LEXINGTON, S.C. — Ziff Properties Inc. has sold Colonnade at White Knoll, a 22,466-square-foot retail center located in Lexington. A North Carolina-based buyer purchased the property from Ziff Properties in a 1031 exchange for $4.3 million. Berkeley Capital represented Ziff Properties in the transaction.
LOS ANGELES AND NEW YORK CITY — SBE Entertainment has agreed to purchase Morgans Hotel Group Co. (NASDAQ: MHGC). The deal has a reported equity value of about $82 million. Morgans is the operator of high-end hotels, including the Mondrian in Los Angeles and the Royalton in New York City. When the transaction closes, Los Angeles-based SBE will acquire Morgans’ portfolio of 13 owned, operated or licensed hotel properties in London, Los Angeles, New York, Miami, San Francisco, Las Vegas and Istanbul, including its Hudson New York and Delano South Beach properties. The $82 million purchase price equates to $2.25 per share in cash, according to a statement from Morgans. Under terms of the agreement, SBE will acquire all of the outstanding shares of Morgans common stock in cash, which, together with the exchange of Morgans’ Series A preferred securities, the assumption of debt and transfer of capitalized leases, represents a total enterprise value of approximately $794 million The per share price represents a 69 percent premium over Morgans’ unaffected closing price on May 5, and a 54 percent premium to Morgans’ volume weighted average price for the 30 days up to and including May 5. “Morgans’ board of directors carefully …
POTTSTOWN AND READING, PA. — CBRE Group Inc. has arranged the sale of North End Shopping Center in Pottstown and Madeira Plaza in Reading. Medipower Overseas Co. acquired the two-property shopping center portfolio from SIN Ventures for $26.5 million. At the time of closing, the 103,905-square-foot North End Shopping Center was 94 percent occupied by Redner’s Warehouse Market, CVS/pharmacy, Dollar General and PA Wine & Spirits. The 164,917-square-foot Madeira Plaza was fully occupied at the time of sale by Redner’s Warehouse Market, Big Lots, OfficeMax, Rite Aid and Dollar General. Brad Nathanson of CBRE represented the seller and identified the buyer in the transaction.
ALLENTOWN, PA. — City Center Investment Corp. is developing a 12-story Class A office building at Sixth and Hamilton streets at City Center Lehigh Valley in downtown Allentown. Named Tower 6, the 145,000-square-foot building is slated to open in early 2018. Constructed of glass and steel, the tower will feature upscale retail space on the first floor and 360-degree views from floors six through 12. City Center Lehigh Valley, a mixed-use development transforming downtown Allentown, is currently home to three Class A office buildings offering cutting-edge, efficient environmental control systems, customized access-control systems and a professional property management team.
MONTVALE, N.J. — American Equity Partners has acquired an office building located at 50 Chestnut Ridge Road in Montvale for an undisclosed price. Based upon a pending deed-in-lieu of foreclosure in July 2014, NAI James E. Hanson took over the leasing and property management of the 104,854-square-foot building. Situated on 11.1 acres, the property was renovated in 2005 and features 465 parking spaces. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.
NEW YORK CITY — EmblemHealth has signed a 20-year lease for a build-to-suit office building at 101 Pennsylvania Ave. in the East New York section of Brooklyn. Atlantic 2644 LLC, the building owner, broke ground on the project for the nonprofit health plan in January. When completed in third quarter 2017, the new building will feature 75,000 square feet of medical office space and 90,000 square feet of structured parking. Designed by Array Architects, the seven-story building will feature a lobby and ambulatory care treatment facilities on the ground floor, parking for 153 cars on the second through fourth floors and medical office space on the fifth through seventh floors.
JERSEY CITY, N.J. — Margules Properties has acquired a retail building located at 2800 John F. Kennedy Blvd. in Jersey City. The 9,500-square-foot asset sold for $1.5 million. Situated in the Journal Square neighborhood, the two-story building was owned by The Empire Education Group and operated as a cosmetology school. Gardner Rivera, an independent real estate broker in New Jersey, represented the buyer and seller in the deal.
EAU CLAIRE, WIS. — DoubleTree by Hilton has reopened a 112-room hotel in Eau Claire after a $21 million rebuild. Pablo Properties owns The Lismore Hotel Eau Claire, and Interstate Hotels & Resorts manages the property. The eight-story hotel’s design and name is inspired by the city of Lismore, Australia. Amenities at the property include a 24-hour fitness facility, 24-hour business center, full-service restaurant, coffee shop, bar and 14,000 square feet of meeting space, which includes a 7,200-square-foot ballroom that can accommodate 620 guests. Plans also include the addition of an indoor pool. Guest rooms feature skyline and river views, 42-inch high-definition televisions, mini-refrigerators, coffeemakers and complimentary Wi-Fi. The Lismore Hotel Eau Claire – a DoubleTree by Hilton is located at 333 Gibson St.
ORLAND PARK, ILL. — Caddis has unveiled plans for a new senior living facility in Orland Park, approximately 25 miles southwest of Chicago. Heartis Village Orland Park, located at 159th Street and Harlem Avenue, will be a 94-unit, 89,950-square-foot assisted living facility. Caddis began developing its first Illinois facility last year in Peoria, and the project is expected to open this fall. Both properties will be owned by Caddis and managed by Pathway Senior Living LLC. Heartis Village Orland Park will feature a salon and spa with a therapeutic tub, two interior courtyards, a large dining room, a private dining room, chef-prepared meals, daily activities, an arts and crafts room, media room, licensed nursing services, 24-hour emergency call system, housekeeping and laundry services and personal transportation. Austin, Texas-based Katus LLC is the architect, and Rosemont, Ill.-based McShane Construction Company LLC is the general contractor. The project is slated for delivery next fall.
SAUK VILLAGE, ILL. — Principle Construction Corp. has broken ground on a 348,000-square-foot industrial expansion in Sauk Village, approximately 30 miles south of Chicago. Winpak Portion Packaging Inc. occupies the existing 267,000-square-foot building and will occupy the new space as well. The expansion will include a 197,000-square-foot warehouse, 137,950-square-foot production area, an amenity area, maintenance storage, break room, washrooms, mechanical utility room, trucker’s room, shipping office and a plant grinding room. The facility, located at 1111 Winpak Way, will add a second rail spur, 12 storage silos, two new 4000 amp electrical services, 150 parking stalls, 25 trailer stalls, 20 truck dock loading doors and an exterior drive-in door. Winpak Portion Packaging is a manufacturer and distributer of packaging materials. In addition to constructing the expansion, Principle will also work on several upgrades to the older facility. Harris Architects will provide architectural services.
