GREENVILLE, S.C. — CBRE has brokered the $16.7 million sale of 750 Brookfield, a 106,649-square-foot office building located at 750 Brookfield Parkway in Greenville. The office building was 93.5 percent leased at the time of sale to tenants such as Ford Motor Credit Co., which occupies nearly 70 percent of the building. Patrick Gildea, Tripp Sellers and Charles Gouch of CBRE represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. CCP Commercial Real Estate was the buyer.
KANSAS CITY, MO. — Hunt Midwest has closed on the sale of two hotel sites within Hunt Midwest Commerce Center (HMCC). A 90-room SpringHill Suites by Marriott and a 126-room Holiday Inn Hotel & Suites will be constructed and open on the sites. Both hotels are slated to open in 2018. KMG Hotels will operate the SpringHill Suites by Marriott, which it is developing under the name of Park Hospitality LLC. Elite Hotel Group LLC will own and operate the Holiday Inn Hotel & Suites. HMCC is a 2,500-acre development home to hotels, restaurants and retail stores.
EDGERTON, KAN. — Spectrum Brands Hardware and Home Improvement (HHI) has unveiled plans to move into a 927,112-square-foot distribution center at Logistics Park Kansas City (LPKC) in Edgerton. Spectrum Brands HHI will consolidate two existing distribution facilities in Charlotte, N.C. and Mira Loma, Calif. Construction of the building, known as Inland Port XXXIII, began in March 2016. The building is the largest to ever be constructed on a speculative basis in Kansas City, according to LPKC. The park is a 1,700-acre distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility.
MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.
AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.
SPRINGFIELD, MO. — Mid-America Real Estate Corp. has brokered the sale of Morris Corners in Springfield in southwestern Missouri. The sales price was not disclosed. The 56,033-square-foot retail center is located at the corner of Battlefield Road and Fremont Avenue. Tenants include Toys “R” Us and Massage Envy. Carly Gallagher and Ben Wineman of Mid-America represented the seller, Ohio-based DDR. A private buyer purchased the property.
HONOLULU — Salem Partners has partnered with Mandarin Oriental Hotel Group to build Mana’olana Place, a hotel and multifamily property currently under development in Honolulu. The development is slated to open in early 2020. The 36-story, 743,000-square-foot tower will be located in the Ala Moana District at the intersection of Kaipolani Boulevard and Atkinson Drive. Mana`olana Place is the first approved project in the city’s new Ala Moana transit hub. The Mandarin Oriental, Honolulu hotel will consist of 125 guestrooms and suites. The tower’s upper floors will consist of 107 private homes. The property will feature a rooftop restaurant and bar with landscaped outdoor terraces and gardens. The hotel will also feature a spa with eight treatment rooms, a fitness center and an 80-foot outdoor swimming pool. Colorado-based [au]workshop is the design architect on the project, while Architects Hawaii Ltd. will serve as the executive architect. The design team also includes Dianna Wong Architects + Interior Design and Hart Howerton Landscape Architects. Salem Partners is a Los Angeles-based investment bank and wealth management firm. Mandarin Oriental operates 29 hotels and eight residences in 19 countries and territories. —Kristin Hiller
When you visit Los Angeles, the sight of the cranes looming in the sky in all directions shows a city undergoing significant revitalization and redevelopment. Not so long ago, the Downtown area of Los Angeles went “dark.” This occurred after the hustle and bustle of the normal workday was done and the streets were mostly empty, businesses closed. Fortunately, Los Angeles has seen significant construction and redevelopment over the past few years. According to the Downtown Center Business Improvement District (DCBID), the population of Downtown Los Angeles was 18,000 people in 1999. Today, the population is estimated at 63,208, with a daytime population of 500,000. The residential inventory consists of 36,964 units with 11,868 under construction and 19,054 proposed for a total of 48,832 units as of the third quarter of 2016. There are 8,163 hotel rooms with 2,765 more under construction and 3,636 proposed for a total of 14,564. Retail has 2 million square feet under construction and an additional 1.5 million square feet proposed. Major industrial activity includes the announcement of Warner Music Group relocating from Burbank to the Arts District where it will occupy 257,000 square feet at the former Ford Factory, which was constructed in 1912. …
BOISE, IDAHO — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Garden Plaza of Valley View and Valley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement community in Boise. The financing required two different lenders to fund two separate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an equity recapitalization component was included in the Fannie Mae debt. Michael Vaughn and Kevin Giusti, led Walker & Dunlop’s origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt. Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC’s skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units. The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10-year term, followed by a 30-year amortization schedule. This portion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing …
BOISE, IDAHO — Two years after the Albertsons-Safeway merger that created the second-largest supermarket company in the U.S., Albertsons Cos. has built or acquired 174 locations. Since the merger, 23 new stores have been built and 151 stores were acquired. The Boise-based company has also upped its sustainability efforts. During the first quarter, the company committed to sourcing and selling only cage-free eggs for its store operations by 2025, based on available supply. The company recently announced a new Responsible Seafood Policy, which expanded the previous program beyond fresh and frozen seafood to include shelf-stable tuna (canned and vacuum-sealed), as well as sushi sold from its delis. The company plans that by 2022, 100 percent of the top 20 wild and farmed seafood products sold at stores will meet the Responsible Seafood Policy. Albertsons Companies operates stores, manufacturing plants and distribution centers across 35 states and the District of Columbia under 19 brands including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs.
