community. With the acquisition and new development, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Center Street East, a 14,114-square-foot retail strip center located at 457 E. I-20 in Arlington. Situated adjacent to Gander Mountain, the property is fully leased to tenants such as Andalous Mediterranean Grill, Eva Nails Spa and Snuffer’s Restaurant & Bar, all of which have committed to long-term, triple-net leases. United Commercial Development (UCD) developed Center Street East in 2015 in conjunction with Gander Mountain. Philip Levy of Marcus & Millichap’s Fort Worth office and Blake Burnett of the firm’s Dallas office represented the seller, Robert Dorazil of UCD and general partner David Dunning. Levy and Burnett also procured the buyer, a Dallas-based investor with international partners.
FORT WORTH, TEXAS — Pollo Regio and Canales Furniture have expanded their footprint at La Gran Plaza Mall, a regional mall located on the northwest corner of Seminary Drive and I-35W in Fort Worth. Fast food chain Pollo Regio has expanded from 1,650 square feet of space at the mall to 4,350 square feet, and Canales Furniture has expanded from 5,130 square feet of retail space to 14,734 square feet. Leasing representative Beatrice Townsend negotiated both leases on behalf of Boxer Retail.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Meadow Breeze Apartments, a 24-unit apartment community located at 408 East Wonsley Drive in Austin. Built in 1972, the property offers a mix of one- and two-bedroom units. The community was renovated in the past three years with tile flooring and individual HVAC units. Mike Moffitt Jr. and Josh Kantor of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.
WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.
